Enhanced Investments - Financial Portal

Voluntary announcement: successful conclusion of the sale of shareholding in David Jones

Published: 2023-03-27 09:31:01 ET

Woolworths Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 1929/001986/06
LEI: 37890095421E07184E97
Share code: WHL
ISIN: ZAE000063863
Bond code: WHLI
("WHL" or the "Group")

VOLUNTARY ANNOUNCEMENT: SUCCESSFUL CONCLUSION OF THE SALE OF SHAREHOLDING IN DAVID
JONES

Shareholders are referred to WHL’s announcement released on the JSE Stock Exchange News Service on
19 December 2022, regarding the proposed sale of its entire shareholding in its Australian subsidiary David
Jones to Anchorage Capital Partners, an Australian private equity fund (“Transaction”), which was
anticipated to complete by the end of March 2023.

WHL is pleased to advise shareholders and noteholders that Legal Completion of the Transaction has been
successfully concluded, in accordance with the terms of the Transaction Agreement. The proceeds of the
Transaction will be finalised, based on completion accounts, by the end of June 2023. As previously
communicated, management expects to realise value in excess of the carrying value of the David Jones
assets. A Transitional Services Agreement will remain in place for a period of time to ensure an orderly
separation of David Jones from the Group.

As part of the Transaction, WHL will retain ownership of the flagship property asset in Bourke Street,
Melbourne, which has been leased to David Jones on a long-term basis on market-related terms. In addition
to the retention of the property asset, a total of R1.6 billion of capital has been returned to WHL from
David Jones over the past twelve months.

The Transaction will materially improve the return on capital of the Group by further transforming its
balance sheet through the removal of c.R22 billion in liabilities (including c.R17 billion in liabilities relating
to the David Jones store portfolio). Importantly, this also enables the reallocation of capital and
management focus towards the Group's core, and higher yielding South African businesses and the
Australian Country Road Group.


Cape Town
27 March 2023

Equity Sponsor and Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.