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Press Releases

Press Releases

Conditional Redemption Notice to the Holders of the 5% PIK Senior Notes due 2022 (formerly, 13.375% Senior Notes due 2019)
20 January 2017
Edcon Holdings Limited (Registration No. 2006/036903/06), a limited liability private company organized under the laws of the Republic of South Africa (the “Issuer”), gives notice to the holders (the “Holders”) of its 5% PIK Senior Notes due 2022 (formerly, 13.375% Senior Notes due 2019) (the “Notes”) of the redemption (the “Redemption”) of the entire aggregate principal amount of outstanding Notes (the “Redeemed Notes”) in accordance with paragraph 6(b) of the Notes and Sections 3.3 and 3.7 of the indenture, dated as of November 14, 2013 (as amended and supplemented by a first, second, third and fourth supplemental indentures dated as of June 29, 2015, July 13, 2015, July 14, 2015 and January 19, 2017, respectively, and together, the “Indenture”) among, inter alios, the Issuer, The Bank of New York Mellon, as Trustee, Principal Paying Agent and Transfer Agent, The Bank of New York Mellon (Luxembourg) S.A., as Registrar, and Elephant Onthecards (Proprietary) Limited, as SPV Guarantor. The terms and conditions of the redemption are as follows:
Results of Compromise Meetings
30 December 2016
Further to the Edcon Group’s (as defined below) announcement dated 13 December 2016 confirming that on that date compromises pursuant to section 155 of the South African Companies Act were proposed to the Senior Secured Creditors and the Super Senior Third Ranking Creditors by each of Edcon Limited (the “Company”), Edgars Consolidated Stores Limited ("ECSL"),
Edcon launches ‘compromise sanction process' for proposed capital restructuring
13 December 2016
Johannesburg, 13 December 2016: Following the announcements on 20 September 2016 and 13 October 2016 (the “Transaction Announcements”) that Edcon’s creditors will acquire a significant shareholding in the Group in exchange for a rearrangement of Edcon’s debt, the Board of Edcon has today announced the launch of the ‘compromise sanction process’ for the proposed financial restructuring of the Group (“Restructuring”).
Edcon obtains bondholder consent to sell its Legit-branded businesses and facilitate the implementation of its restructuring
28 November 2016
Johannesburg, South Africa, November 28, 2016: Edcon today announced that it had successfully concluded its previously-announced consent solicitation (the “Consent Solicitation”) process by which it sought noteholder consent to amend certain provisions of the indentures governing its super senior notes due 2019 and senior secured notes due 2018 and 2019. In order to effectuate the amendments, Edcon was required to obtain, and did obtain, the consent of noteholders representing at least a majority in aggregate principal amount of its super senior notes due 2019 and senior secured notes due 2018 and 2019, respectively.
Edcon continues to improve its ageing inventory profile
22 November 2016

JOHANNESBURG, South Africa – 22 November 2016: The Edcon Group’s ongoing and focused actions to improve its ageing profile of inventory leading into its peak December trading period (by launching increased clearance activities), has resulted in trading conditions during the second quarter ended 24 September 2016 continuing to be constrained.

