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[Squideye]

  Schutzgemeinschaft der Kapitalanleger e.V.: SdK calls on shareholders of Steinhoff International Holdings N.V. to bundle their interests....

 

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[CasualTrader]

Any input here?
 

I don't have much input other than to say I am still holding. At a sizeable loss, but still holding. Seem the share price has stabilised somewhat. 

[Zeebo]

Any input here?

Ps. I can’t seem to get confirmed info on recent purchasers, specifically the dates of purchase. Have you checked those out in the link?

[tiny]

STEINHOFF INTERNATIONAL HOLDINGS N.V. - Steinhoff: update on maturity extension transaction
Release Date: 05/01/2023 12:45
Code(s): SNH SHFF PDF: Subscription required to view PDF file
Steinhoff: update on maturity extension transaction

Steinhoff International Holdings N.V.
(Incorporated in the Netherlands)
(Registration number: 63570173)
Share Code: SNH
ISIN: NL0011375019

Steinhoff Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1954/001893/06)
JSE Code: SHFF
ISIN: ZAE000068367

STEINHOFF: UPDATE ON MATURITY EXTENSION TRANSACTION

Steinhoff International Holdings N.V. is referred to as “SIHNV” or the “Company” and with its
subsidiaries, “Steinhoff” or the “Group”, “Group Services Debt” means the indebtedness
under (i) the Contingent Payment Undertakings (“CPUs”) entered into by SIHNV; and (ii) the
debt facilities entered into by Steenbok Lux Finco 1 S.à.r.l. (“LuxFinco 1”), Steenbok Lux Finco
2 S.à.r.l. (“LuxFinco 2”) and Hemisphere International Properties B.V. (“Hemisphere”) (the
instruments together, the “Group Services Debt Facilities”), each as amended from time to
time.

The Company refers to (1) the framework support agreement dated 15 December 2022
between, among others, Steinhoff and its largest financial creditors (the “Support
Agreement”); and (2) the “Maturity Extension Transaction” as defined and described in the
announcement made by Steinhoff on 15 December 2022.

The Company provides the following update on the Maturity Extension Transaction.

Following accession of various financial creditors to the Support Agreement, overall
Steinhoff has received a substantial level of support from its financial creditors across the
Group Services Debt Facilities required for the purposes of the implementation of the
Maturity Extension Transaction:

(i) SEAG Facility B1: 95%;

(ii) SEAG Facility A2: 99%;

(iii) SEAG Facility B2: 99%;

(iv) SFHG 21/22 Super Senior Facility: 94%;

(v) SFHG 21/22 Facility A1: 99%;

(vi) SFHG 23 Super Senior Facility: 88%;

(vii) SFHG 23 Facility A2: 96%

(viii) Hemisphere Facility: 100%.
(numbers are rounded and subject to further verification).

As stated in the announcement made by Steinhoff on 15 December 2022, pursuant to the
Maturity Extension Transaction, SEAG Facility A1 and SEAG Facility B1 will either be
refinanced or amended and extended. In this regard, to date Steinhoff has received the
support of approximately 76% of SEAG Facility A1 which is short of the contractual threshold
of 80% which would be required under SEAG Facility A1 (on a standalone basis) and in
aggregate across SEAG Facility A1 and SEAG Facility B1 for a potential extension of maturity
of SEAG Facility A1 and SEAG Facility B1 and the associated maturity under the SEAG CPU.
Therefore, subject to receiving further support from SEAG Facility A1 holders, Steinhoff will
evaluate its options for those two facilities.

The accession process is ongoing and the support level may further increase.

Whilst the Group believes that the support received by the Group in respect of the Maturity
Extension Transaction constitutes an important and positive step towards its
implementation, there is no certainty that the necessary commercial and legal agreements
and arrangements will be concluded to successfully implement the proposed transaction.
Accordingly, shareholders and other investors in the Company are advised to exercise
caution when dealing in the securities of the Group.

Further information and updates will be provided to the market as and when available.

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

Disclaimer

The information in this announcement is not intended to be complete. This announcement
is for information purposes only and does not constitute an offer, or any solicitation of any
offer, to buy or subscribe for any securities. The distribution of this announcement may, in
some countries, be restricted by law or regulation. Accordingly, persons who come into
possession of this document should inform themselves of and observe these restrictions. To
the fullest extent permitted by applicable law, Steinhoff disclaims any responsibility or
liability for the violation of any such restrictions by any person. Any failure to comply with
these restrictions may constitute a violation of the securities laws of that jurisdiction. Steinhoff
does not assume any responsibility for any violation of any of these restrictions. Any SIHNV
shareholder who is in any doubt as to his or her position should consult an appropriate
professional advisor without delay.

