15225 replies to this topic

[Zanme]

Ha now I see your misundestanding. The reason why PSG, Kaap shares were sold was for SNH get cash to keep on operating. Get a green beer and then sit in the sun and while there ask yourself if you were in charge in 2018 how would you go about raising cash to keep the operations going when all banks stopped lending money to SNH?

At the time you would have a serious loss making Mattress Firm, Aussie busines making losses and the Austrian business colapsing not forgeting the big loss making Conforama. So which one of those would you sell to raise cash!

No Steinhoff as in Pepkor and Pepco generates buckets of cash.

You wrong again.

The reason it was sold was to cover the costs of the consultants and a head office that doesn't need to exist.

[Zanme]

Hi Zanme I have a suggestion fir you: Why dont you send your CV to the SNH board and ask them to propose you for CEO on the next shareholders meeting. I recon once you become CEO you will improve things.

Why don't you stop with your mindless argument call a spade a spade and move on.

Unfortunately I am not a Stellenbosch

[DayTraderDad]

Just high level to show you how to arrive at the number.

KAP was R20 billion. 50 percent of that if R10 billion.

PSG 10 percent stake would have given it around 3 percent in Capitec so with a market cap of R200 billion that will amount to R6 billion.

So those two non core assets total in excess of R16 billion.

We won't talk about the rest.

After Friday's crash Steinhoff's market will be around R7 billion. One third of the non core assets that they threw away.

So if that doesn't put things into perspective then I don't know what would.

This man has destroyed more tangible wealth then anyone.

Ha now I see your misundestanding. The reason why PSG, Kaap shares were sold was for SNH get cash to keep on operating. Get a green beer and then sit in the sun and while there ask yourself if you were in charge in 2018 how would you go about raising cash to keep the operations going when all banks stopped lending money to SNH?

At the time you would have a serious loss making Mattress Firm, Aussie busines making losses and the Austrian business colapsing not forgeting the big loss making Conforama. So which one of those would you sell to raise cash!

[DayTraderDad]

Daddy what you say is irrelevant

Louis has failed us as shareholders and needs to be honorable enough to step down.

Firstly he didn't have to higher any consultants he could have unpacked the misstatement on his own and passed the book entry

Secondly he didn't have to higher fancy bank consultants he could have negotiated with the banks sold all these non core assets and used it to settle some of the debt. Pushed the debt down into operations and Steinhoff would have been paying interest ot 5%.

Thirdly he could have met with all litigants and demonstrate the value destruction a settlement will have and showed them what value the business will realize if they drop it all togethe.

Instead he did the exact opposite knowing how expensive this will get. Knowing that his proposal was not fair. Those lawyers don't have their best offices in Sandton for no reason.

But he continues to disadvantage Steinhoff through his behavior.
Instead of settling out of court he enjoys taking the company to court and paying his lawyer buddies.

No disrespect to the profession but I haven't heard of a lawyer that runs a successful business.

Louis is proof of just that. He served his time put the company backward and needs to step down.

Hi Zanme I have a suggestion fir you: Why dont you send your CV to the SNH board and ask them to propose you for CEO on the next shareholders meeting. I recon once you become CEO you will improve things.

[Zanme]

What happened to PSG KAP UNITRANS PEPKOR STAKES PEPCO STAKES PROPERTIES AND OTHER ASSETS. In excess of R20 billion.
It was used to pay PWC lawyers bank consultants Louis and his team.

Vanished gone just like that.

Just high level to show you how to arrive at the number.

KAP was R20 billion. 50 percent of that if R10 billion.

PSG 10 percent stake would have given it around 3 percent in Capitec so with a market cap of R200 billion that will amount to R6 billion.

So those two non core assets total in excess of R16 billion.

We won't talk about the rest.

After Friday's crash Steinhoff's market will be around R7 billion. One third of the non core assets that they threw away.

So if that doesn't put things into perspective then I don't know what would.

This man has destroyed more tangible wealth then anyone.

[Zanme]

Hi Zanme what assets are you talking about.

For me the issue is SIHL is providing guarantee to €465mil bonds issued by Steinhoff Finance Holding GMBH (‘SFHG’) in January 2014 (‘the 2021 Bond’).

At the time of the CVA implementation SNH did not have the cash. However due to good planning and management PEPCO was listed and now SNH has the cash. So the solution to tnis noise is for SFHG to settle the bonds then the guarantee isued by SIHL falls away and its the end of the case.

I am sure you would agree just for once this was a master plan with great success!

What happened to PSG KAP UNITRANS PEPKOR STAKES PEPCO STAKES PROPERTIES AND OTHER ASSETS. In excess of R20 billion.
It was used to pay PWC lawyers bank consultants Louis and his team.

Vanished gone just like that.

[Zanme]

For me makes no diference if the bonds are settled now or in December on the financial restructuring. The reason I say that is at the end SNH has to pay the Eur 9.6 bil down to below Eur4 bil.

Daddy what you say is irrelevant

Louis has failed us as shareholders and needs to be honorable enough to step down.