Edcon launches a consent solicitation process to sell its Legit-branded businesses and facilitate the implementation of its restructuring
03 November 2016
This announcement is for informational purposes only, and does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of an offer to purchase or subscribe for, any securities of Edcon Holdings Limited or its subsidiaries or affiliates (“Edcon” or the “Company”). This announcement is not for distribution or release in or into any jurisdiction in which offers or sales would be prohibited by applicable law.
Consent solicitation statement
03 November 2016
The attached Consent Solicitation Statement contains important information which should be read carefully before any decision is made with respect to the matters described therein. Each Noteholder is recommended to seek its own advice, including as to any tax consequences, from its broker, bank manager, solicitor, accountant, independent financial adviser authorized under the Financial Services and Markets Act 2000 (if in the United Kingdom) or other appropriately authorized financial adviser. Any Noteholder whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to deliver its Consents in the Consent Solicitation.
Edcon Announces the Occurrence of the Effective Date of the Lock-Up Agreement in Support of its Comprehensive Restructuring
13 October 2016
Johannesburg, South Africa, October 13, 2016: The Edcon Group previously announced, on September 20, 2016 (the “Transaction Announcement”), that certain entities in the Edcon Group and certain of the Edcon Group’s creditors, accounting for 80% of the outstanding principal amount of the secured debt of the Edcon Group, had provided signatures in respect of a lock-up agreement (the “LUA”), pursuant to which the parties to the LUA would agree to the key terms of a comprehensive restructuring of the Edcon Group’s entire capital structure (the “Restructuring”), including a significant decrease in the outstanding amount of third-party debt of Edcon Limited and a transfer of control over the Edcon Group’s operating companies from its current sponsor to certain of the Edcon Group’s existing creditors. Today, the Edcon Group announced that, as of October 13, 2016, the various conditions precedent to the occurrence of the effective date of the LUA have been satisfied, such that the LUA became binding on all parties thereto. The Edcon Group will now proceed to implement the Restructuring pursuant to the terms and conditions of the LUA.
Transaction Announcement
20 September 2016
On 20 September, 2016, certain entities in the Edcon Group and certain of the Edcon Group’s creditors, accounting for 80% of the outstanding principal amount of the secured debt of the Edcon Group, provided signatures in respect of a lock-up agreement (the “LUA”), pursuant to which the parties to the LUA will agree to the key terms of a comprehensive restructuring of the Edcon Group’s entire capital structure (the “Restructuring”), including a significant decrease in the outstanding amount of third-party debt of Edcon Limited (“Edcon”) and a transfer of control over the Edcon Group’s operating companies from Bain Capital to certain of the Edcon Group’s existing creditors (the “Control Transfer”). The LUA is expected to become binding shortly, subject to the satisfaction to certain conditions precedent.
Unaudited trading update For the 52 weeks ended 26 march 2016 and for the 13 weeks ended 25 June 2016
20 September 2016
Edcon Holdings Limited (together with its subsidiaries, “the Group” or “Edcon” or “we” or “us”) is southern Africa’s largest non-food retailer. We have been in operation for more than 80 years and have expanded our footprint to 1,542 stores as at 26 March 2016, including 213 stores in eight countries outside of South Africa. During the current financial period, we operated our business under four principal operating divisions comprising nine key store chains as well as mono-branded stores throughout southern Africa.
Edgars, UN and Kwazulu-Natal government partner to empower women living in shelters
15 August 2016
The Edgars UNiTE Orange Day, a partnership between Edgars, the United Nations, the departments of Social Development and Community Safety and Liaison in Kwazulu-Natal (KZN) and the national and provincial Fashion Councils has been launched at the Celrose Textile manufacturing facility in Stanger, KZN.
Edgars, UN and Kwazulu-Natal government partner to empower women living in shelters
15 August 2016
The Edgars UNiTE Orange Day, a partnership between Edgars, the United Nations, the departments of Social Development and Community Safety and Liaison in Kwazulu-Natal (KZN) and the national and provincial Fashion Councils has been launched at the Celrose Textile manufacturing facility in Stanger, KZN.
Edcon Executive Changes
18 July 2016
Johannesburg, 18 July 2016: As Edcon advances discussions and negotiations toward the resolution of its overall debt position and the long-term sustainability of the company, it has today announced changes to its executive and senior management.
Edcon receives support from its bondholders and bank lenders to obtain R1.5 billion in bridge financing
08 July 2016

Johannesburg, South Africa, July 8, 2016: As part of an ongoing effort to improve its financial performance, implement its strategic plan and maximise the liquidity position, Edcon and its major creditor constituencies have continued the process to achieve a comprehensive restructuring of the entire capital structure. This is expected to include a significant reduction of Edcon’s current outstanding indebtedness.

Early termination of Edcon’s consent solicitation process to obtain up to R1.5 billion in bridge financing
07 July 2016

Johannesburg, South Africa, July 7, 2016:  Edcon today announced the early termination of its consent solicitation (the “Consent Solicitation”) process following the receipt of all requisite consents and the satisfaction or waiver of all conditions precedent, as described in more detail in its consent solicitation statement, dated as of July 5, 2016.  As of 5:00 p.m., London time, on July 7, 2016, Edcon had received the consent from (i) 2019 Super Senior Noteholders representing 64.33% of the aggregate principal amount of the 2019 Super Senior Notes outstanding, (ii) 2019 Senior Secured Noteholders representing 67.84% of the aggregate principal amount of the 2019 Senior Secured Notes outstanding, and (iii) 2018 Senior Secured Noteholders representing 58.35% of the aggregate principal amount of the 2018 Senior Secured Notes outstanding. Additionally, Edcon had received all necessary consents and waivers from its bank lenders.

Edcon launches a consent solicitation process to obtain up to R1.5 billion in bridge financing
05 July 2016
Johannesburg, South Africa, July 5, 2016: Edcon today announced that it has launched a consent solicitation (the “Consent Solicitation”) process by which it is seeking creditor consent to amend its debt documents, including the indentures governing its super senior and senior secured notes due in 2018 and 2019, to allow it to access up to R1.5 billion (equivalent) in bridge financing that is expected to be made available to Edcon by certain of its existing bondholders and bank lenders in connection with a potential comprehensive restructuring of Edcon’s capital structure.This bridge financing, denominated in U.S. dollars and euros, is expected to be made available in two tranches of up to R750 million (equivalent) each, and is subject to the terms and conditions described in the consent solicitation statement (the “Consent Solicitation Statement”) that was distributed to bondholders in connection with the Consent Solicitation.
Consent Solicitation Statement
05 July 2016
Solicitation of Consents to Approve the Amendment of Certain Terms of the Indenture Relating to its:
Leadership changes at Edcon
14 June 2016
Edcon Holdings Limited wish to inform bondholders of changes to the leadership of the Edcon team.
Updated release: Edcon obtains additional creditor support with close to 80% from its 2018 Noteholders
15 April 2016
Further to the media release issued this morning (14 April 2016) pertaining to the Edcon Group having obtained creditor support to defer certain cash interest payments under its 9.5% EUR- and USD-denominated senior notes due in 2018 and its senior term loan facility to December 2016.
Consent Solicitation Statement
15 April 2016
IMPORTANT NOTICE
Edcon continues to gain creditor support with regards to its ongoing strategic initiatives
15 April 2016

