LEWIS GROUP LIMITED - Repurchase Of Shares On The Open Market

Repurchase Of Shares On The Open Market

Lewis Group Limited
Registration Number: 2004/009817/06
Share Code: LEW
ISIN Code: ZAE 000058236
(“Lewis” or “the company”)


REPURCHASE OF SHARES ON THE OPEN MARKET


1.   INTRODUCTION

     In terms of paragraph 5.79 and 11.27 of the JSE Listing Requirements, shareholders are advised
     that Lewis has purchased 2 941 739 (3% of issued share capital at beginning of share repurchase
     program) of its own ordinary shares in terms of the general authority granted by shareholders at
     the company’s annual general meeting held on 21 October 2016. The company has fully utilised
     its authority to conduct a general repurchase of shares granted at said annual general meeting.

     The general repurchase was effected through the order book operated by the JSE trading system
     without any prior understanding or arrangement between Lewis and the counter parties. No
     shares were repurchased during any prohibited period.

     The repurchase was funded from available cash resources.


2.   DETAILS OF THE REPURCHASE

      Dates of repurchase of securities:             Between 30 May 2017 and 29 September 2017
      Highest price paid per Share:                  R 35.50
      Lowest price paid per Share:                   R 28.62
      Number of Shares repurchased:                  2 941 739
      Value of Shares repurchased:                   R 94 151 406
      The number of Shares which may still be        Nil
      repurchased by the Company in terms of the
      General Authority:
      The percentage of Shares which may still be    Nil
      repurchased by the Company in terms of the
      General Authority:
      Total shares in issue after the share          95 116 220
      repurchase (Note 1):
      Number of treasury shares held after the       9 216 928 treasury shares held by Lewis Stores
      share repurchase                               Proprietary Limited as a consequence of a share
                                                     repurchase program conducted in 2005, 2006
                                                     and 2007.

     Note 1: The 95 116 220 shares reflected above assume that all 2 941 739 shares have been
     delisted by the JSE. At the date of this announcement, 2 257 040 shares have been delisted
     reflecting an issued share capital of 95 800 919 shares. The remaining shares repurchased will be
     delisted on 4 October 2017.

3.   STATEMENT BY THE DIRECTORS

     The directors of Lewis confirm that, after considering the effect of the above share repurchases, for
     a period of 12 months after the date of this announcement:

     -   Lewis and its subsidiaries (“the group”) will be able in the ordinary course of business to pay
         its debts;
     -   the assets of Lewis and the group will be in excess of the liabilities of Lewis and the group;
     -   the share capital and reserves of Lewis and the group will be adequate for ordinary business
         purposes; and
     -   the working capital of Lewis and the group will be adequate for ordinary business purposes.


4.   IMPACT OF SHARE REPURCHASE PROGRAM ON FINANCIAL INFORMATION

     The impact of the share repurchase program on the financial statements of the company and the
     group is not material. The net effect has been a cash outflow of R 94.2 million and a
     corresponding reduction in shareholder’s equity and will result in the interest earned on the cash
     resources being forgone in future.


Cape Town
2 October 2017
Sponsor: UBS South Africa Proprietary Limited

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