Certain statements in this announcement may be considered forward-looking statements.
These forward-looking statements speak only as of the date of this announcement. By their
nature, forward-looking statements involve risks and uncertainties because they relate to
events and depend on circumstances that may or may not occur in the future, and
Steinhoff cannot guarantee the accuracy and completeness of forward-looking
statements. A number of important factors, not all of which are known to Steinhoff or are
within its control, could cause actual results or outcomes to differ materially from those
expressed in any forward-looking statement. Steinhoff expressly disclaims any obligation or
undertaking to publicly update or revise any forward-looking statements, whether as a
result of new information, a change in expectations or for any other reason.

Stellenbosch, 5 January 2023
JSE Sponsor: PSG Capital

Date: 05-01-2023 12:45:00
Produced by the JSE SENS Department. The SENS service is an

[Zeebo]

Ps. I can’t seem to get confirmed info on recent purchasers, specifically the dates of purchase. Have you checked those out in the link?

[Zeebo]

Thanks for the views guys. Am genuinely appalled and shaken by this. Had serious plans for the money and regret not cashing out in Jan when I was well up. And really well up. But hindsight and overthinking the upside, ya.
The recent buying is curious but I’m not getting excited. The reality from the SENS is that ords will be screwed either way. If the resolution does not carry, the creditors will likely place the company into liquidation and we get nothing. I can’t see the sense of that, but it’s possible.
If it carries, we’re marginalized and the company gets delisted and owned and run by creditors. Screwed again.

My logic says the shock is now priced in. But I can’t see anything lifting the stock beyond 60c until the vote, and then…
The recent buying only makes sense if they can look to recapitalise or get in on the act. I can’t see how that will happen without side deals with the current creditors. So if that’s true (and who knows), we should be hearing about it. But who knows, I’m just speculating.
Buying for value maybe? Doesnt make sense either. Why buy into something the market has clearly taken a view on. Only makes sense if you’re in on the act and stand to gain, so I’m back to thinking that again.
But the rub….if it goes according to the SENS, the ords are left paupers and powerless. If it doesn’t, I see nothing positive lifting the share to even Dec levels. If anything, it could go down to nothing. And yes, any hope of a dividend long evaporated in Jan 21 already.

I’ve nothing to base the decision on, but as I’ve already lost a significant amount of money. I’m tempted to stay in and ride it it out, but I’m even more tempted to fund a war chest. If for no reason than to vent and seek some payback.
But ya, in the words of Yoda, ponder on this more I will. Emotion has no place in investing.

[DeltaHedge]

Well, I think keep hoping is the best strategy because you might just be able to exit this situation at a better price because it seems like, us ordinary guys that are involved here, are shaken and perhaps devastated by what has happened with the share price while big companies are still buying as if nothing has happened.
Also who knows? perhaps these big buyers have info that we don't have and are picking up shares at a very low price,. for example

According to www.morningstar.com/stocks/xjse/snh/ownership, here are some purchases examples:

Vanguard: 150 million share
Blackrock:64 Million shares
Old Mutual : 4 million shares

So why would they be buying? Have they got information that we don't have? Do they perhaps know that the proposal of the creditors will not materialise and are using the low share price to bolster their positions?


Just a thought that has crossed my mind.

That is interesting.

[Bubble]

Well, I think keep hoping is the best strategy because you might just be able to exit this situation at a better price because it seems like, us ordinary guys that are involved here, are shaken and perhaps devastated by what has happened  with the share price while big companies are still buying as if nothing has happened. 

Also who knows? perhaps these big buyers have info that we don't have and are picking up shares at a very low price,. for example

 

According to www.morningstar.com/stocks/xjse/snh/ownership, here are some purchases examples:

 

Vanguard: 150 million share

Blackrock:64 Million shares

Old Mutual : 4 million shares

 

So why would they be buying? Have they got information that we don't have? Do they perhaps know that the proposal of the creditors will not materialise and are using the low share price to bolster their positions?

 

 

Just a thought that has crossed my mind.   

 

Might be part of their EFT automated buying, unless these are more than normal.

Edited by Bubble, 03 January 2023 - 02:49 PM.

[Trader001]

Yes, stink is the right wording

Various reasons for this happening in my view;

- shareholders voted againts share options to Management as payment. I recall seeing LdP eyes rolling when that vote landed. They dont have skin in the game, they give rocks and get paid very well.

- shareholders voted againts issuing shares to settle debt, now they are forced into a crap deal. Could have been better if management were given options.