Johannesburg, South Africa, April 14, 2016: Following the successful completion of the exchange offer relating to the Edcon Group’s 13.375% senior notes due 2019 in November 2015, reducing the Group cash-pay interest obligations by R1.0 billion, the Edcon Group is pleased to announce that it has secured unanimous RCF and Term Loan lender support, as well as the support of holders (the “2018 Noteholders”) representing approximately 73% of the aggregate outstanding principal amount of its 9.5% EUR- and USD-denominated senior secured notes due 2018 (the “2018 Senior Secured Notes”) to defer a further R1.6 billion of cash-pay interest obligations under its debt instruments to December 2016. The Edcon Group believes that this cash-pay interest deferral will allow the Company to prioritize investments around the ongoing operational turnaround and long term growth of the Company

Edcon results for the three months ended 26 december 2015
26 February 2016
Edcon accelerated the realignment of its strategic plan over the last quarter. Its primary focus continues to be on the needs of its vast customer base and the return of the business to its leading position in the market. The strategic plan is customer-centric and focuses on, simplicity and people empowerment.
Appointment of Keith Warburton as Edcon Independent Non-Executive Director
02 February 2016
Edcon Holdings Limited (“Edcon”) is pleased to announce that Mr Keith Warburton has been appointed as independent non-executive director to its Board with effect from 1 February 2016. Mr Warburton, B.Com, CA (SA), has also been appointed as the Chairman of Edcon’s Audit and Risk Committee with effect 1st March 2016.
Edcon realigns strategic plan and returns focus back to the customer
09 December 2015
Johannesburg, South Africa, December 09, 2015: Edcon Group (the “Group”) has announced a strategic realignment plan that is designed to enhance financial performance by ensuring that customer needs are at the centre of every strategic decision that is made and in so doing, returning Edcon to its preeminent position in the market.
Update to Investors
07 December 2015
Capitalization Pro Forma for the Refinancing Transactions – As of 27 November 2015
Edcon reduces debt by R4.5 billion,reduces cash pay interest by over R1 billion annually and extends maturities by 2 years with unanimous bank support
01 December 2015
Johannesburg, South Africa, November 30, 2015: Edcon Group (the “Group”) has successfully reached an agreement with all of its bank lenders to extend the maturity of over R7.9 billion of bank debt. In addition, the Group has secured new commitments for a facility of R1.85 billion to refinance the entirety of its obligations under the existing R1.0 billion secured notes due 2016 and the R1.0 billion liquidity facility. As a result, none of Edcon’s material debt obligations will mature for at least two years.
Notice of redemption
24 November 2015
Edcon Limited (formerly Edcon Proprietary Limited) (the “Issuer”) gives notice to the holders of its ZAR 1,010,000,000 Super Senior Secured Floating Rate Notes due 2016 (the “Notes”) of the redemption of the entire aggregate principal amount of the Notes (the “Redeemed Notes”), in accordance with item 53 titled “Other provisions” of the Applicable Pricing Supplement dated on or about 31 March 2011 in respect of the Notes and Section 14 read together with Section 1.6.2 of Schedule 4 to the trust deed, dated on or about 24 March 2011, as amended or supplemented from time to time (the “Trust Deed”) entered into among the Issuer, TMF Corporate Services (South Africa) Proprietary Limited (formerly GMG Trust Company (SA) Proprietary Limited), as trustee (the “Trustee”), Edcon Holdings Limited (formerly Edcon Holdings Proprietary Limited), Edcon Acquisition Proprietary Limited, Edgars Consolidated Stores Limited, Elephant Onthecards Proprietary Limited and the other parties thereto. All capitalised terms used herein and not defined shall have the meanings assigned to such terms in the Trust Deed. The terms of the redemption are as follows:
Edcon results for the three months ended 26 September 2015
19 November 2015
Edcon CEO, Bernie Brookes commented: “Since joining Edcon at the end of September, my priority has been on getting to know the business and, importantly, the needs of our many customers. At this early stage, I am more convinced than ever about the future potential of the Edcon group and its various brands on South African society, as well as the positive impact we can continue to make on the lives of all our stakeholders.
Edcon First Quarter 2016 Results
06 August 2015
Edcon today reported financial and operating results for the first quarter ended 27 June 2015, announcing that profitability at both the EBITDA and gross profit level has again increased. This is the fourth consecutive quarter of positive EBITDA growth, which increased 2.5% to R696 million for the quarter, while gross profit rose 0.5% to R2.5 billion.
Appointment of Edcon CEO
30 July 2015
Edcon takes pleasure in announcing the appointment of Bernard (“Bernie”) Brookes as Chief Executive Officer and a member of the Board of Edcon Holdings Limited and Edcon Limited with effect from 30 September 2015.
Successful closing of Edcon's exchange offer, relating to its senior notes due 2019, immediately improves the groups' liquidity and will stabilise the
29 July 2015
Johannesburg, South Africa, July 29, 2015: Edcon Holdings Limited has successfully concluded its exchange offer with respect to its €425,000,000 Senior Notes due 2019 (the Notes”), launched on 30 June 2015, with holders of approximately 97.3% of the Notes, or €413,699,000, having tendered their notes for settlement on 29 July 2015. Of
Edcon announces expiration and final results of exchange offer
29 July 2015
Edcon announces the expiration and final results of its exchange offer and consent solicitation with respect to its senior notes due 2019
Edcon early consent update
15 July 2015
Edcon announces that bondholders holding more than 95% of its senior notes due 2019 have tendered their notes and delivered consents and waivers in its exchange offer and consent solicitation
Update on exchange offer
13 July 2015
Edcon announces Withdrawal Deadline and Effectiveness of Proposed 50% Amendments in connection with the exchange offer and consent solicitation for any and all of its outstanding €425,000,000 133⁄8% Senior Notes due 2019
Edcon announced exchange offer and consent solicitation for any and all of its outstanding
30 June 2015
Edcon announced exchange offer and consent solicitation for any and all of its outstanding
EDCON TRADING UPDATE FOR THE 52 WEEKS ENDED 28 MARCH 2015
28 May 2015
Edcon trading update for the 52 weeks ended 28 march 2015
EDCON THIRD QUARTER 2015 RESULTS
20 February 2015
Edcon third quarter 2015 results
Edcon Second Quarter 2014 Results
20 November 2014
Edcon Second Quarter 2014 Results
Edcon First Quarter 2015 Results
21 August 2014
Edcon First Quarter 2015 Results
Edcon Fourth Quarter and Annual Results 2014 Results
03 June 2014
Edcon Fourth Quarter and Annual Results  2014 Results
Edcon Third Quarter 2014 Results
20 February 2014
Edcon Third Quarter 2014 Results
Edcon Second Quarter 2014 Results
21 November 2013

