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LEW - Lewis Group Limited - Results Of AGM and statement by chief executive officer Lewis Group Limited Incorporated in the Republic of South Africa) Registration number: 2004/009817/06) JSE share code LEW ISIN: ZAE000058236 ("Lewis" or "the company") 1. APPROVAL OF RESOLUTIONS At the Annual General Meeting of the Lewis Group shareholders held on Friday 15 August 2008, the special resolution and all the ordinary resolutions contained in the notice of the meeting dated 19 May 2008 were passed with the requisite majorities. The special resolution will be lodged with the Registrar of Companies in terms of section 200(1) of the Companies Act, 1973 (as Amended). 2. STATEMENT BY CHIEF EXECUTIVE OFFICER The following statement was made by the Chief Executive Officer, Alan Smart at the Annual General Meeting: "REVENUE Revenue for the four months ended July 2008 increased by 7.4% compared to a 10% increase in revenue for the same period last year. Trading conditions remain difficult with no clear pattern of trade emerging. Store promotions and the application of re-serve strategies to settled, current and new customers has been a prime focus in maximising sales opportunities. DEBTORS BOOK Collections for the three months ended June 2008 were 98% of budget. Debtor costs for this period (bad debts and impairment provision) have increased as follows: Debtor Costs Quarter Quarter Quarter Quarter June 2008 June 2007 June 2007 June 2006 R63m R48m R48m R38m Increase R15m R10m Impairment Provision (Doubtful Debts) The impairment provision as a percentage of net debtors as at 30th June 2008 is as follows: Quarter Year Quarter Year June 2008 March 2008 June 2007 March 2007
14.4% 13.5% 15.6% 14.9% Increase 0.9% 0.7% SHARE BUY BACK PROGRAMME The share buy back programme has continued during the period with a further 1.5% of issued shares being repurchased." The above information has not been reviewed or reported on by the company`s auditors. Cape Town 15 August 2008 Date: 15/08/2008 11:40:10 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
