RETAIL TRADE – SOUTH AFRICA

Directors walk out of DJs’ parent firm

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Original article by Sue Mitchell
The Australian Financial Review – Page: 21 : 13-Feb-19

Gail Kelly and Patrick Allaway have resigned from the board of Woolworths Holdings. They had been re-elected as non-executive directors of the South Africa-based group in late 2018, prompting investors to speculate about the reason for their departure. Woolworths Holdings owns Australian department store chain David Jones, whose CEO David Thomas recently resigned for personal reasons. An investigation by law firm Ashurst had previously cleared him of a discrimination allegation.

CORPORATES
WOOLWORTHS HOLDINGS LIMITED, DAVID JONES LIMITED, ASHURST LLP, WESTPAC BANKING CORPORATION – ASX WBC, CITIGROUP PTY LTD, UBS HOLDINGS PTY LTD, COUNTRY ROAD LIMITED

Woolworths Holdings looks to Kelly for lift

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Original article by Sue Mitchell
The Australian Financial Review – Page: 18 : 11-Sep-15

Former Westpac CEO Gail Kelly will become a non-executive director of Woolworths Holdings on 1 October 2015. Kelly’s appointment is part of the South African group’s push to become one of the top retailers in the southern hemisphere. Australia accounts for about 40 per cent of Woolworths’ revenue, and its local assets include David Jones and Country Road. It also owns the Kirkcaldie & Staines department store in New Zealand.

CORPORATES
WOOLWORTHS HOLDINGS LIMITED, DAVID JONES LIMITED, COUNTRY ROAD LIMITED, KIRKCALDIE AND STAINS, WESTPAC BANKING CORPORATION – ASX WBC, ST GEORGE BANK LIMITED, NEDBANK

Lew’s big win: DJs deal to go ahead

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Original article by Sue Mitchell
The Australian Financial Review – Page: 13 &20 : 18-Jul-14

Federal Court of Australia judge Kathleen Farrell on 17 July 2014 approved the takeover by South Africa’s Woolworths of department stores chain David Jones (DJs). Solomon Lew, a DJs stockholder with 9.9%, has struck a side deal with Woolworths, to accept the DJs bid if the suitor also buys his 11.8% in retailer Country Road to move to full ownership. Lew will gain $A212m. John Halley SC, on behalf of the Australian Securities & Investments Commission, told Farrell it was opposed to the collateral benefit aspect of the agreement, but would not block the takeover

CORPORATES
DAVID JONES LIMITED – ASX DJS, COUNTRY ROAD LIMITED – ASX CTY, WOOLWORTHS HOLDINGS LIMITED, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. TAKEOVERS PANEL

South Africans wrap up DJs

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Original article by Blair Speedy
The Australian – Page: 21-22 : 15-Jul-14

Gordon Cairns, chair of Australian-listed department stores chain David Jones (DJs), has announced that the takeover bid worth $A4 a share by South Africa’s Woolworths has been accepted. Support among investors was strong, with 50% of stockholders required to vote "yes" and the actual result being 89.6%. In terms of voted scrip, the 75% needed compares with an outcome of 96.8%. Entrepreneur Solomon Lew will sell his 9.9% holding into the scheme of arrangement and has abstained from the vote, meaning the deal can be ratified by the Federal Court on 17 July 2014. Lew will now also gain $A209m from the suitor for his interest of 11.8% in Country Road

CORPORATES
DAVID JONES LIMITED – ASX DJS, COUNTRY ROAD LIMITED – ASX CTY, WOOLWORTHS HOLDINGS LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA, WITCHERY FASHIONS PTY LTD, MIMCO DESIGNS PTY LTD, ASX LIMITED – ASX ASX

David Jones’ investors to vote

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Original article by Blair Speedy
The Australian – Page: 19 : 14-Jul-14

Stockholders in Australian-listed department stores chain David Jones (DJs) will vote on 14 July 2014 on the takeover bid worth $A4 a share by South African retailer Woolworths. It needs 50% of investors to approve it and 75% of stocks to be voted in favour, and may need to rely on entrepreneur Solomon Lew. He has built a stake of at least 9.9% in DJs, and has extracted a promise from Woolworths to also buy his 11.8% holding in Country Road. Woolworths has 88% of that entity. Lew has made no comment on which way he will vote, while the Australian Securities & Investments Commission may challenge the Country Road side deal in the Federal Court

CORPORATES
DAVID JONES LIMITED – ASX DJS, COUNTRY ROAD LIMITED – ASX CTY, WOOLWORTHS HOLDINGS LIMITED, PREMIER INVESTMENTS LIMITED – ASX PMV, JUST JEANS PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, OWNERSHIP MATTERS PTY LTD

ASIC not done yet in DJs battle

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Original article by Sue Mitchell
The Australian Financial Review – Page: 17/22 : 4-Jul-14