CONTINUED PERFORMANCE IMPROVEMENTS ENDORSE STRATEGY

Results of the Tender offer
14 November 2013

Johannesburg, South Africa -14 November 2013. Edcon Holdings Limited ("Edcon") today closed the offering of €425 million equivalent in aggregate principal amount of euro-denominated fixed rate senior notes due 2019 (the "Notes").

Additional disclosure including comparative historical data
06 November 2013

On the 24th October 2013, Edcon released its preliminary financial results for the 13-week period ended 28 September 2013.

Edcon Launches Bond Offer
06 November 2013

Johannesburg, South Africa: Edcon Holdings Limited ("Edcon") today launched an offering of €400 million equivalent in aggregate principal amount of euro-denominated fixed rate senior notes due 2019 (the "Notes")

Edcon trading update for the second quarter ended 28 September 2013
24 October 2013

Trading update and restatement of pro forma adjusted EBITDA

Edcon Q1 June 2013 Results Announcement Fiscal Year 2014
22 August 2013
Quater 1 June 2013 Results Presentation for Fiscal Year 2014
Edcon First Quarter 2014 Results Media Release
22 August 2013
Edcon, Southern Africa's largest non-food retailer, has reported trading results for the three months ended 29 June 2013.
Edcon Year End Results 2013 Media Release
06 June 2013
Edcon Year End Results 2013 Media Release Delivery Againsts Strategy On Track
Edcon Supplier Day
20 March 2013

Johannesburg, South Africa: Edcon, Southern Africa's largest non-food retailer, concluded its local and regional supplier conference today.

