LEWIS GROUP LIMITED - Repurchase of shares on the open market

Repurchase of shares on the open market

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


REPURCHASE OF SHARES ON THE OPEN MARKET


1.   INTRODUCTION

     In terms of paragraph 5.79 and 11.27 of the JSE Listing Requirements, shareholders are advised
     that Lewis has purchased 2 888 600 of its own ordinary shares, being 3% of issued share capital at
     beginning of share repurchase program ( “original issued share capital”), in terms of the general
     authority granted by shareholders at the company’s annual general meeting held on 17 October
     2017. The company has authority granted at the said annual general meeting to conduct a general
     repurchase of shares up to 5% of its original issued share capital and, therefore, can repurchase a
     further 2% of its original issued share capital.

     The general repurchase was effected through the order book operated by the JSE trading system
     without any prior understanding or arrangement between Lewis and the counter parties. No
     shares were repurchased during any prohibited period.

     The repurchase was funded from available cash resources.


2.   DETAILS OF THE REPURCHASE

      Dates of repurchase of securities:              Between 21 November 2017 and 14 June 2018
      Highest price paid per Share:                   R 39.50
      Lowest price paid per Share:                    R 23.12
      Number of Shares repurchased:                   2 888 600
      Value of Shares repurchased:                    R 82 544 681
      The number of Shares which may still be         1 867 211
      repurchased by the Company in terms of the
      General Authority:
      The percentage of Shares which may still be     2%
      repurchased by the Company in terms of the
      General Authority:
      Total shares in issue after the share           83 010 692 shares
      repurchase (Note 1):
      Number of treasury shares held after the        Nil.
      share repurchase
     Note 1: The 83 010 692 shares reflected above assume that all shares have been delisted by the
     JSE. At the date of this announcement, 424 242 shares repurchased still need to be delisted by
     the JSE. Application to delist these shares will be made on 18 June 2018.

3.   STATEMENT BY THE DIRECTORS

     The directors of Lewis confirm that, after considering the effect of the above share repurchases, for
     a period of 12 months after the date of this announcement:

     -   Lewis and its subsidiaries (“the group”) will be able in the ordinary course of business to pay
         its debts;
     -   the assets of Lewis and the group will be in excess of the liabilities of Lewis and the group;
     -   the share capital and reserves of Lewis and the group will be adequate for ordinary business
         purposes; and
     -   the working capital of Lewis and the group will be adequate for ordinary business purposes.


4.   IMPACT OF SHARE REPURCHASE PROGRAM ON FINANCIAL INFORMATION

     The impact of the share repurchase program on the financial statements of the company and the
     group is not material. The net effect has been a cash outflow of R 82.5 million and a
     corresponding reduction in shareholder’s equity and will result in the interest earned on the cash
     resources being forgone in future.


Cape Town
15 June 2018
Sponsor: UBS South Africa Proprietary Limited

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