1999/04/21
WOOLWORTHS HOLDINGS LIMITED (WOOLWORTHS) TODAY ANNOUNCED THAT IT INTENDS TO [JSE Securities Exchange - SENS]
 
21/04/1999 - 20:01:00

PRESS RELEASE
WOOLWORTHS HOLDINGS LIMITED (WOOLWORTHS) TODAY ANNOUNCED THAT IT INTENDS TO
ACQUIRE A STRATEGIC 13.5% STAKE IN NETACTIVE LIMITED, A LEADING INTERNET
SERVICE PROVIDER FOCUSED ON THE CONSUMER AND SMALL TO MEDIUM SIZED ENTERPRISE
MARKET, WHICH LISTED TODAY ON THE JSE.
IT HAS BEEN AGREED IN PRINCIPLE THAT NETACTIVE WILL ISSUE FOR CASH 6,667
MILLION ORDINARY SHARES TO WOOLWORTHS, FOR A TOTAL CONSIDERATION OF R8 MILLION.
THE ISSUE WILL REQUIRE APPROVAL OF NETACTIVE'S SHAREHOLDERS AND FOLLOWING THAT
APPROVAL, WOOLWORTHS WILL ACQUIRE A FURTHER 12,5 MILLION SHARES FROM EXISTING
NETACTIVE SHAREHOLDERS .
COMMENTING ON THE TRANSACTION, WOOLWORTHS CHAIRMAN, SYD MULLER SAID THAT THE
ACQUISITION OF THE STAKE WAS A MAJOR STEP IN WOOLWORTHS'
E-COMMERCE STRATEGY.
"THE WOOLWORTHS E-COMMERCE STRATEGY FOCUSES ON TWO FUNDAMENTAL AREAS" HE SAID.
"FIRSTLY THE PROVISION OF CONVENIENT AND EFFECTIVE INTERACTION BETWEEN
WOOLWORTHS AND ITS CUSTOMERS AND SECONDLY, ENHANCED INTEGRATION OF THE
WOOLWORTH'S SUPPLIER BASE. IN ORDER TO ACHIEVE THIS WE NEED TO TAKE FULL
ADVANTAGE OF INFORMATION TECHNOLOGY AND HARNESS THE POWER OF THE INTERNET,
WHICH FOR EXAMPLE WILL OFFER ALTERNATIVE SHOPPING CHANNELS. NETACTIVE'S
POSITION AS THE LEADING INTERNET SERVICE PROVIDER IN THE CONSUMER MARKET IS
HIGHLY SYNERGISTIC WITH WOOLWORTHS' PLANS."
-ENDS-
DISTRIBUTED BY:
BRUNSWICK SA                                   T) (011) 442 8803
SALLY-ANNE MOSS                                C) 082 490 9985
FOR FURTHER INFORMATION:
SYD MULLER, CHAIRMAN                           T) (021) 407 3355
WOOLWORTHS                                     C) 083 251 6194
PRODUCED BY: MARY-JANE KOEN 21-04-1999 09:39 SENS

PUBLISHER : JSE SENS Feed
Source: JSE Securities Exchange - SENS
 
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