Edition:
India

Steinhoff International Holdings NV (SNHJ.J)

SNHJ.J on Johannesburg Stock Exchange

844.81ZAc
15 Dec 2017
Change (% chg)

-47.19 (-5.29%)
Prev Close
892.00
Open
892.00
Day's High
900.00
Day's Low
801.00
Volume
50,697,154
Avg. Vol
22,336,178
52-wk High
7,401.00
52-wk Low
500.00

Latest Key Developments (Source: Significant Developments)

Steinhoff: Sale Of Shares In PSG Group Limited
Friday, 15 Dec 2017 

Dec 15 (Reuters) - STEINHOFF ::DGAP-ADHOC: STEINHOFF INTERNATIONAL HOLDINGS N.V. : SALE OF SHARES IN PSG GROUP LIMITED <<>>.HAS TODAY SOLD APPROXIMATELY 20.6 MILLION SHARES IN PSG GROUP LIMITED ("PSG"), AN INDIRECT AFFILIATE OF COMPANY.SALE PRICE WAS R230 PER PSG SHARE.SHARE SALE RELATES TO APPROXIMATELY 9.5% OF ISSUED SHARE CAPITAL OF PSG.FOLLOWING SHARE SALE, COMPANY'S INDIRECT INTEREST IN PSG HAS REDUCED FROM 25.5% TO APPROXIMATELY 16.0%.PROCEEDS FROM SHARE SALE, BEFORE COSTS, AMOUNT TO APPROX ZAR4.7 BILLION (BEING APPROXIMATELY EUR293 MILLION).PROCEEDS WILL BE USED IN SUPPORT OF OPERATIONAL ACTIVITIES.  Full Article

SA's IRBA Confirms Investigation Into Deloitte South Africa
Friday, 15 Dec 2017 

Dec 15 (Reuters) - South Africa's Independent Regulatory Board for Auditors(IRBA):INITIATED INVESTIGATION INTO DELOITTE SOUTH AFRICA FOLLOWING SHARE PRICE COLLAPSE OF STEINHOFF INTL DV AND ALLEGATIONS OF ACCOUNTING IRREGULARITIES​​.  Full Article

Steinhoff Says ‍2016 Consolidated Financial Statements Will Need To Be Restated
Thursday, 14 Dec 2017 

Dec 13 (Reuters) - Steinhoff ::‍RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS​.‍2016 CONSOLIDATED FINANCIAL STATEMENTS WILL NEED TO BE RESTATED AND CAN NO LONGER BE RELIED UPON​.‍ON ADVICE OF INDEPENDENT COMMITTEE OF SUPERVISORY BOARD, TOGETHER WITH THEIR ADVISERS, CO IS TAKING NECESSARY STEPS TO ADDRESS AUDIT ISSUES​.  Full Article

Trevo Capital says Large Portion Its Portfolio Comprises Of Shares In Steinhoff
Wednesday, 13 Dec 2017 

Dec 13 (Reuters) - TREVO CAPITAL LTD - :A LARGE PORTION OF THE COMPANY’S PORTFOLIO COMPRISES OF SHARES IN STEINHOFF INTERNATIONAL HOLDINGS LIMITED.PRIOR TO THE RESIGNATION OF STEINHOFF CEO, SHARES HELD BY CO COMPRISED APPROXIMATELY 54% OF THE TOTAL ASSETS OF THE COMPANY.AS OF CLOSE OF BUSINESS ON DEC 11, STEINHOFF SHARES COMPRISE AN ESTIMATED 15% OF TOTAL ASSETS OF COMPANY AND IS VALUED AT ABOUT $21 MILLION.  Full Article

Investec Says Has Credit Exposures To The Steinhoff Group Of Companies
Monday, 11 Dec 2017 

