Edition:
United States

Steinhoff International Holdings NV (SNHJ.J)

SNHJ.J on Johannesburg Stock Exchange

600.00ZAc
8 Dec 2017
Change (% chg)

-400.00 (-40.00%)
Prev Close
1,000.00
Open
829.00
Day's High
1,000.00
Day's Low
500.00
Volume
188,370,290
Avg. Vol
19,524,923
52-wk High
7,709.00
52-wk Low
500.00

Latest Key Developments (Source: Significant Developments)

Investec Says Has Credit Exposures To The Steinhoff Group Of Companies
2:00am EST 

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​
12:05am EST 

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
Sunday, 10 Dec 2017 02:19pm EST 

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 12:28pm EST 

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 12:05am EST 

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
Tuesday, 5 Dec 2017 03:44pm EST 

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

Steinhoff says decision from Enterprise Chamber of the Amsterdam Court Of Appeal anticipated by Dec. 22
Monday, 20 Nov 2017 10:49am EST 

Nov 20 (Reuters) - Steinhoff :‍RECEIVED LETTER FROM CHAMBER INFORMING IT IS NOT IN POSITION TO FORMALLY ISSUE DECISION;ANTICIPATED THAT DECISION TO BE ISSUED NO LATER THAN 22 DEC 2017 .‍COMPANY WAS ADVISED BY ITS DUTCH COUNSEL THAT SUCH A DELAY IS QUITE COMMON AND IT DOES NOT SIGNIFY ANY PARTICULAR OUTCOME WHATSOEVER​.CO ‍REMAINS CONFIDENT THAT PETITION WILL BE DISMISSED​.  Full Article

Steinhoff says chamber decision will be issued by no later than 22 Dec 2018​
Monday, 20 Nov 2017 10:15am EST 

Nov 20 (Reuters) - STEINHOFF ::‍RECEIVED LETTER FROM CHAMBER INFORMING THAT IS NOT IN POSITION AS YET TO FORMALLY ISSUE DECISION AND IS CURRENTLY ANTICIPATED THAT DECISION WILL BE ISSUED BY NO LATER THAN 22 DEC 2018​.‍COMPANY WAS ADVISED BY ITS DUTCH COUNSEL THAT SUCH A DELAY IS QUITE COMMON AND IT DOES NOT SIGNIFY ANY PARTICULAR OUTCOME WHATSOEVER​.CO ‍REMAINS CONFIDENT THAT PETITION WILL BE DISMISSED​.  Full Article

Steinhoff says repurchased 78.4 mln Steinhoff shares
Tuesday, 24 Oct 2017 02:30am EDT 

Oct 24 (Reuters) - Steinhoff International Holdings Ltd :REPURCHASED 78.4 MILLION STEINHOFF SHARES, REPRESENTING 1.8% OF ITS ISSUED SHARE CAPITAL​.  Full Article

Steinhoff says placed about 800 mln star shares for Star listing
Monday, 2 Oct 2017 02:32am EDT 

Oct 2 (Reuters) - Steinhoff :LISTING OF STAR RESULTED IN PLACEMENT OF AN AGGREGATE OF 800 MILLION STAR SHARES AND TOTAL CAPITAL RAISED OF APPROXIMATELY R16.4 BILLION.SUBSIDIARIES RECEIVED AN AGGREGATE AMOUNT OF APPROXIMATELY R16 BILLION (EUR 1 BILLION) FROM DISTRIBUTION AND DISPOSAL OF OVERALLOTMENT SHARES.STEINHOFF CONTINUES TO INDIRECTLY HOLD 76.81% OF STAR'S ISSUED SHARE CAPITAL.  Full Article

UPDATE 1-Battered Steinhoff shares bounce after traumatic week

JOHANNESBURG, Dec 11 Shares in South African retailer Steinhoff jumped as much as 40 percent on Monday, regaining some ground after calling on its lenders to help stabilise the company following the discovery of accounting irregularities last week.