- economy(war) did not help

- Pepkor SA did not pay dividends, they elected to build the business into Brazil. Maybe a good strategy, or sour grapes towards SNH by squeezing them knowing they need cash for the debt.

 

What is the views on the future here, keep hoping or cut the loss.

Well, I think keep hoping is the best strategy because you might just be able to exit this situation at a better price because it seems like, us ordinary guys that are involved here, are shaken and perhaps devastated by what has happened  with the share price while big companies are still buying as if nothing has happened. 

Also who knows? perhaps these big buyers have info that we don't have and are picking up shares at a very low price,. for example

 

According to www.morningstar.com/stocks/xjse/snh/ownership, here are some purchases examples:

 

Vanguard: 150 million share

Blackrock:64 Million shares

Old Mutual : 4 million shares

 

So why would they be buying? Have they got information that we don't have? Do they perhaps know that the proposal of the creditors will not materialise and are using the low share price to bolster their positions?

 

 

Just a thought that has crossed my mind.   

[Bubble]

On a more serious note, how many out there are feeling suckered into this one? First to be sucked in and hold on for years for something that finally came in Jan 21, only to be gut-punched again 12 months later.
I’ve always had a strong suspicion mgt and insiders knew more than they were telling ordinary shareholders. Their vague and coy statements for nearly a year didn’t sit well. Also no wonder the Wiese and TT settlements were not in SIHL or entirely at least.
I’m no expert on the disclosure requirements, but this one stinks to high heaven all over again. Doesn’t matter that it was high risk for the last few years, this one smacks of more goings on and saying very little.
Sadly also an indicator of broken corp governance and oversight. Until the mgt team there feel it personally, this kind of thing will keep happening.
Id be happy to cash in the worthless scrip and use what’s left to get a multi million rand war chest going and get some friends in the trade to start contingency fee litigation for a class action.
It stinks to high heaven, that’s for sure.

 

Yes, stink is the right wording

Various reasons for this happening in my view;

- shareholders voted againts share options to Management as payment. I recall seeing LdP eyes rolling when that vote landed. They dont have skin in the game, they give rocks and get paid very well.

- shareholders voted againts issuing shares to settle debt, now they are forced into a crap deal. Could have been better if management were given options.

- economy(war) did not help

- Pepkor SA did not pay dividends, they elected to build the business into Brazil. Maybe a good strategy, or sour grapes towards SNH by squeezing them knowing they need cash for the debt.

 

What is the views on the future here, keep hoping or cut the loss.

Edited by Bubble, 03 January 2023 - 07:58 AM.

[Zeebo]

On a more serious note, how many out there are feeling suckered into this one? First to be sucked in and hold on for years for something that finally came in Jan 21, only to be gut-punched again 12 months later.
I’ve always had a strong suspicion mgt and insiders knew more than they were telling ordinary shareholders. Their vague and coy statements for nearly a year didn’t sit well. Also no wonder the Wiese and TT settlements were not in SIHL or entirely at least.
I’m no expert on the disclosure requirements, but this one stinks to high heaven all over again. Doesn’t matter that it was high risk for the last few years, this one smacks of more goings on and saying very little.
Sadly also an indicator of broken corp governance and oversight. Until the mgt team there feel it personally, this kind of thing will keep happening.
Id be happy to cash in the worthless scrip and use what’s left to get a multi million rand war chest going and get some friends in the trade to start contingency fee litigation for a class action.
It stinks to high heaven, that’s for sure.

[Motivated]

Got nothing to sell, pomped my moolah elsewhere... Not this skoro Koro, LD useless is still there.... Maybe I get some at 5c

[Zanme]

Zanme is!

Right Right Right and is not uselesssssss

[Zanme]

Got nothing to sell, pomped my moolah elsewhere... Not this skoro Koro, LD useless is still there.... Maybe I get some at 5c

Useless on another level

[Lionelza1]

Yes you right so please sell so I can buy cheap!

Got nothing to sell, pomped my moolah elsewhere... Not this skoro Koro, LD useless is still there.... Maybe I get some at 5c

[DayTraderDad]

30c, 20c, 10c....then Pollys big fat zero

Yes you right so please sell so I can buy cheap!

[Lionelza1]

30c, 20c, 10c....then Pollys big fat zero

[DayTraderDad]

I wonder who is more useless Louis or Andre or you and daddy?

Zanme is!

[DayTraderDad]

I wonder who is more useless Louis or Andre or you and daddy?

Zanme is!

[Zanme]

Stay away from those curries

I wonder who is more useless Louis or Andre or you and daddy?