15225 replies to this topic

[Squideye]

SAICA announces charges of misconduct against Markus Jooste @ https://www.biznews....conduct-charges

[Squideye]

Die Suid-Afrikaanse Instituut vir Geoktrooieerde Rekenmeesters (Saica) het aangekondig hy het ná ’n lang ondersoek besluit om Markus Jooste, voormalige uitvoerende hoof van Steinhoff, aan te kla van vier beweerde oortredings van sy verordeninge en gedragskode.

 

<.....Die eerste klag hou verband met die wyse waarop hy na bewering opgetree het rakende die oortreding van die Wet op Finansiële Markte en omdat hy na bewering binnekennis gebruik het om mense doelbewus aan te moedig om hul aandele in Steinhoff te verkoop.....>

 

https://www.netwerk2...te-aan-20210524

[DayTraderDad]

the shareholders in PEP would not even contemplate a reversal.....SNH baby 

Thanks indeed I agree fully and this will be a hard nut to crack. But if the court finds in favor of Tekkie Town then the sale to PEP was also not legal was based on fraudulent information. Would that not also have to be reversed??

[Africa1962]

Please have a look at past press releases. Pepkor has clearly stated that it is not THEIR problem. It is solely Steinhoff's baby.

the shareholders in PEP would not even contemplate a reversal.....SNH baby 

[Squideye]

Indeed but the sale would have to be reversed. It is going to be complicated because how to give the business back to the Tekkie Town old owners??

Please have a look at past press releases. Pepkor has clearly stated that it is not THEIR problem. It is solely Steinhoff's baby.

[DayTraderDad]

Tekkie Town is PEPKOR, not Steinhoff...

Indeed but the sale would have to be reversed. It is going to be complicated because how to give the business back to the Tekkie Town old owners??

Edited by DayTraderDad, 24 May 2021 - 02:36 PM.

[Squideye]

Therefore for me the answer is to list Tekkie Town and sell shares to investors with a value of R1.8 bil and pay back the money.

 

 

Tekkie Town is PEPKOR, not Steinhoff...

[Tiekkie]

So when are we expecting results?

Remaining positive!

Half year results 25th June

[DayTraderDad]

So when are we expecting results?

 

Remaining positive!

I wounder if we will get something from the hearing today!!

[DayTraderDad]

So when are we expecting results?

 

Remaining positive!

Me too!!!

[DOA123]

So when are we expecting results?  

 

Remaining positive!

[DayTraderDad]

 

On my third OB bottle thought the following:

 

The Steinhoff share price in February 2017 was about: Eur 5.06

 

The sale of the 20 mil shares (In February 2017 when the sale became effective)  income at a RoE R14.37 is R1.4 Bil  

 

For me the R1.4 Bil was the real value of 58% of Tekkie Town the other excess was  unrealistic.

 

Basically the TT old boys have already pocket the fair value of Tekkie Town  but now they want to claim the Jooster type of transactions.

 

Could this be also part of the Jooster inflated sales business??? One just wonders seen that there is a very friendly atmosphere???

 

I can see this becoming a very interesting court case!!!

 

So reading the court paper this morning I think the R3.2 Bil was the total value of Tekkie Town of which the 58% is the said R1.8 bil claim so now all fits in. 

 

For the value of Tekkie Town previous owner got R1.8 bil and SNH value of Tekkie Town was R1.4 bil.

 

Therefore for me the answer is to list Tekkie Town and sell shares to investors with a value of R1.8 bil and pay back the money.

 

Quite sure with a increase of 42% in stores Tekkie Town should be valued at R4.5 bil of which the R1.8 bil is only 40%.

[Africa1962]

It is good all these cases come up then there will be final clarity.

lets hope all the Judges are shareholders 

[DayTraderDad]

Pieter Erasmus / Trevo sounds much tougher than originally thought or described in public

It is good all these cases come up then there will be final clarity.

[Squideye]

3 court cases and ongoing Global Settlements. 

 

 

Pieter Erasmus / Trevo sounds much tougher than originally thought or described in public

[sommerso]

3 court cases and ongoing Global Settlements. 

 

 

Sometimes I've believed as much as six impossible things before breakfast - Alice in Wonderland - Lewis Carroll 

[Squideye]

Steinhoff will have to fight in court this week

Attached Files

•  CT Court.pdf   504.44KB   20 downloads

[DayTraderDad]

On my third OB bottle thought the following:

 

The Steinhoff share price in February 2017 was about: Eur 5.06

 

The sale of the 20 mil shares (In February 2017 when the sale became effective)  income at a RoE R14.37 is R1.4 Bil  

 

For me the R1.4 Bil was the real value of 58% of Tekkie Town the other excess was  unrealistic.

 

Basically the TT old boys have already pocket the fair value of Tekkie Town  but now they want to claim the Jooster type of transactions.

 

Could this be also part of the Jooster inflated sales business??? One just wonders seen that there is a very friendly atmosphere???

 

I can see this becoming a very interesting court case!!!

[DayTraderDad]

Sjoe.... Think u need something stronger

Get bottle of OB sherry

Sorry Lionel I am now on my third bottle of OB your advise was fantastic.

 

See what I found while massaging the third bottle:

 

So according to court paper:

 

On 29 August 2016 the respondents and Steinhoff NV entered into a written agreement, entitled ‘Sale of Shares and Claims Agreement’ in terms of which they sold in aggregate, 56.94% of their shares in, and ceded their claims against, Tekkie Town (collectively, ‘the Tekkie Town shares’) to Steinhoff NV, for a purchase price of R3 257 250 000 (the sale agreement). On 17 January 2017 the purchase price was discharged by the issue of consideration shares in

 

From the SNH documents describing the TT claim we know the share price issued to TT was at R75.75. Here is now the interesting thing:

 

The R3,2 Bil equates to about 43 mil shares. We also know the TT crowd are claiming they could not sell the shares for 3 years which means they could only sell earliest 2019.

 

According to the share register for November 2017  AJVH HOLDINGS PTY LTD holding was 23,125,021 shares. My question what happened to the other 20 mil shares? Was it sold after receiving a SMS from the friend?? Is it not possible we facing insider trading??

 

Would be interesting for SNH legal team to zoom into this!!! Interesting they only want compensation for R1.8 bil or the 23 mil shares.

[DayTraderDad]

Sjoe.... Think u need something stronger

Get bottle of OB sherry

Haha thanks Lionel I took your advise and while massaging the OB I read the following:

 

https://www.georgehe...ed-201908210638

 

It was all good until the insert below then had to get another bottle of OB, Haha maybe now we can start understanding why SNH paid such a high price for the business??? Was the price agreed over  long braai in Hermans??? I guess we will never get to the real truth!! I wounder how long the due diligence took?? For Mattress Firm it took 3 days (according to an news paper article) so for Tekkie Town  one braai is in order!!

 

"Despite Braam van Huyssteen crying foul over the transaction, he has publicly admitted remaining in contact with, and maintains a close friendship with, disgraced former Steinhoff CEO, Markus Jooste, the other party to the transaction."

 

Haha better stick to green beer!!!