The world is changing fast and to keep up you need local knowledge with global context.
Steinhoff SENS statement:
Steinhoff global settlement – agreement with Deloitte and Conservatorium
Steinhoff International Holdings N.V. (“SIHNV” or the “Company”, together with its subsidiaries, “Steinhoff” or the “Steinhoff Group”) announces the following update on implementation of its proposal to resolve the various multi-jurisdictional legacy litigation and claims against the Steinhoff Group, including those against former South African holding company Steinhoff International Holdings Proprietary Limited (“SIHPL”).
Following a number of constructive engagements between the parties today an agreement has been reached, in principle, between, among others, SIHNV, SIHPL, Conservatorium Holdings LLC (“Conservatorium”) and certain entities linked to Christo Wiese. This agreement is subject to a number of conditions. The result of the agreement reached among the parties is that Conservatorium will withdraw its application to appoint a restructuring expert to SIHNV pursuant to Article 371 of the Dutch Bankruptcy Act (enacting elements of the recently enacted pre-insolvency proceedings, Wet Homologatie Onderhands Akkoord ter voorkoming van faillissement).
SIHNV and SIHPL have today reached an agreement with Deloitte Accountants B.V. and Deloitte and ToucheSouth Africa (together, “Deloitte”) pursuant to which Deloitte will support the proposed Steinhoff global settlement proposal announced on 27 July 2020. This means that Deloitte will make additional compensation available to certain Steinhoff claimants, including the market purchase claimants, in exchange for certain waivers and releases, provided that Steinhoff successfully completes the contemplated Dutch “suspension of payments” procedure (the “Dutch SoP”) and the statutory compromise process under South African law (“S155 Scheme”).
Deloitte does not in any way admit liability for the losses incurred by Steinhoff and its stakeholders as a result of the accounting irregularities at Steinhoff.
Provided that Steinhoff successfully completes the contemplated Dutch SoP and the South African S155 Scheme and certain other conditions are fulfilled, Deloitte has agreed to offer an amount of up to EUR55.34m for distribution to market purchase claimants in exchange for certain waivers and releases.
In addition to the offer to market purchase claimants, provided that Steinhoff successfully completes the contemplated Dutch SoP and the South African S155 Scheme and certain other conditions are met, Deloitte has further agreed to offer an amount of EUR15m for distribution to certain contractual claimants.
The Steinhoff Group will provide further updates in respect of implementation of the global settlement in due course.
Claimants will be able to review additional information and, in due course, submit their claim details on the following website: www.SteinhoffSettlement.com.
The Company has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the JSE Limited.
Cyril Ramaphosa: The Audio Biography
Listen to the story of Cyril Ramaphosa's rise to presidential power, narrated by our very own Alec Hogg.