STEINHOFF INTERNATIONAL HOLDINGS N.V. - STEINHOFF APPROVAL OF COMPANY VOLUNTARY ARRANGEMENTS FOR SEAG AND SFHG
14 December 2018 17:40
SNH SHFF 201812140093A
Steinhoff – Approval Of Company Voluntary Arrangements For SEAG And SFHG
Steinhoff International Holdings N.V.
(Incorporated in the Netherlands)
(Registration number: 63570173)
Share Code: SNH
Steinhoff Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1954/001893/06)
JSE Code: SHFF
Steinhoff – Approval of company voluntary arrangements for SEAG and SFHG
Steinhoff International Holdings N.V. (the "Company" and with its subsidiaries, the "Group").
The Company refers to its announcement of 30 November 2018 (the "30 November
Announcement") in respect of company voluntary arrangements proposed in relation to
Steinhoff Europe AG ("SEAG") (the "SEAG CVA") and Steinhoff Finance Holding GmbH
("SFHG") (the "SFHG CVA").
Further to the 30 November Announcement, the Company is pleased to announce that
meetings of the creditors and members of SEAG and SFHG were held today and that the
SEAG CVA and the SFHG CVA have been approved by the requisite majorities of their
respective creditors and by their members.
The SEAG CVA was approved by approximately 94% of those creditors who voted
(including approval by approximately 93% of SEAG’s external financial creditors). The SFHG
CVA was approved by approximately 99% of those creditors who voted (including
approval by approximately 89% of SFHG’s external financial creditors). The relevant reports
in relation to the meetings have been filed with the English Court and notice of the results
has been provided to the relevant creditors at www.lucid.is.com/steinhoff.
The SEAG CVA documentation and SFHG CVA documentation can be downloaded free
of charge at www.lucid-is.com/steinhoff.
As set out in the SEAG CVA documentation and SFHG CVA documentation, a number of
steps remain to be taken before the SEAG CVA and the SFHG CVA are fully effective and
the restructuring of the Group’s financial indebtedness is implemented. The Group will
continue to keep stakeholders informed as to the progress of these steps as appropriate.
Commercial Director and CEO Designate Louis du Preez said:
"The agreements reached today with creditors of the Group’s key finance companies are
key to bringing in a new period of financial stability for the Group and enabling
management to focus on maximizing the potential of the Group’s various businesses. On
behalf of the management board I would like to take this opportunity to thank everyone
concerned for the tremendous efforts involved in reaching this critical milestone in the
restructuring of the Group’s financial indebtedness."
Shareholders and other investors in the Company are advised to exercise caution when
dealing in the securities of the Group.
JSE Sponsor: PSG Capital
Stellenbosch, 14 December 2018
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