15225 replies to this topic

[Zanme]

There's share's on offer as well?

Why not just hold the shares until it hits R30 again and then sell on market?

What I'm not getting is that all shares are traded at own risk - excluding the contractual claimants. What about the people that bought African bank back in the day.. .or Group5 ... surely then they are also entitled to something.

If SNH were to be liquidated people would lose a lot more than those "fractions of fractions", future pricing and dividends will also fall out the window. Mr Mostert is being selfish so he can buy back the Tekkie Town name at fractions and continue making his billions and drive his Bentley's to the weekend braai in Hermanus. If any of the corporates had any humanity, they'd let SNH recover so that the pensioners and funds that were invested in this company can recover some of their losses. The potential upside outweighs the short term greed.

I'm not condoning what SNH under Jooste had done. The rotten branches have been purged from the tree. Now is the time to reap the fruits and not cut the tree down for braai wood

But surely they need to recover from Jooste and his pals including Wiese Louis etc why do we have to bear the cost of their fraudulent behavior?

[DayTraderDad]

Haha but the same dad never stood up and say sorry Jooster Steinhoff you paying too much for my company!!!

Haha this is very funny!!!

"Meanwhile, Mostert says the former Tekkie Town cohort’s pursuit of justice has never wavered. “I often ask myself, ‘How will my children look at my behaviour one day and what will they say?’
And hopefully they will say: ‘My dad stood up against something that was wrong.’”

[DayTraderDad]

Tekkie Town’s Steinhoff fight: ‘We will get our business back’ @ https://mg.co.za/bus...-business-back/

Is this not insider trading? Private contact with the buddies!!!

 

When Bernard Mostert received an SMS from Markus Jooste about Steinhoff’s implosion, he had no idea he was on the precipice of learning about the biggest case of corporate fraud in South Africa’s history.

Reporting at its best. 100% is no long correct 100% is actually 101%. SNH bought from Actis 42% so how can they buy 59% from Tekkie Town old boys?

 

Just a year prior, Van Huyssteen and company agreed to relinquish their 59% stake in Tekkie Town in exchange for shares worth R1.85-billion in Steinhoff.

 

Haha getting paid 320% more for the business but had zero reason to question!!!!

 

"Talking to the M&G on Monday, Mostert says he and the other Tekkie Town shareholders had zero reason to question their deal with Steinhoff. “They made very compelling arguments and they were very professional … What was presented to us, and what seemed entirely plausible at the time, was that Steinhoff was South Africa’s third-biggest company at that stage. It’s listed. It’s audited.”

 

Haha time for green beer I rest my case.

[Squideye]

Tekkie Town’s Steinhoff fight: ‘We will get our business back’ @ https://mg.co.za/bus...-business-back/

[Africa1962]

There's share's on offer as well? 

 

Why not just hold the shares until it hits R30 again and then sell on market? 

 

What I'm not getting is that all shares are traded at own risk - excluding the contractual claimants. What about the people that bought African bank back in the day.. .or Group5 ... surely then they are also entitled to something. 

 

If SNH were to be liquidated people would lose a lot more than those "fractions of fractions", future pricing and dividends will also fall out the window. Mr Mostert is being selfish so he can buy back the Tekkie Town name at fractions and continue making his billions and drive his Bentley's to the weekend braai in Hermanus. If any of the corporates had any humanity, they'd let SNH recover so that the pensioners and funds that were invested in this company can recover some of their losses. The potential upside outweighs the short term greed. 

 

I'm not condoning what SNH under Jooste had done. The rotten branches have been purged from the tree. Now is the time to reap the fruits and not cut the tree down for braai wood 

 

They probably all have actuaries working for them, calculating all the various scenarios of how to make/recovery money....so get as much as possible now...then also make windfall if the share price recovers...

[sommerso]

Given that the so called "Contractual Claimants" will receive a fraction of their losses, as Mostert says, then this means for the so called "Market Purchase Claimants", which will receive 3 to 8 to 15 times less of compensation per share, they will receive a fraction of a fraction ... so to all the "Market Purchase Claimants" I say vote against this unfair global settlement even if that will mean losing the small compensation, which is so small that you can just also lose it.

 

 

There's share's on offer as well? 

 

Why not just hold the shares until it hits R30 again and then sell on market? 

 

What I'm not getting is that all shares are traded at own risk - excluding the contractual claimants. What about the people that bought African bank back in the day.. .or Group5 ... surely then they are also entitled to something. 

 

If SNH were to be liquidated people would lose a lot more than those "fractions of fractions", future pricing and dividends will also fall out the window. Mr Mostert is being selfish so he can buy back the Tekkie Town name at fractions and continue making his billions and drive his Bentley's to the weekend braai in Hermanus. If any of the corporates had any humanity, they'd let SNH recover so that the pensioners and funds that were invested in this company can recover some of their losses. The potential upside outweighs the short term greed. 

 

I'm not condoning what SNH under Jooste had done. The rotten branches have been purged from the tree. Now is the time to reap the fruits and not cut the tree down for braai wood 

[DeltaHedge]

Given that the so called "Contractual Claimants" will receive a fraction of their losses, as Mostert says, then this means for the so called "Market Purchase Claimants", which will receive 3 to 8 to 15 times less of compensation per share, they will receive a fraction of a fraction ... so to all the "Market Purchase Claimants" I say vote against this unfair global settlement even if that will mean losing the small compensation, which is so small that you can just also lose it.