Dec 11 (Reuters) - Investec Plc ::‍INVESTEC EXPOSURES TO STEINHOFF​.WISHES TO CLARIFY EXPOSURE TO STEINHOFF INTERNATIONAL HOLDINGS NV AND ITS UNITS.HAS CREDIT EXPOSURES TO STEINHOFF GROUP OF COMPANIES, WHICH REPRESENT SMALL PORTION OF GROUP'S BALANCE SHEET.‍INVESTEC IS NOT EXPECTING TO SUFFER ANY LOSSES ON THESE CREDIT EXPOSURES​.‍EXPOSURES ARE LARGELY TO STEINHOFF AFRICA'S SUBSIDIARIES, WITH AN IMMATERIAL EXPOSURE TO STEINHOFF​.‍MAJORITY OF TRANSACTIONS UNDERTAKEN BY INVESTEC BANK LIMITED (SOUTH AFRICA), WITH INVESTEC PLC HAVING INSIGNIFICANT EXPOSURE TO STEINHOFF​.‍EXPOSURES TO STEINHOFF AFRICA LARGELY COMPRISE LENDING EXPOSURES,OVERNIGHT FACILITIES, SECURED BY GUARANTEES FROM SOME STEINHOFF AFRICA, STAR UNITS.‍INVESTEC BANK (SOUTH AFRICA) DOES HAVE CERTAIN DERIVATIVE EXPOSURES LINKED TO STEINHOFF SHARE PRICE, WHERE A TRADING LOSS COULD MATERIALISE​."‍LOSS COULD BE ZERO BUT MAXIMUM POTENTIAL LOSS COULD BE APPROXIMATELY 3% OF INVESTEC GROUP'S POST-TAX OPERATING PROFIT"​.INVESTEC BANK LIMITED (SOUTH AFRICA) HOLDS STEINHOFF CONVERTIBLE BONDS IN IT'S AVAILABLE FOR SALE PORTFOLIO​.‍GROUP'S ASSOCIATE INVESTMENT, IEP GROUP, HAS NO EXPOSURE TO STEINHOFF, MARKUS JOOSTE WHO WAS A DIRECTOR ON THEIR BOARD RESIGNED LAST WEEK​.  Full Article

Steinhoff Says ‍PWC Commences Investigations​
Monday, 11 Dec 2017 

Dec 11 (Reuters) - Steinhoff ::‍BOARD SUBCOMMITTEE COMPOSED OF INDEPENDENT NON-EXECUTIVE DIRECTORS HEADED BY JOHAN VAN ZYL CONSTITUTED. OTHER MEMBERS ARE STEVE BOOYSEN, HEATHER SONN​.‍AUDIT COMMITTEE IS WORKING WITH STATUTORY AUDITORS, DELOITTE TO FACILITATE RELEASE OF AUDITED FINANCIAL STATEMENTS​.‍PWC HAS BEEN APPOINTED AS FORENSIC INVESTIGATORS AND THEY HAVE COMMENCED THEIR INVESTIGATIONS​.‍TRADING IN UNDERLYING BUSINESSES ACROSS GLOBE CONTINUES UNINTERRUPTED PARTICULARLY IN PRE-CHRISTMAS PERIOD​.  Full Article

Steinhoff says ‍Moelis & Company, Alixpartners Appointed As Independent Financial Advisor And Operational Advisor
Monday, 11 Dec 2017 

Dec 10 (Reuters) - Steinhoff ::‍MOELIS & COMPANY AND ALIXPARTNERS HAVE BEEN APPOINTED AS INDEPENDENT FINANCIAL ADVISOR AND OPERATIONAL ADVISOR RESPECTIVELY WITH IMMEDIATE EFFECT​.‍MOELIS WILL SUPPORT AND ADVISE ON GROUP'S DISCUSSIONS WITH ITS LENDERS​.‍ALIXPARTNERS WILL ASSIST ON LIQUIDITY MANAGEMENT AND OPERATIONAL MEASURES​.‍FOCUSING ON SAFEGUARDING OPERATIONAL LIQUIDITY TO CONTINUE FUNDING EXISTING OPERATIONS THROUGHOUT VARIOUS SUBSIDIARIES​.  Full Article

Steinhoff has expressions of interest in non-core assets worth at least 1 bln eur of liquidity
Wednesday, 6 Dec 2017 

