Steinhoff: Retail investors can now apply to receive compensation

Retail investors that held Steinhoff shares up to the close of business on 5 December 2017 can now apply to receive compensation.

Published on:

17 Feb 2022, 12:36 pm

Retail investors that held Steinhoff shares up to the close of business on 5 December 2017 can now apply to receive compensation (link attached for ease of reference). The amount of compensation will be based on the date Steinhoff shares were purchased and sold. It will be a fraction of the value of one's shares prior to doomsday but it's better than nothing. Be warned, the process is cumbersome. Investors have until midnight on 15 May to submit a claim. Steinhoff has initiated payments to contractual claimants; those parties who sold businesses to Steinhoff in return for Steinhoff paper, which essentially turned out to be monopoly money. These contractual claimants, including the likes of Christo Wiese, will make up the lion's share of Steinhoff's R25bn global settlement proposal. Steinhoff has noted that all pending legal proceedings have been withdrawn, and management will now focus on the operational assets within the stable while reducing debt to acceptable levels. – Justin Rowe-Roberts

Steinhoff media statement:

Steinhoff International Holdings NV – Global Settlement Update

Steinhoff International Holdings NV ("SIHNV" or the "Company", together with its subsidiaries, "Steinhoff" or the "Steinhoff Group") and the former South African holding company of the Steinhoff Group, Steinhoff International Holdings Proprietary Limited ("SIHPL"), provide the following update on Steinhoff's settlement of pending litigation proceedings pursuant to SIHNV's Dutch law composition plan ("Composition Plan"), SIHPL's South African law s155 scheme proposal ("S155 Proposal") and related contractual arrangements ("Global Settlement").

Steinhoff refers to its announcement earlier today that Settlement Effective Date for the purpose of the Global Settlement is 15 February 2022 and confirms that the following steps were taken today pursuant to the Global Settlement:

• payment of the settlement funds required under the Composition Plan and the S155 Proposal to Stichting Steinhoff Recovery Foundation, which will hold the settlement funds for the benefit of Market Purchase Claimants and the SIHNV contractual claimants which will be distributed following the Bar Date;

• payment or initiation of payment arrangements in respect of Steinhoff's contribution to the costs of the ACGs as required under the Composition Plan;

• payment of EUR66m to the Hemisphere Facility Agent for application in discharge of an equivalent amount of indebtedness of Hemisphere International Properties BV; and

• payments of cash and initiation of transfers of Pepkor Holdings Limited shares to the SIHPL contractual claimants that are required to be paid or transferred on or around Settlement Effective Date.

Further steps will be taken in coming weeks and months in accordance with the terms of the Composition Plan, S155 Proposal and related contractual settlements.

As a result of the occurrence of Settlement Effective Date, the pending legal proceedings against Steinhoff that have been compromised under the Global Settlement will now be withdrawn and discontinued. The South African liquidation petition against SIHNV brought by certain former owners of the Tekkie Town business has been withdrawn today.

The Company has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the JSE Limited.

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