Edcon reports Q3 results and an update on strategic initiatives
21 February 2013
"While we are confident that our strategic change initiatives will drive Edcon's future performance, we have not as yet reached critical mass and this together with a weaker than expected performance from the Discount division over the last three months, had a negative impact on profitability.
Q3 December 2012 Results Announcement Fiscal Year 2013
21 February 2013

Edcon Holdings Limited ("Edcon") Summary of group trading results for the nine-month period ended 29 December 2012 

Edcon Tender Offer Results Announcement
13 February 2013

"Further to its announcement on 5 February 2013, Edcon announces the results of its invitation to holders of its outstanding senior secured floating rate notes due 15 June 2014"

Final pricing and allocation of Edcon bond
11 February 2013
Johannesburg, South Africa. Edcon Proprietary Limited ("Edcon") priced on 8 February 2013 an offering of €300 million aggregate principal amount of 9.5% senior secured notes due 2018 at an issue price of 96.5% (the "Notes").
Edcon Launches Bond Offering 2013
05 February 2013
Johannesburg, South Africa.  Edcon Proprietary Limited ("Edcon") today launched an offering of €325 million equivalent in aggregate principal amount of euro-denominated 9.5% senior secured notes and U.S. dollar-denominated 9.5% senior secured notes, each due 2018 (collectively, the "Notes").
Business and Trading Update 2013
04 February 2013

Edcon would like to update investors on a number of recent developments in our business.

2013 Business Update
04 February 2013
Johannesburg, South Africa: Edcon, Southern Africa's largest non-food retailer, has today  issued a business update statement to the Irish Sock Exchange and the JSE Limited providing the market with more detail on a number of recent developments in the business.
Edcon injects R11 million towards the National Casual Day
30 January 2013

Johannesburg, South Africa: Edcon, the largest non-food retailer in South Africa, announced today that it will, in partnership with the National Council for Persons with Disabilities (NCPPDSA), sponsor Casual Day as the main sponsor for a three-year period.

Mango Brand Now in Edgars
13 December 2012
Johannesburg, South Africa: Edcon has announced that MANGO will be introduced in Edgars from February 2013. 
Edcon Q2 growth marginally improved: Ongoing investment remains a priority
27 November 2012
Edcon, Southern Africa’s largest non-food retailer with 1,173 stores, reported marginally improved results for the second quarter 2013, ended 29 September 2012, and continues to invest in both existing and new store concepts as well as new brands, while it retains a sharp focus on its medium term strategic aspirations.
First closing of sale of private label store card portfolio to Absa
02 November 2012
Long term strategic relationship formed between Edcon and Absa
Edcon reports improved cash generation despite challenging Q1
21 August 2012

Johannesburg, South Africa - Edcon, the largest non-food retailer in southern Africa with 1,151 stores, reported improved cash generation for the quarter and substantially maintained gross profit but retail sales were behind expectations and costs negatively impacted Adjusted EBITDA.

Edcon and Absa Bank Limited ("Absa Bank" or "Absa") agree terms for sale of Edcon's private label store card portfolio
06 June 2012
Edcon is pleased to announce that it has entered into agreement with Absa Bank, a member of Barclays, for it to acquire the accounts and receivables relating to the private label store cards of Edcon (the “Card Portfolio”) (the “Acquisition”).                                         
Edcon Annual Earnings Fiscal Year 2012
06 June 2012
Johannesburg, South Africa – Edcon, the largest non-food retailer in southern Africa with 1,167 stores, today reported a 9,0% rise in revenues to R27,345 million for the year to 31 March 2012, as consumer demand remained resilient and the positive impact of various strategic initiatives gained momentum.
Edcon and Absa Bank Limited ("Absa Bank" or " Absa") agree terms for sale of Edcon's private label store card portfolio
06 June 2012
Johannesburg, South Africa – Edcon, South Africa’s largest non-food retailer with 1,167 stores, today announced the sale of its private label store card portfolio to Absa Bank Limited (“Absa”), a member of Barclays, for an estimated R10 billion.                                         
Edcon and Absa Bank Limited ("Absa Bank or Absa") agree terms for sale of Edcons private label store card portfolio
31 March 2012
Edcon is pleased to announce that it has entered into agreement with Absa Bank, a member of Barclays, for it to acquire the accounts and receivables relating to the private label store cards of Edcon (the “Card Portfolio”) (the “Acquisition”).
Edcon reports strong sales and consistent earnings growth for the quarter ended 31 December
23 February 2012

Edcon achieved strong growth during the quarter ended 31 December 2011, further consolidating gains achieved earlier in the financial year.

Appointment of New Edcon CFO and Board Member
17 January 2012

Edcon wishes to advise bondholders that Mark Richard Bower will be appointed ‘Deputy Chief Executive and Chief Financial Officer' and a member of the Board of Edcon Holdings (Proprietary) Limited with effect from 1st July 2012.

Edcon reports solid growth
23 August 2011
Edcon reported improved results for the quarter ending 2 July 2011, continuing its growth trajectory.
Edcon consolidation, business transformation programme delivers improved year end results
06 June 2011
Key operating highlights of Edcon’s annual results for the year ended 2 April 2011:                                         
Edcon Announces Buy Back of Senior Secured Notes
11 May 2011
Edcon Announces Buy Back of Senior Secured Notes
Edcon Successfully Places ZAR1.01 Billion Super Senior Secured Notes due 2016
04 April 2011
On Monday (4th April), Edcon raised R1.01-billion through the issue of super senior secured notes under its newly established ZAR2.5 billion Domestic Medium Term Note Programme registered with the JSE Limited (Interest Rate Market). 
Edcon reports annual results for the year ended 2 April 2011
02 April 2011

Edcon's annual results indicate improved performance across the group, principally resulting from ongoing business transformation initiatives.

