15225 replies to this topic

[DayTraderDad]

Any news on the court hearing today???

[DayTraderDad]

Found the CB clip very one sided and not factual at all. Made it sound as if Tekkie Town as we know it today was all the result of what Braam sold to SNH. Does not deal with the fact that it was 302 stores when he sold it in and today under Pepkor, it stands at more than 400 stores.

 

What I did find enlightening and the most interesting of the whole article was when Braam was asked "What due diligence did you do before you bought in?", Braam answer was "I simply followed Christo, if it was good enough for him, it was good enough for us"!!! REALLY ??? why would one be such a astute businessman and then without doing your own homework, give away the crown jewels, ??? Only one reason, greed, the price he was being offered was way more than what TT was worth and therefore it was a 'no brainer' !!!

 

With just a little homework, they would have come accross the Prudential report and the "10 red Flags". They would have had questions to be answered and would possibly still be in charge of their company today.

 

Cannot see them being successfull in their application, while they may have been duped, it was not by SNH but by Jooste and CW.

What Braam also forgot to mention the 42% that was never his???? Few years before he sold off 42% for very little $65 mil. Was he in trouble at the that needed cash??? Pitty has he been jolling in Hermanus at that time maybe he could make a better deal with Jooster???

[Africa1962]

mmm....makes sense why they pissed off then...would have given them shares to trade....

 

Hi Africa,

When the Offer was made to the Contractual Claimants to pay them partly with Pepkor shares, the share price of Pep was approx 12.50. although the settlement valued it at R15.00. 

SNH were however very clever in the settlement offer in that they reserved the right to settle at R15.00 in cash if they so wished.

My sense is that SNH will not settle in shares but instead look to use capital to settle or they may sell off some Pep shares to meet the obligation, hence retaining at least 25% of the shares they intended 'giving' away in the settlement.

[Everlearning]

Hi Africa,

When the Offer was made to the Contractual Claimants to pay them partly with Pepkor shares, the share price of Pep was approx 12.50. although the settlement valued it at R15.00. 

SNH were however very clever in the settlement offer in that they reserved the right to settle at R15.00 in cash if they so wished.

My sense is that SNH will not settle in shares but instead look to use capital to settle or they may sell off some Pep shares to meet the obligation, hence retaining at least 25% of the shares they intended 'giving' away in the settlement.

[CasualTrader]

I guess they want their cake and eat it. For most of us I think we have managed to get our average price down, but there are a lot of people that bought at R30, R50 etc. They might be holding hoping things turn around. So it is a no brainer that this must just be resolved. 

[Africa1962]

What I don't understand about the claimants...they getting half their payback in PPH shares at R15,00 per share....the current share price of PPH is at approx R20 already...that is 33% increase - surely this and what would be a sharp increase in SNH price is incentive to get all this behind them..... 

[KP7]

Did anybody watch CB on M-Net last night? Unfortunately wasn't able to follow it...

 

From my experience, anyone who quotes religion in business is questionable. 
Braam went on about how he has forgiven,  "70x7" and just wants justice. However, for me, that’s a contradiction as the same book that he lives by, says justice can only be administered by one person.

 

Most importantly, Derek raised the question about due diligence and his response was, nobody questions CW

So why did he decide to sell in 2016? Why did he agree on accepting shares rather than cash?

I remember how JZ was playing musical chairs with cabinet during this time and the ZAR rocketed to R18. They must have feared the worst and looked for ways to move their wealth offshore.......perhaps over a braai with MJ?

[Everlearning]

Found the CB clip very one sided and not factual at all. Made it sound as if Tekkie Town as we know it today was all the result of what Braam sold to SNH. Does not deal with the fact that it was 302 stores when he sold it in and today under Pepkor, it stands at more than 400 stores.

 

What I did find enlightening and the most interesting of the whole article was when Braam was asked "What due diligence did you do before you bought in?", Braam answer was "I simply followed Christo, if it was good enough for him, it was good enough for us"!!! REALLY ??? why would one be such a astute businessman and then without doing your own homework, give away the crown jewels, ??? Only one reason, greed, the price he was being offered was way more than what TT was worth and therefore it was a 'no brainer' !!!

 

With just a little homework, they would have come accross the Prudential report and the "10 red Flags". They would have had questions to be answered and would possibly still be in charge of their company today.

 

Cannot see them being successfull in their application, while they may have been duped, it was not by SNH but by Jooste and CW.

[Squideye]

was  as i thought...very one sided...all about Tekkie Town gripe....Steinhoff declined to be interviewed...If you watched you would think it was a simple case of unfair treatment of previous owners of Tekkie Town. Basically a very poorly put together piece..not worth watching....

At least the bunny chows options to save his gat from financial ruins and to screw Steinhoff are diminishing more and more...

[Africa1962]

Did anybody watch CB on M-Net last night? Unfortunately wasn't able to follow it...

was  as i thought...very one sided...all about Tekkie Town gripe....Steinhoff declined to be interviewed...If you watched you would think it was a simple case of unfair treatment of previous owners of Tekkie Town. Basically a very poorly put together piece..not worth watching....

[Squideye]

Did anybody watch CB on M-Net last night? Unfortunately wasn't able to follow it...

[Bubble]

PIC dropped 5m shares last month and another 7mil this month. But, they did buy 54mil in Feb.

 

Currently PIC left with 316mil, had 273mil in Jan 2021

[sommerso]

Lancaster withdrew, but seems Hamilton is still proceeding with their case 

 

 

"Hamilton, however, continued with its request for interim measures. SIHNV, SIHNV’s
administrators and other attending parties all opposed this request. The Court will now have
to resolve the issues raised by Hamilton and is expected to make an order within two weeks
from 4 June 2021.

Shortly following the hearing Hamilton lodged an appeal against the 28 May 2021 decision of
the Court to appoint the CoR. SIHNV will continue its defence against any attempt to disrupt
the proposed global settlement and SIHNV’s ongoing SoP."

[Bubble]

Yes sir you did.

 

I wonder if this was off the back of the PIC saying that they did not support Lancaster's actions?

 

PIC dropped 5m shares last month and another 7mil this month. But, they did buy 54mil in Feb.

[Squideye]

Did I read right...Did Lancaster withdraw?

Question remains what is happening with the Naidoo/Lancaster vs SARB case...?

[Sleepwa123]

Did I read right...Did Lancaster withdraw?

 

Yes sir you did.

 

I wonder if this was off the back of the PIC saying that they did not support Lancaster's actions?

[Tiekkie]

Update On Dutch Suspension Of Payments Procedure And Ongoing Related Litigation @ https://www.sharenet...00&seq=4&scode=

Did I read right...Did Lancaster withdraw?

[Squideye]

Update On Dutch Suspension Of Payments Procedure And Ongoing Related Litigation @ https://www.sharenet...00&seq=4&scode=

[Tiekkie]

Steinhoff says PIC and BEE partner Lancaster 101 have 'duplicate' claims against it https://www.news24.c...nst-it-20210607 Counter punch...the hahinas can't get there own way

[LarryK]

Dear all,

Lovely debate and monologue by Zanme over the weekend. Very entertaining.

I agree with with Zanme that I question why wiese can sue snh during the period when he can chairman - also some of the poorest decisions were made under his watch.

Zanme I have a question - since I get the feeling you don't like Du Preez very much. What was his position and involvement leading up the to the time when the fraud was uncovered?

If I was in a position like his I would also demand top dollar due to the regulational risk, pressure and sheer amount of work I need to get through to potentially save a company in this position.

As KP7 wrote - if it were us the company would have been gone a long time ago. I personally think there would have a really nice big fire sale.

Anyway - my 5c.