15225 replies to this topic

[Tiekkie]

they could at least update us on the court cases

Another question would be can the Dutch court turn there backs on the settlement now that there is no finality in SA?

[Tiekkie]

The calm before a very turbulent storm!! Hahaha

they could at least update us on the court cases

[DayTraderDad]

What is going on people

The calm before a very turbulent storm!! Hahaha

[Tiekkie]

What is going on people

[Batra]

Perhaps make a new topic. Will probably get wider feedback in that.

Will do that. Good stuff. Thanks

[Sleepwa123]

Perhaps make a new topic. Will probably get wider feedback in that.

[Batra]

On another note, anyone expose to Reconaissance Africa?
Ticker Recon
E&P company currently drilling in Namibia
Don’t want to distract SNH forum. Just out of curiosity
Thanks

Sorry, ticket: Recaf

[Batra]

On another note, anyone expose to Reconaissance Africa?
Ticker Recon
E&P company currently drilling in Namibia
Don’t want to distract SNH forum. Just out of curiosity
Thanks

[Tiekkie]

Looks like as usual news leaking before SNH management sends out SENS. Must be Markus sending out SMS's. Haha

I think it's traders trying to make a buck after the 30% drop in price

[DayTraderDad]

Looks like as usual news leaking before SNH management sends out SENS. Must be Markus sending out SMS's. Haha

[DayTraderDad]

I would have thought we see a Sens by now explaining the way forward......does the silence mean negotiations? or does it mean head scratching?

I don't believe that SNH will negotiate with TT old boys!!

 

They too greedy want lots on money. As a shareholder and my opinion is for SNH to give them back the 57% of TT ( become difficult partners) and remove the additional stores added since the sale because SNH paid way too much for the TT shares!! Anyway that my thoughts!!

[DayTraderDad]

The prognosis of the underlying assets has always been the same. Since Markus days. I am worried about the head office and the way that they have been raping the assets. They like the government.

Hi Zanme in Markus days the companies were not profitable and they were hiding losses. Take a good look at Mattress Firm and Conforama not to mention the UK business. Now LdP slowly has cleaned up everything!!!

[Africa1962]

I would have thought we see a Sens by now explaining the way forward......does the silence mean negotiations? or does it mean head scratching?

[Batra]

The prognosis of the underlying assets has always been the same. Since Markus days. I am worried about the head office and the way that they have been raping the assets. They like the government.

Sure but we are not talking about Enron or WorldCom here. Such companies were totally insolvent as their balance sheet were forged.
There is a base for SNH to be rescued which was not the case for those previous scandals

[Zanme]

Totally agree
1) For those being gamblers, huge stress
2) For those being long term shareholders, counting on the solid turn around of the Company, the come back to black numbers, the success of the cleaning / cleansing on going process, the success of GS, irrespective of the legal roller coaster, those will be rewarded in time.
Either you are on this share to play shorts and day trading in and out
Or you have an acceptable average acquisition price and you just wait for the end of the tunnel, hopefully allowing you to get a significant multiple of your initial investment
In my view short term profit based on spot news does not work with this share simply because short term news might not reflect the reality of the long term trend. For me the long term trend is a full success of the GS and most likely a settlement behind the scene with the TT guys who are currently using the liquidation threat as a leveraging / negotiation tool
Once more, more important than ever to hold our kite

The prognosis of the underlying assets has always been the same. Since Markus days. I am worried about the head office and the way that they have been raping the assets. They like the government.

[Batra]

Hi Zanme relax SNH business are now all profitable. Get yourself a few cases of Green beer and go fishing and by January the world will be totally diferent for you and SNH.