Edcon announces the offering of R1,000,000,000 Senior Secured Notes due 2016
15 March 2011
Edcon (Proprietary) Limited, a subsidiary of Edcon Holdings (Proprietary) Limited, announces the offer of R1,000,000,000 Senior Secured Notes due 2016 (the “Senior Secured Notes”). 
Edcon prices €500,000,000 9 ½% Senior Secured Notes due 2018
23 February 2011
Edcon prices €500,000,000 9½% Senior Secured Notes due 2018
Edcon continues to deliver performance improvements
10 February 2011
Edcon continues to deliver an improvement in performance in the nine months to December 2010, further consolidating the favourable momentum that has resulted from the business transformation initiatives underway.                                     
Edcon announces succession plan
28 January 2011
Edcon announced today that current Chief Executive Officer Stephen M. Ross will retire in May 2012.
Edcon quarterly trading update delivers significant
24 November 2010

Adjusted EBITDA up 27.6% to R490 million for the quarter ended 3 October 2010

Edcon sees direct benefits of cost reduction programmes
18 February 2010
Edcon today reported adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) of R1,340 million for the 13 weeks ended 26 December 2009.
Absa Capital raises a further R3.3 billion for Edcon
26 November 2009
Absa Capital, the investment banking division of Absa Bank Ltd, announced today that it had raised a further R3.3 billion for Edcon (Pty) Ltd under the OntheCards Investments receivables securitisation
Edcon tightens credit granting
19 November 2009
Edcon today reported adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) of R386 million for the 13 weeks ended 26 September 2009. 
Trading update December 2008
04 February 2009
Edcon recorded total retail sales growth of 9.7% for the quarter ended December 2008. 
Edcon delivers solid interim results
20 November 2008
Highlights of year-to-date earnings for the six months ending September 2008:
Edcon posts solid first quarter results
28 August 2008
Against the backdrop of a difficult trading environment, Edcon reported satisfactory adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) of R789 million for the quarter ended 28 June 2008. This reflects growth of 7% on the prior year.
Edcon kicks off four new store openings in Potchefstroom's Mooi River Shopping Centre with soccer tournament
22 April 2008
Prior to launching four new stores - Edgars, Jet, CNA and Legit - in Potchefstroom.
Edcon announces two senior appointments
22 April 2008
Christo Claassen and Manogaran Moodley have been appointed to the positions of CE Discount Stores and Chief Sourcing Officer, respectively, for Edcon.
CNA toys feted at annual toy awards
07 November 2007
CNA, a part of the Edcon department store division, scooped four awards at the 11th Annual Toy of the Year awards held in Sandton last week. Out of 12 categories, CNA took home the awards for new-to-market Infant Toy of the Year (Talking Service Station), Girls Toy of the Year (Electronic Grand Piano); and were runners up in the Construction Toy of the Year (Robotic Science) and Electronic Game of the Year (Interactive Around the World).
Edcon launches comprehensive corporate university and is awarded over 1000 learnerships
02 October 2007
Edcon today formally launched one of South Africa's most comprehensive corporate universities - the Edcon Retail Academy at the launch the company also announced that the Wholesale and Retail SETA had awarded Edcon over 1000 learnerships. Edcon will guarantee employment for all learners.
JetMart donates stationery to schools in need
30 August 2007
The first schools to benefit from the stationery distribution were in the Gauteng and Western Cape provinces, with the roll out to other provinces scheduled to take place in the next few weeks.
Edgars consolidated stores limited announces Multi-Tranche offering
25 June 2007
Edgars Consolidated Stores Limited ("Edcon") announced today that affiliates of Edcon (the "Issuers") intend to offer EUR1,830,000,000 of high yield notes. The multi-tranche offering will consist of EUR1,180,000,000 of senior secured floating rate notes with a maturity of 2014 and EUR650,000,000 of senior notes, split between fixed and floating rate tranches, in each case with a maturity of 2015.
Edgars launches Club movie benefit with SterKinekor
20 June 2007
In a bid to reward loyal Edcon account holders, SA Retailer, Edgars has formed a strategic alliance with Ster-Kinekor to launch the Edgars Club/ Ster-Kinekor Movie Benefit, providing customers with lower movie ticket prices and enhanced accessibility to cinemas. Edgars Club members will enjoy 50% off ticket prices at all Ster-Kinekor Classic and Cinema Nouveau theatres from 1 July 2007. In addition, they can expect to pay only R10.50 per ticket at all Ster-Kinekor Junction theatres.
Edgars consolidated stores limited announces Multi-Tranche
01 June 2007
Edgars Consolidated Stores Limited ("Edcon") announced today that affiliates of Edcon (the "Issuers") intend to offer €1,830,000,000 of high yield notes. 
Edcon to de-list
07 May 2007
Trading in the shares of Edgars Consolidated Stores (Edcon) has been suspended from today in advance of its de-listing from the JSE. Edcon was listed on the bourse in 1946.
Securities Regulation Panel (SRP) dismisses complaint
16 April 2007
Edcon has received formal notification from the Securities Regulation Panel (SRP) late this afternoon that the complaint against Bain's bid for Edcon lodged by Templeton Asset Management has been dismissed.