The Australian Securities & Investments Commission (ASIC) will carefully monitor the $A2.2 billion takeover bid for David Jones by South African retailer Woolworths. The regulator is concerned that major shareholder Solomon Lew will gain a collateral benefit from Woolworths’ accompanying offer for Country Road. ASIC failed to gain a court order for an independent valuation of the benefit. However, it has other options to force disclosure of information to David Jones shareholders

CORPORATES
DAVID JONES LIMITED – ASX DJS, COUNTRY ROAD LIMITED – ASX CTY, WOOLWORTHS HOLDINGS LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA, LONERGAN EDWARDS AND ASSOCIATES LIMITED

ASIC steps into $2b DJs takeover

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Original article by Sue Mitchell
The Australian Financial Review – Page: 1-Dec : 3-Jul-14

The Australian Securities & Investments Commission has acted in the $A2.2 billion takeover of David Jones by South African retailer Woolworths. The regulator is concerned that Solomon Lew will receive a collateral benefit from Woolworths’ offer for the remaining shares in Country Road. It believes that full ownership of the two businesses will increase synergies and may affect the value of the offer. It wants David Jones and Woolworths to provide more information before the shareholders’ meeting on 14 July 2014. However, a court ruled that David Jones does not need to provide an independent valuation of the collateral benefits

CORPORATES
DAVID JONES LIMITED – ASX DJS, COUNTRY ROAD LIMITED – ASX CTY, WOOLWORTHS HOLDINGS LIMITED, GRANT SAMUEL AND ASSOCIATES PTY LTD, FEDERAL COURT OF AUSTRALIA, LONERGAN EDWARDS AND ASSOCIATES LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Woolworths takes hard line with Lew over DJs bid

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Original article by Sue Mitchell
The Australian Financial Review – Page: 15/20 : 1-Jul-14

Woolworths has declared that its offers for David Jones and Country Road are "best and final". The South African company announced on 30 June 2014 that its bids of $A4 a share for David Jones and $A17 a share for Country Road will not be increased. It is not known yet how prominent investor Solomon Lew will respond to the announcement. Lew has stakes of 11.8 per cent in Country Road and 9.9 per cent in David Jones

CORPORATES
DAVID JONES LIMITED – ASX DJS, COUNTRY ROAD LIMITED – ASX CTY, WOOLWORTHS HOLDINGS LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. TAKEOVERS PANEL, DEUTSCHE BANK AG, GILBERT AND TOBIN LAWYERS, NM ROTHSCHILD AND SONS (AUSTRALIA) LIMITED

$200m peace offer for Lew

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Original article by Sue Mitchell, Sarah Thompson
The Australian Financial Review – Page: 1-Oct : 25-Jun-14

Australian retailing identity Solomon Lew in 1997 acquired a blocking stake of 11.8% in Country Road. In 2014, he has duplicated the move by building a holding of 9.9% in David Jones (DJs). The takeover suitor in both cases is South Africa’s Woolworths, which has now been forced by Lew’s tactics to buy him out of Country Road and to offer $A17 a share. This is an increase of nearly 400% from the on-market price in early 2014. In exchange Woolworths will also be able to move to full ownership of DJs. Insiders say Woolworths had been keen to take control of Country Road in any case

CORPORATES
COUNTRY ROAD LIMITED – ASX CTY, DAVID JONES LIMITED – ASX DJS, WOOLWORTHS HOLDINGS LIMITED, PREMIER INVESTMENTS LIMITED – ASX PMV, NM ROTHSCHILD AND SONS (AUSTRALIA) LIMITED, GILBERT AND TOBIN LAWYERS, GREENHILL AND COMPANY, ARNOLD BLOCH LEIBLER, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. TAKEOVERS PANEL, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN RETAIL INVESTMENTS PTY LTD, MIMCO PTY LTD, WITCHERY FASHIONS PTY LTD, MYER HOLDINGS LIMITED – ASX MYR, TRENERY

Vote on hold as Lew lifts DJs stake

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Original article by Blair Speedy
The Australian – Page: 21 : 20-Jun-14

Australian-listed department stores chain David Jones (DJs) has informed the market that it has asked the Federal Court to delay the stockholder vote on the friendly takeover bid by Woolworths. The deal worth $A2.15bn with the South African suitor has been placed into jeopardy by revelations that retailing sector identity Solomon Lew now holds 9.89% of the target. There are fears his goal is to build a blocking stake, to force Woolworths into buying him out of Country Road. He owns 11.8% of that business and Woolworths close to 88%. The DJs investor ballot will now be held on 14 July 2014 rather than 30 June

CORPORATES
DAVID JONES LIMITED – ASX DJS, COUNTRY ROAD LIMITED – ASX CTY, WOOLWORTHS HOLDINGS LIMITED, FEDERAL COURT OF AUSTRALIA, ASX LIMITED – ASX ASX, OWNERSHIP MATTERS PTY LTD, KING AND WOOD MALLESONS