Firstly he didn't have to higher any consultants he could have unpacked the misstatement on his own and passed the book entry

Secondly he didn't have to higher fancy bank consultants he could have negotiated with the banks sold all these non core assets and used it to settle some of the debt. Pushed the debt down into operations and Steinhoff would have been paying interest ot 5%.

Thirdly he could have met with all litigants and demonstrate the value destruction a settlement will have and showed them what value the business will realize if they drop it all togethe.

Instead he did the exact opposite knowing how expensive this will get. Knowing that his proposal was not fair. Those lawyers don't have their best offices in Sandton for no reason.

But he continues to disadvantage Steinhoff through his behavior.
Instead of settling out of court he enjoys taking the company to court and paying his lawyer buddies.

No disrespect to the profession but I haven't heard of a lawyer that runs a successful business.

Louis is proof of just that. He served his time put the company backward and needs to step down.

[KP7]

Well then I will full up all my trucks!!!

Just a pity my truck is so full. Will try to squeeze some into the passenger side 

[DayTraderDad]

For me makes no diference if the bonds are settled now or in December on the financial restructuring. The reason I say that is at the end SNH has to pay the Eur 9.6 bil down to below Eur4 bil.

[DayTraderDad]

Imagine how far the R20 billion of assets that were thrown away with nothing to show could have been right now. Louis must leave like tomorrow.

Hi Zanme what assets are you talking about.

For me the issue is SIHL is providing guarantee to €465mil bonds issued by Steinhoff Finance Holding GMBH (‘SFHG’) in January 2014 (‘the 2021 Bond’).

At the time of the CVA implementation SNH did not have the cash. However due to good planning and management PEPCO was listed and now SNH has the cash. So the solution to tnis noise is for SFHG to settle the bonds then the guarantee isued by SIHL falls away and its the end of the case.

I am sure you would agree just for once this was a master plan with great success!

[Zanme]

My view is Monday SNH will anounce they paying back the debt then case is closed and settlement will continue

Imagine how far the R20 billion of assets that were thrown away with nothing to show could have been right now. Louis must leave like tomorrow.

[DayTraderDad]

Hamilton losses in Amsterdam markets hardly moved. They get iffy judgement in CT Share price tank.

1. Will SnH have to come up with a better offer for Market Claimants

2. Will Cristo and the othe crew be happy to settle for less.

3. Will they then also go back to court?

My view is Monday SNH will anounce they paying back the debt then case is closed and settlement will continue

Edited by DayTraderDad, 03 July 2021 - 08:34 AM.

[Squideye]

Hamilton losses in Amsterdam markets hardly moved. They get iffy judgement in CT Share price tank.

1. Will SnH have to come up with a better offer for Market Claimants

2. Will Cristo and the othe crew be happy to settle for less.

3. Will they then also go back to court?

 

No 2 is a valid question because: "The CCs who have backed the proposal – the Wiese entities, Du Toit, GT Ferreira and Greyling – have made it clear that if the proposed agreement falls through they will resume their litigation based on contract law."

[Trader001]

 

Go back to my posts from ± 07 to 12. June... I think I've posted them as pdf

• https://www.netwerk2...taling-20210607
• https://www.netwerk2...sy-sin-20210608
• https://www.netwerk2...jargon-20210609
• https://www.netwerk2...doesel-20210610

 

Thanks Squideye, will do

[Tiekkie]

Hamilton losses in Amsterdam markets hardly moved. They get iffy judgement in CT Share price tank.

1. Will SnH have to come up with a better offer for Market Claimants

2. Will Cristo and the othe crew be happy to settle for less.

3. Will they then also go back to court?

[Tiekkie]

Well then I will full up all my trucks!!!

Monday is a good day to fill the boot with shares

[DayTraderDad]

Don't worry, almost certain the market will overreact the whole of next week still

Well then I will full up all my trucks!!!

[DayTraderDad]

Interesting insert from the judgement: 

 

Interdictory relief

[138] The applicants sought an interdict restraining SIHPL from making any payment

pursuant to the SIHPL Guarantee, the SIHPL CPU or the compromise proposed by

SIHPL in terms of sec 155 of the Companies Act and from providing any security in

respect thereof. In terms of this judgment the SIHPL Guarantee stands and clearly

no interdictory relief in relation to it can be granted. As far as the balance of the

interdictory relief is concerned, the applicants made out no case that any payments

pursuant to the SIHPL CPU were imminent. Insofar as any payments made based

on the CPU might conceivably follow upon the acceptance of the sec 155 proposal,

not only might that proposal be revisited following this judgment, but the sec 155

process has some way to go before it can be sanctioned by a Court. Before that

stage is reached the applicants will have adequate opportunity to voice their

opposition to any such proposal or interdict any prior payments which they regard as

unlawful. Accordingly, the applicants have failed to make out any case for

interdictory relief. 

[Tiekkie]

I think we're are still on track...this is an over reaction. Small set back according to my small mind

[sommerso]

Market is over reacting what a pity it was closed dam!!!

Don't worry, almost certain the market will overreact the whole of next week still