LEWIS GROUP LIMITED - Update: Acquisition of United Furniture Outlets Proprietary Limited

Update: Acquisition of United Furniture Outlets Proprietary Limited

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




UPDATE: ACQUISITION OF UNITED FURNITURE OUTLETS PROPRIETARY LIMITED




Shareholders are referred to the announcement released on SENS of 19 October 2017 regarding the
acquisition of United Furniture Outlets Proprietary Limited (“UFO”) by Lewis Stores Proprietary Limited
(“Lewis Stores”), a wholly-owned subsidiary of the Company, in terms of which, amongst other things,
Lewis Stores will acquire the entire issued ordinary share capital and all shareholders’ claims on loan
account against UFO (“Acquisition”).

The competition authorities yesterday granted approval for the Acquisition. All the conditions precedent
to the Acquisition have now been met and the Acquisition is accordingly unconditional. The Acquisition
will be accounted for by Lewis with effect from 1 February 2018.

The Acquisition will enable Lewis Stores to achieve improved economies of scale and provide a
platform to penetrate new market sectors through a wider, more exclusive product range. The
Acquisition will diversify its offering by increasing its exposure to cash furniture retailing and provide
access to a higher income customer market segment (LSM 9-10+).



Cape Town
17 January 2018

Sponsor to Lewis
UBS South Africa Proprietary Limited

Legal advisors to Lewis
ENSafrica




                                                                                                        

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