1998/05/08
WOOLWORTHS HOLDINGS LIMITED [JSE Securities Exchange - SENS]
 
08/05/1998

ACQUISITION OF COUNTRY ROAD LIMITED ("COUNTRY ROAD") ORDINARY SHARES
WOOLWORTHS HOLDINGS LIMITED
(REGISTRATION NUMBER 05/01986/06)
("WOOLWORTHS" OR "THE COMPANY")
ACQUISITION OF COUNTRY ROAD LIMITED ("COUNTRY ROAD") ORDINARY SHARES
1. INTRODUCTION
FURTHER TO THE ANNOUNCEMENT DATED 15 OCTOBER 1997, WOOLWORTHS IS PLEASED TO
ANNOUNCE THE RESULTS OF THE ACQUISITION OF ORDINARY SHARES IN COUNTRY ROAD
("THE ACQUISITION") BY A WHOLLY-OWNED SUBSIDIARY OF WOOLWORTHS, UNDER A
TAKE-OVER OFFER ("THE OFFER").
2. RESULTS OF THE OFFER
IN TERMS OF THE OFFER, WHICH CLOSED ON 31 MARCH 1998, ACCEPTANCES HAVE BEEN
RECEIVED FROM COUNTRY ROAD SHAREHOLDERS IN RESPECT OF A TOTAL OF 50 137 073
ORDINARY SHARES IN COUNTRY ROAD, WHICH, TOGETHER WITH WOOLWORTH'S EXISTING
HOLDING OF 10 525 905 ORDINARY SHARES IN COUNTRY ROAD, EQUATES TO 87,85% OF THE
ISSUED ORDINARY SHARE CAPITAL OF COUNTRY ROAD RESULTING IN A TOTAL
CONSIDERATION OF AUD120,2 MILLION. THE EFFECTIVE DATE OF THE ACQUISITION WAS 31
JANUARY 1998.
PURSUANT TO WOOLWORTH'S ENTITLEMENT, COUNTRY ROAD WILL BE CLASSIFIED AS A
SUBSIDIARY COMPANY OF WOOLWORTHS, BOTH IN TERMS OF THE AUSTRALIAN CORPORATIONS
LAW AND THE SOUTH AFRICAN COMPANIES ACT.
3. FUNDING
THE ACQUISITION HAS BEEN FUNDED BY MEANS OF BRIDGING LOANS AND THE COMPANY IS
CONSIDERING AN EQUITY OFFERING TO INTERNATIONAL INSTITUTIONS TO REPAY THE
BRIDGING LOANS AND TO SUPPORT OTHER COUNTRY ROAD INITIATIVES.
CAPE TOWN
8 MAY 1998
SPONSORING BROKER
HSBC SIMPSON MCKIE
PRODUCED BY: ELIZE BLOM 08-05-1998 08:27 SENS

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Source: JSE Securities Exchange - SENS
 
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