Edcon shareholders overwhelmingly support Bain Capital proposal
16 April 2007
The Board of Directors of Edcon today announced it had received in excess of the requisite 75% shareholder approval for the Bain Capital proposal to acquire the entire ordinary share capital of the company at R46 per share.
Edcon Board recommends R25 billion offer from Bain Capital
08 February 2007
The Board of Directors of Edcon today announced it had unanimously recommended to shareholders an offer from Bain Capital to acquire its entire ordinary share capital at R46 per share. In line with its commitment to value creation for shareholders, the Board brings to a close a global auction process. The total value of the transaction will be R25 billion. Completion of the transaction will result in the de-listing of Edcon shares from the JSE Limited.
Edgars shortlisted for the World Retail Awards
22 January 2007
South Africa's leading retail chain, Edgars, has been named as a finalist in the Emerging Market Retailer of the Year category of the inaugural World Retail Awards in London.
Edcon reports ongoing growth
15 November 2006
Edcon today announced interim results for the six months ended 30 September 2006 in line with management's expectations. 
Retailers establish a new body to promote economic growth, job creation and transformation in the industry
03 November 2006
Some of the country's largest retailers - Edcon, Truworths, Woolworths, Queen's Park and Mr Price - announced today that they have formed the National Clothing Retail Federation of South Africa (NCRF). 
Edcon concludes securitisation of further R1.1 billion of debtors book
25 October 2006
Edcon has teamed up in a strategic, exclusive arrangement with First National Bank (FNB) to offer qualifying Edcon store-card clients access to competitively-priced personal and home loans.
Edcon to pilot innovative Fifty Fifty Enterprise Development Programme
21 September 2006
A new Jet store opens in Thabazimbi in the Limpopo Province this week which will accommodate employee ownership and forms part of Edcon's transformation programme, according to Mpho Makwana, Group Transformation Executive.                                         
More financial services clients for Edcon
11 September 2006
Sports fashion retailer The Cross Trainer is the latest business keen to access the expertise of Edcon Financial Services to offer a private label credit card to their customers.                                         
Joint statement by Clotrade and retailers on DTI quota on Chinese imports
07 September 2006
At a meeting of representatives of the clothing industry and DTI in Cape Town today, Clotrade and the retailers made the following statement
Retailers express further concerns around Chinese import quotas
06 September 2006
The country's six largest clothing retailers, Edcon, Truworths, Woolworths, Foschini, Pepkor and Mr Price today said that further concerns have emerged as they compile the necessary information in response to the government's proposed imposition of quotas on Chinese clothing imports.                                         
Edcon and Italtile partner in financial services offering
24 August 2006
Edcon and Italtile have announced their collaboration in offering a revolving credit facility to Italtile's CTM customer base with immediate effect.
Edcon to sell a portion of its manufacturing division
03 August 2006
In an effort to reinvigorate its clothing manufacturing arm as well as help support DTI objectives to strengthen the sector
Trading update for the three months ended 8 July 2006
12 July 2006
At Edcon's 60th Annual General Meeting today, Chief Executive Steve Ross updated the meeting on trading for the past three months as follows:
Edcon warmer-winter blanket donation East London
23 June 2006
As part of an annual winter initiative representatives from Edcon today presented the South African Red Cross with 5,000 blankets for distribution to families in the Buffalo City Municipality in East London.
Edcon delivers comparable growth in attributable earnings
17 May 2006
Edcon generated attributable earnings of over R1,5 billion for the year to 1 April 2006. 
First fee free credit card exceeds all expectations
12 April 2006
The Standard Bank-issued Edcon MasterCard no fee credit card has become the fastest growing MasterCard in the AEMI region (Africa, Middle East and Europe) with take up of almost 340 000 cards in the five months to February.                                         
Major new initiative from business
30 March 2006
The Cape Clothing and Textile Cluster, a private-public partnership between the Western Cape Provincial Government and 16 regional clothing and textile manufacturers employing approximately 9,500 people, is pleased to announce that South Africa's four major clothing retailers (Edcon, Foschini, Truworths and Woolworths) have joined the partnership.
Trading update for the quarter ended December 2005
12 January 2006
Consumer spending remained buoyant during the quarter under review, boosted by sustained high levels of consumer confidence resulting from low interest rates and real wage increases.
Edcon issues trading update
13 October 2005

Trading Statement

In terms of the Listings Requirements of the JSE Limited, companies are required to publish a trading statement as soon as they are reasonably satisfied that the financial results for the period to be reported upon next will differ by at least 20% from the previous corresponding period.