Dec 6 (Reuters) - Steinhoff ::SAYS ‍SUPERVISORY BOARD HAS TODAY GIVEN FURTHER CONSIDERATION TO ISSUES SUBJECT TO INVESTIGATION AND TO VALIDITY AND RECOVERABILITY OF CERTAIN NON-SOUTH AFRICAN ASSETS OF COMPANY WHICH AMOUNT TO CIRCA EUR6BN.​.SAYS ‍COMPANY WISHES TO PROVIDE ADDITIONAL COMFORT ON COMPANY'S LIQUIDITY​.SAYS ‍COMPANY HAS TODAY RECEIVED EXPRESSIONS OF INTEREST IN CERTAIN NON-CORE ASSETS THAT WILL RELEASE A MINIMUM OF EUR1BN OF LIQUIDITY​.SAYS ‍SUBSIDIARY STEINHOFF AFRICA RETAIL LIMITED (STAR) WILL TODAY FORMALLY COMMIT TO REFINANCING OF ITS LONG-TERM LIABILITIES DUE TO COMPANY​.SAYS ‍ADDITIONAL LIQUIDITY OF ABOUT EUR2BN EXPECTED TO BE ACHIEVED THROUGH THESE MEASURES WILL STRENGTHEN BALANCE SHEET, SHOULD PROVIDE COMFORT TO STAKEHOLDERS OF COMPANY'S ABILITY TO FUND EXISTING OPERATIONS AND REDUCE DEBT​.SAYS ‍NO EVIDENCE TO SUGGEST THAT CFO HAD ANY INVOLVEMENT IN MATTERS UNDER INVESTIGATION​.SAYS ‍COMPANY WISHES TO CONFIRM THAT CFO REMAINS IN HIS POSITION​.  Full Article

Steinhoff Postpones Results Release After It Probes Accounting Irregularities, CEO Resigns
Wednesday, 6 Dec 2017 

Dec 6 (Reuters) - Steinhoff International Holdings Ltd ::STEINHOFF INTERNATIONAL HOLDINGS LTD - STEINHOFF INTERNATIONAL RESULTS ANNOUNCEMENT CANCELLED.STEINHOFF INTERNATIONAL HOLDINGS N.V. FINANCIAL RESULTS ANNOUNCEMENT AND WEBCAST SCHEDULED FOR TODAY HAS BEEN POSTPONED UNTIL FURTHER NOTICE.  Full Article

Steinhoff Announces Investigation Into Accounting Irregularities; Resignation Of CEO
Wednesday, 6 Dec 2017 

Dec 5 (Reuters) - Steinhoff ::DGAP-ADHOC: STEINHOFF INTERNATIONAL HOLDINGS N.V. : STEINHOFF ANNOUNCES INVESTIGATION INTO ACCOUNTING IRREGULARITIES AND RESIGNATION OF CEO.ANNOUNCES INVESTIGATION INTO ACCOUNTING IRREGULARITIES AND RESIGNATION OF CEO​.‍NEW INFORMATION HAS COME TO LIGHT TODAY WHICH RELATES TO ACCOUNTING IRREGULARITIES REQUIRING FURTHER INVESTIGATION​.‍MARKUS JOOSTE, CEO OF STEINHOFF HAS TODAY TENDERED HIS RESIGNATION WITH IMMEDIATE EFFECT AND BOARD HAS ACCEPTED RESIGNATION​.‍COMPANY WILL PUBLISH AUDITED 2017 CONSOLIDATED FINANCIAL STATEMENTS WHEN IT IS IN A POSITION TO DO SO​.‍COMPANY WILL DETERMINE WHETHER ANY PRIOR YEARS' FINANCIAL STATEMENTS WILL NEED TO BE RESTATED​.‍SUPERVISORY BOARD HAS TODAY APPOINTED ITS CHAIRMAN, CHRISTO WIESE, AS EXECUTIVE CHAIRMAN ON AN INTERIM BASIS​.‍PIETER ERASMUS, PREVIOUS CEO OF PEPKOR GROUP, HAS AGREED TO JOIN DR. WIESE IN AN EXECUTIVE ADVISORY CAPACITY​.‍SHAREHOLDERS AND OTHER INVESTORS IN STEINHOFF ARE ADVISED TO EXERCISE CAUTION WHEN DEALING IN SECURITIES OF GROUP​.‍SUPERVISORY BOARD, IN CONSULTATION WITH STATUTORY AUDITORS OF COMPANY, HAS APPROACHED PWC TO PERFORM AN INDEPENDENT INVESTIGATION​.  Full Article