Totally agree
1) For those being gamblers, huge stress
2) For those being long term shareholders, counting on the solid turn around of the Company, the come back to black numbers, the success of the cleaning / cleansing on going process, the success of GS, irrespective of the legal roller coaster, those will be rewarded in time.
Either you are on this share to play shorts and day trading in and out
Or you have an acceptable average acquisition price and you just wait for the end of the tunnel, hopefully allowing you to get a significant multiple of your initial investment
In my view short term profit based on spot news does not work with this share simply because short term news might not reflect the reality of the long term trend. For me the long term trend is a full success of the GS and most likely a settlement behind the scene with the TT guys who are currently using the liquidation threat as a leveraging / negotiation tool
Once more, more important than ever to hold our kite

[DayTraderDad]

More exploitation after the event. Its mind boggling.

Hi Zanme relax SNH business are now all profitable. Get yourself a few cases of Green beer and go fishing and by January the world will be totally diferent for you and SNH.

[Zanme]

Okay so every listed company have a qualified accountant registered either with Saica, Saipa or AGA.
The accountant is required to setup annual financial statements reflecting the entity’s position in this Case Steinhoff (these are the unaudited financial statements). These financials are then reviewed by the board of directors and other executive directors if all approve the financials, it’s then released to the public and its shareholders for investing and trading purposes.

Then comes the Auditors which audit and confirm the financial statements presented by steinhoff’s accountants. Then the magic happens, the auditors review every material transaction and do test sampling which determine if fraud was committed or fictitious transactions occurred or if the companies accountant made a mistake. Once the auditors are done sampling and drawn a conclusion these are send to the auditors management for review if there are any restatements required these restatements must first be addressed and presented to the directors of steinhoff . If a conclusion is drawn and everyone is happy these audited financial statements are then sent for final drafting (make sure there are no spelling errors and so on) and then published by the company which will be released as Audited Financial statements.

The problem with steinhoff is because of its previous scandal the company will automatically be a high risk audit in regards to material misstatement which can take the auditors of the company 6 weeks to just do field work.

audit report/ financial statements will only be expected in December 2021.

Steinhoff year end is 30 September 2021 so the sale of its stake in pepkor that 10% sold will reflect in the current financial statements. I doubt the global settlements NUMBERS will be presented in the current year financial statements since the global settlement approval and voting happend after year end they might mention the outcome of the legal case for it but doubt the settlment NUMBERS will be presented in the financial position/ balance sheet.

More exploitation after the event. Its mind boggling.

[Peanut_Butter]

Okay so every listed company have a qualified accountant registered either with Saica, Saipa or AGA.
The accountant is required to setup annual financial statements reflecting the entity’s position in this Case Steinhoff (these are the unaudited financial statements). These financials are then reviewed by the board of directors and other executive directors if all approve the financials, it’s then released to the public and its shareholders for investing and trading purposes.

Then comes the Auditors which audit and confirm the financial statements presented by steinhoff’s accountants. Then the magic happens, the auditors review every material transaction and do test sampling which determine if fraud was committed or fictitious transactions occurred or if the companies accountant made a mistake. Once the auditors are done sampling and drawn a conclusion these are send to the auditors management for review if there are any restatements required these restatements must first be addressed and presented to the directors of steinhoff . If a conclusion is drawn and everyone is happy these audited financial statements are then sent for final drafting (make sure there are no spelling errors and so on) and then published by the company which will be released as Audited Financial statements.

The problem with steinhoff is because of its previous scandal the company will automatically be a high risk audit in regards to material misstatement which can take the auditors of the company 6 weeks to just do field work.

audit report/ financial statements will only be expected in December 2021.

Steinhoff year end is 30 September 2021 so the sale of its stake in pepkor that 10% sold will reflect in the current financial statements. I doubt the global settlements NUMBERS will be presented in the current year financial statements since the global settlement approval and voting happend after year end they might mention the outcome of the legal case for it but doubt the settlment NUMBERS will be presented in the financial position/ balance sheet.

How does it work, when can we expect a qualified audit

Edited by Peanut_Butter, 11 October 2021 - 05:42 PM.

[Africa1962]

How does it work, when can we expect a qualified audit

 

1)only after Global settlement is finished

2) and debt is refinanced.....

 

then normal company....then qualified audit

I think