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LEWIS GROUP LIMITED - Voluntary announcement

Release Date: 23/03/2016 10:25
Code(s): LEW     PDF:  
Wrap Text
Voluntary announcement

Lewis Group Limited
Incorporated in the Republic of South Africa
Registration number: 2004/009817/06
JSE share code: LEW
ISIN: ZAE000058236
(“Lewis Group” or “the group”)


VOLUNTARY ANNOUNCEMENT – THE PURCHASE OF ELLERINES AND
BEARES BUSINESSES IN NAMIBIA, LESOTHO, BOTSWANA AND
SWAZILAND: TRANSACTION UNCONDITIONAL

Shareholders are referred to the announcement released on the Stock Exchange
News Service of the JSE Limited on 9 November 2015 regarding the acquisition
by Lewis subsidiaries incorporated in each of Namibia, Lesotho, Botswana and
Swaziland of businesses trading under the “Ellerines” and “Beares” brands from
the relevant in-country subsidiaries of Ellerine Services Proprietary Limited (a
wholly owned subsidiary of Ellerine Furnishers Proprietary Limited (currently in
Business Rescue)).

The group’s board of directors is pleased to advise that all suspensive conditions
relating to the acquisitions have been fulfilled and that the transaction is now
unconditional.

The transaction includes the acquisition of 57 Ellerines and Beares stores in
Namibia (21 stores), Botswana (20), Lesotho (10) and Swaziland (6).

The stores in Botswana and Lesotho have already been incorporated into the
group’s operations, with the Swaziland stores due to be integrated in early April
and the Namibian stores in early May. The stores will trade under either the
Lewis or Beares brands.

The transaction will expand the group’s presence outside South Africa to 120
stores, equivalent to 15% of the total store base.

Chief executive officer, Johan Enslin, commented: “The addition of these Beares
stores in southern Africa will further improve buying power and bring immediate
scale benefits. We expect the new stores to make a meaningful contribution to
the group’s profitability in the medium term.”

“The acquisition of these stores will provide Lewis with access to new segments
of the furniture retail market and also expand our existing customer base in each
of these countries. Lewis has operated in these four countries for over 50 years
so has extensive experience in these markets and a thorough understanding of
the trading environments.”

Cape Town
23 March 2016

Sponsor
UBS South Africa (Pty) Ltd

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