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LEW01- Purchase of Ellerines & Beares Businesses In Namibia, Lesotho, Botswana & Swaziland transaction unconditional
Lewis Group Limited
Incorporated in the Republic of South Africa
Registration number: 2004/009817/06
Bond code: LEW01
ISIN: ZAG000110222
(“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
Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Banking division)
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