chart for those interested, page-18

re: woollies buy back ... andrew First the details of the buyback - as stated by company


14 April, 2003
STRONG INVESTOR SUPPORT FOR WOOLWORTHS' BUY- BACK TENDER
Woolworths Limited announced today that the Company has successfully completed its off-
market buy-back tender of approximately 46.7 million ordinary shares, representing around 4.4%
of issued capital, at a price of $1 1.40 per share. The total amount of capital repurchased by the
Company under the buy-back is around $532 million.
Woolworths' CEO and Group Managing Director, Roger Corbett, said that the high level of
shareholder participation in the buy-back and the strong support for the capital management
initiative was very pleasing.
"The structure of the buyback was specifically tailored to create value for all shareholders,
whether they participated in the buy-back or not. This is Woolworths' third off-market buy-back in
four years and demonstrates our continued fucus on efficient capital management as a key
process in maximising returns to shareholders", Mr Corbett said.
All shareholders who tendered shares into the buy-back at any of the specified prices from $9.00
to $1 1.40 (inclusive), or as a final price tender, will receive $1 1.40 per share fur all of those
shares. Shares tendered into the buy-back at the specified price of $1 1.70 were not successful
and will not be bought back. There will be no scaleback of successful tenders.
As agreed with the Australian Taxation Office, the $1 1.40 buyback price will comprise a fully
franked dividend of $8.52 per share and a capital component of $2.88 per share.
The buy-back proceeds will be mailed to successful tendering shareholders on Thursday, 24 April
2003.
For further information, please contact:
Torn Pockett
Chief Financial Officer
Telephone (02) 9323 1583

What does it all mean.

1) whatever you tendered was taken in full. This implies that the institutions for the most part did not tender their shares.

2) The same works out for you as follows.

You get $11.40 cash immediately per share.

You get a tax loss of $(11.40 - 8.52) per share.

You get a fully franked dividend of $8.52 per share.

The only thing that I dont know is whether you also
get the dividend that was payable on the shares.

I love off market buybacks and watch for the every single day.