2010/04/23
WHL - Woolworths Holdings Limited - Repurchase announcement [JSE Securities Exchange - SENS]
 
WOWOW                                                                           
WHL - Woolworths Holdings Limited - Repurchase announcement                     
Woolworths Holdings Limited                                                     
(Incorporated in the Republic of South Africa)                                  
(Registration number: 1929/001986/06)                                           
ISIN: ZAE000063863                                                              
SHARE CODE: WHL                                                                 
("Woolworths" or "the Company")                                                 
REPURCHASE ANNOUNCEMENT                                                         
1.   INTRODUCTION                                                               
    Woolworths herewith announces the repurchase of 25 878 892 (3.11% of the    
    issued ordinary shares) Woolworths ordinary shares since and in accordance  
    with the general authority granted by Woolworths shareholders at the annual 
    general meeting held on 19 November 2009 ("the repurchase").                
2.   AUTHORISED REPURCHASE LIMITS                                               
    In terms of the special resolution:                                         
(a) the general authority is limited to a maximum of 20% of                     
   Woolworths issued share capital; and                                         
(b) any repurchase may not be made at a price greater than                      
   10% above the weighted average of the market value of the                    
   ordinary shares for the five business days immediately                       
   preceding the date of such repurchase.                                       
A maximum of 166 438 148 ordinary shares could be repurchased in terms of the   
general authority obtained from shareholders.                                   
3.   IMPLEMENTATION                                                             
    Details are as follows:-                                                    
Total number of ordinary shares repurchased                 25 878 892          
Total value of ordinary shares repurchased                  R454 033            
                                                           728.13               
Highest price paid per ordinary share                       R23.44              
Lowest price paid per ordinary share                        R16.77              
Average price paid per ordinary share including costs       R17.58              
The number of ordinary shares which may still be                                
repurchased by the company in terms of the general          140 559 256         
authority                                                                       
Ordinary shares in issue on 19 November 2009                832 190 740         
Ordinary shares in issue on date of this announcement       847 044 788         
Number of shares held in treasury after the repurchase      81 761 465          
The repurchases were effected through the order book operated by the JSE Limited
("JSE") and done without any prior understanding or arrangement between the     
Company and the counter party.                                                  
4.   SOURCE OF FUNDS                                                            
    Repurchases to date have been, and future repurchases will also be, funded  
    from available cash resources.                                              
5.   OPINION OF THE DIRECTORS                                                   
    The directors of Woolworths have considered the impact of the repurchases   
    and are of the opinion that:-                                               
5.1  Woolworths and the group will be able, in the ordinary course of business, 
    to pay its debts for a period of 12 months from the date of this            
    announcement;                                                               
5.2  the assets of Woolworths and the group will be in excess of the liabilities
    of the Company and the group for a period of 12 months after the date of    
    this announcement, measured in accordance with the accounting policies used 
    in the last published financial statements;                                 
5.3  the ordinary share capital and reserves of Woolworths and the group will be
    adequate for ordinary business purposes for a period of 12 months from the  
    date of this announcement; and                                              
5.4  the working capital of Woolworths and the group will be adequate for       
    ordinary business purposes for a period of 12 months from the date of this  
    announcement.                                                               
6.   FINANCIAL EFFECTS                                                          
    The table below sets out the unaudited pro forma financial effects of the   
    repurchase on earnings per share ("EPS"), headline EPS, net asset value     
    ("NAV") and net tangible asset value ("NTAV") per share and diluted EPS and 
    HEPS based on the unaudited condensed group results for the 26 weeks to 27  
    December 2009.                                                              
    The unaudited pro forma financial effects are the responsibility of the     
    directors and have been prepared for illustrative purposes only to provide  
    information about how the repurchase may impact shareholders on the         
    relevant reporting date and because of its nature may not give a fair       
    reflection of the Company's financial position, changes in equity, results  
    of operations or cash flows after implementation of the repurchase or of    
    the Company's future earnings.                                              
    The financial effects of the repurchases are as follows:                    
                                 Before     After       %                       
                                 (note )                Change                  
                                                                                
Earnings per share (cents)        84.7       85.4        1.2                    
Headline earnings per share       85.4       86.1        1.2                    
(cents)                                                                         
Net asset value per share (cents) 407.7      381.5       -6.4                   
Tangible net asset value per      359.7      332.6       -7.5                   
share (cents)                                                                   
Fully diluted earnings per share  82.7       83.4        1.2                    
(cents)                                                                         
Fully diluted headline earnings   83.4       84.1        1.2                    
per share (cents)                                                               
Note:                                                                           
1.   Extracted from the published unaudited results of the Company for the 26   
    weeks ended 27 December 2009.                                               
7.   JSE LISTING                                                                
    As all the ordinary shares have been repurchased by a wholly-owned          
    subsidiary of Woolworths, none of the ordinary shares will be cancelled nor 
    will the JSE listing in respect of those shares be terminated.              
Sponsor                                                                         
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Date: 23/04/2010 16:00:01 Produced by the JSE SENS Department.                  
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information disseminated through SENS.                                          
Source: JSE Securities Exchange - SENS
 
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