Edcon expresses interest in Myer stores in Australia
31 August 2005
Following an announcement earlier this month by Australian holding company Coles Myer Ltd that it would consider ‘ownership options' regarding its Myer chain of stores, Edcon will be forming a team in South Africa and Australia to explore any possible opportunities for the company.
Edcon and Standard Bank team up to offer South Africa first no fee credit card
22 August 2005
Edcon has teamed up with Standard Bank to offer qualifying Edcon store-card clients a MasterCard, the first credit card available in South Africa to carry no annual fee.
Edcon's trading remains robust
13 July 2005

At Edcon's 59th Annual General Meeting today, Chief Executive Steve Ross updated shareholders on trading for the past three months as follows:

Edcon empowerment plan endorsed by shareholders
13 July 2005
Edcon shareholders today voted in favour of the creation of a staff empowerment trust. 18,000 permanent and permanent-part time employees of the company, of whom 94% are black, receive an allocation of units in the Edcon Staff Empowerment Trust. These units will entitle the holders thereof to semi-annual empowerment payments.
Edcon to split shares ten-for-one
17 June 2005
Edcon announced today it will be seeking shareholder approval to split its ordinary shares on a ten-for-one basis.
Edcon announces Staff Empowerment Trust
17 June 2005
Edcon, parent company of Edgars, Jet, CNA, Boardmans and Jet Mart, today announced another step in its overall transformation plan. The company said it has established a Staff Empowerment Trust which will benefit 18 000 permanent and permanent-part time employees. Approximately 93% of the value created in terms of the transaction will accrue to Edcon's black employees.
Leadership at every level delivers exceptional returns for all Edcon stakeholders
18 May 2005
Another year of macroeconomic stability and increasing consumer confidence has underpinned exceptional performance by Edcon for the year ended 2 April 2005, benefiting all of its stakeholders. Headline earnings per share rose 68% to 2 661 cents and total dividends per share increased by 75% to 1 345 cents.
Edcon to acquire Topic(s) chain
24 January 2005
Edcon today announced they are to acquire clothing chain Topic(s) at a discount to Net Asset Value (NAV) by using cash resources. Pending approval from the Competition Authorities, and a due diligence investigation, the transaction will be effective from 29th May 2005.
Edcon consolidates advertising spend
24 January 2005
Edcon today announced a decision to consolidate advertising accounts held across the business units under the direction of The Jupiter Drawing Room in a move designed to generate improved efficiencies of scale for the Group.
Trading statement for the quarter ended December 2004
13 January 2005
The Board is delighted to report ongoing buoyant sales for the 13 week period ended 1 January 2005. The favourable retail environment supported by low interest rates, real wage growth and higher consumer confidence extended into the period. Edcon, with its offerings of well-priced merchandise and appropriate fashion, delivered an impressive sales increase of 24% for the quarter, when compared with the same period last year. Gross profit for the quarter increased by 26%. Group sales for the month of December were 32% higher than last year which would suggest further market share gains.
Edcon concludes securitisation of further R1 billion of debtors book
10 June 2004
Edgars Consolidated Stores (Edcon) today announced that is has successfully concluded the securitisation of a further R1,1 billion of its debtors’ book.
Edcon securitises another R1 billion of storecard debt
07 June 2004
The store group has decided to extend the programme indefinitely
Financial year 2004
19 May 2004
Edcon delivers one billion rand profit
Acquisition of Boardmans
25 March 2004
Edgars Consolidated Stores Limited - Acquisition Of Boardmans
Earnings upgrade
23 March 2004

Earnings upgrade and cautionary announcement

Appointment of independent non-executive
23 March 2004
Edcon has pleasure in announcing the appointment of Mr Sandile Zungu as an independent non-executive director with effect from 23 March 2004.                                         
Edcons debtors book gets thumbs up from Moodys
25 February 2004
The decision announced on Friday by Moody's Investor Service to upgrade the credit rating of the Class B notes which fund Edcon's securitised debtors' book reflects a lower bad debt experience on these debtors.                                         
Trading update for quarter ended December 2003
14 January 2004
Edcon continued to reap the benefits of improved assortments, systems investments, marketing initiatives, real estate revisions and tight credit management by delivering a robust sales increase of 15% for December and 21% for the quarter ended 27 December 2003. 
Appointment of Group Secretary
06 January 2004
Edcon hereby announces that Mr John Andrew Day
Edgars says first quarter sales up
16 July 2003
Clothing retailer Edgars Consolidated Stores Ltd said on Wednesday first quarter sales were above expectations and it was confident full-year earnings gains would beat turnover growth.