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Woolworths - Results of share repurchase

Release Date: 21/06/2002 10:02
Code(s): WHL
Wrap Text

Woolworths - Results of share repurchase Woolworths Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1929/001986/06) ISIN ZAE000028288 Share Code: WHL ("Woolworths" or "the company") RESULTS OF SHARE REPURCHASE OF ORDINARY SHARES BY WAY OF A GENERAL AUTHORITY 1. INTRODUCTION HSBC Investment Services (Africa) (Pty) Limited is authorised to announce that the company has cumulatively repurchased 28,673,206 ordinary shares representing 3.1% of its ordinary shares on the open market through its wholly owned subsidiary E-Com Investments 16 (Pty) Limited in accordance with the general authority granted to the company at the annual general meeting of Woolworths shareholders held on 21 November 2001 ("the share repurchase"). 2. DETAILS OF THE SHARE REPURCHASE Total number of shares 28,673,206 3.1% of repurchased Woolworths` ordinary share
capital in issue on the date of granting of the
general authority Total value of shares 115,060,879 repurchased (rands) Average price paid 4.01 (rands) Highest price paid 4.30 (rands) Lowest price paid 3.68 (rands) Period of repurchases 6 Nov 2001- 19 Jun 2002
Number of shares which 62,991,749 10% of may still be repurchased Woolworths` ordinary share capital in
issue on the date of granting of the general
authority, less the 28,673,206 shares now
repurchased 3. SOURCE OF FUNDS Repurchases to date have been funded from available facilities and future repurchases will be funded on the same basis. 4. DIRECTORS` STATEMENT The directors of Woolworths have considered the impact of the share repurchase and are unanimously of the opinion that: - the company and the group will be able in the ordinary course of business to pay their debts for a period of twelve months from the date of this announcement; - the assets of the company and the group, fairly valued in accordance with Generally Accepted Accounting Practice, will remain in excess of the liabilities of the company and the group for a period of twelve months from the date of this announcement; - the issued ordinary capital and reserves of the company and the group are adequate for the purposes of business for a period of twelve months from the date of this announcement; and - the working capital available to the company and the group is sufficient for the company`s and the group`s requirements for a period of twelve months from the date of this announcement. 5. FINANCIAL EFFECTS OF THE REPURCHASE The table below sets out the financial effects of the share repurchase: Before the After the Change share share %
Repurchase Repurchase Headline earnings per share 18.7 18.9 1.1% (cents)1 Earnings per share (cents)1 7.4 7.2 (2.7)% Net asset value per share 258.2 254.7 (1.4)% (cents)1 Net tangible asset value 255.2 251.7 (1.4)% per share (cents)1 Number of shares in issue 3 907.0 888.1 (2.1)% 1. The pro forma financial effects are calculated based on the results for the six months ended 31 December 2001 assuming that the share repurchase to date had been carried out on 1 July 2001. 2. The results after the share repurchase assume an after tax cost of funds of 6.9% per annum. 3. As the shares are being repurchased by a subsidiary company of Woolworths, such shares shall not be cancelled nor the share capital reduced. However, for the purposes of calculating earnings per share, headline earnings per share, net asset value per share and net tangible asset value per share, the number of shares in issue after the repurchase by the subsidiary has been reduced by the number of shares repurchased. 6. SHARES LISTED ON THE JSE As the 28,673,206 shares have been repurchased by a subsidiary of Woolworths, and not by the company itself, no application will be made to the JSE Securities Exchange South Africa for the termination of the listing of the repurchased ordinary shares in Woolworths. 21 June 2002 Cape Town Sponsor HSBC Investment Services (Africa) (Pty) Limited Date: 21/06/2002 10:00:00 AM Produced by the SENS Department

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