 

Dont forget about share appreciation, we know the gains will come from that. They will lose way more in liquidation.

[Tom]

In his affidavit to the court, Mostert says that at face value the settlement is designed to rid Steinhoff of any further embarrassment arising from the claims. He also notes that, if the former Tekkie Town owners were to settle — foregoing any future rights of litigation against Steinhoff — they would receive only a fraction of the value they lost through the transaction.

Given that the so called "Contractual Claimants" will receive a fraction of their losses, as Mostert says, then this means for the so called "Market Purchase Claimants", which will receive 3 to 8 to 15 times less of compensation per share, they will receive a fraction of a fraction ... so to all the "Market Purchase Claimants" I say vote against this unfair global settlement even if that will mean losing the small compensation, which is so small that you can just also lose it.

Edited by Tom, 18 May 2021 - 10:55 AM.

[Squideye]

It ain't over till the fat lady sings...

[Tom]

In his affidavit to the court, Mostert says that at face value the settlement is designed to rid Steinhoff of any further embarrassment arising from the claims. He also notes that, if the former Tekkie Town owners were to settle — foregoing any future rights of litigation against Steinhoff — they would receive only a fraction of the value they lost through the transaction.

[DayTraderDad]

So we got a new important date, 24 May to see if the court will hold in favor tekkie’s application ? (I think this would lead to a complex lawsuit). If 24 may doesn’t go well then they have to delay or even stop the Pepco IPO ?

Come June 15 - will there just be an update here on the claims deal ? Are they waiting for court intervention ?

 

I very much doubt the court hearing will derail the PEPCO listing which is just about completed.

 

Tekkie Town claim is being disputed in court and the total maximum claim is Eur 219 mil which clearly SNH has that cash in hand. Further how can one ask for a liquidation when the court case still ongoing and is not for sure that old Tekkie Town owners have a case because the court has not ruled.

 

For me going to be just noise because very sure at the end SNH will prove the price of the Tekkie Town sale was done in a long braai in Hermanus which looks like still ongoing.

 

Also it will not surprise me that Tekkie Town old owners one day will have to do some smart talking to explain how they managed to get such a high price for their business.

[DeltaHedge]

Haha indeed, think he was invited also to the braai in Hermanus over the weekend!

So we got a new important date, 24 May to see if the court will hold in favor tekkie’s application ? (I think this would lead to a complex lawsuit). If 24 may doesn’t go well then they have to delay or even stop the Pepco IPO ?

Come June 15 - will there just be an update here on the claims deal ? Are they waiting for court intervention ?

[Squideye]

If it gets that far regarding Tekkies and a 417 liquidation enquiry, it will be Interesting to see if Steinhoff has to show (to court) the PwC report...

 

 

Insolvency enquiries – master of the High Court

 

The art of law - no privilege against self-incrimination in a section 417 inquiry.

 

In a section 417 inquiry into the affairs of an insolvent company, witnesses are obliged to answer questions and produce documents, even if they are self-incriminatory.

 

South Africa's Companies Act now provides explicitly in section 417(2) (2b) that any person summoned to testify at a section 417 inquiry -

 

"may be required to answer any question put to him or her at the examination, notwithstanding that the answer might tend to incriminate him or her . . . "

Edited by Squideye, 18 May 2021 - 07:57 AM.

[DayTraderDad]

Another sensational headline "Steinhoff is unable to pay its debts".

Haha indeed, think he was invited also to the braai in Hermanus over the weekend!

Edited by DayTraderDad, 17 May 2021 - 10:58 PM.

[DeltaHedge]

WATCH: Could Steinhoff be liquidated? https://www.youtube....h?v=YVB7GjCgcQ8

Bunch of wankers, well I guess we will see what happens. We either going to lose it all or receive a 25 bagger

[KP7]

Another sensational headline "Steinhoff is unable to pay its debts".

[Squideye]

WATCH: Could Steinhoff be liquidated? https://www.youtube....h?v=YVB7GjCgcQ8

[DayTraderDad]

I wonder if this article will be of any value in the court case if used. A clear red flag warning about Steinhoff already in 2010!!

https://www.prudenti...ff-s-red-flags/

Edited by DayTraderDad, 16 May 2021 - 06:06 PM.

[DayTraderDad]

some interesting figures on the Steinhoff - Tekkie Town deal.

In 2014 Tekkie Town sells 42% of its shares to Actis for $65 mil or R720 mil which gives full value of Tekkie Town R1.7 bil and they had 260 stores.

Two years later Tekkie Town owner sell 58% for R3.2 bil which adding the 42% the full value is R5.5 bil with 300 stores.

So that is a 3.2 times more than 2014 or a whopping 320% growth in 2 years.

Surely Steihoff was robbed by the directors. Can any one guess who was the Chairman that allowed this to happen?

Haha rest my case. I believe the best way to describe the Tekkie Town saga is "Slim vang sy baas"

Edited by DayTraderDad, 16 May 2021 - 05:53 PM.

[Tiekkie]

I just wonder if Steinhoff could sue for overpaying for the Tekkie Town business maybe the price was agreed over a long braai with lots of green beer????

And they still having green beers by the sound of it