15225 replies to this topic

[Squideye]

Former Tekkie Town owners apply to liquidate Steinhoff.

Bid launched in the Western Cape High Court @ https://www.business...date-steinhoff/

[DayTraderDad]

From VEB website: https://www.veb.net/...t-with-deloitte

 

 

As a result of the fraud committed at Steinhoff International Holdings NV ("Steinhoff"), which came to light in December 2017, investors in securities issued by Steinhoff suffered losses. The VEB has actively sought a contribution from the Dutch firm of Deloitte and its counterpart in South Africa (jointly: "Deloitte") to help compensate investors in Steinhoff securities for losses suffered as a result of the fraud committed at Steinhoff, which came to light in December 2017.

 

The VEB has negotiated with Deloitte and is pleased to announce that in addition to the settlement which VEB reached with Steinhoff earlier, an agreement has been reached by VEB and other parties with Deloitte. In support of the settlement offer which Steinhoff published on 27 July 2020, Deloitte has agreed to offer an amount in excess of EUR 55 million to Steinhoff investors who purchased Steinhoff shares on the stock market in total.

 

For further details, holders of Steinhoff securities are referred to:

 

See for the Deloitte MPC offer terms

See for the FAQs, question 16 of part 1 on the FAQ page 

For the sake of clarity, the VEB members and / or partners qualify as Group B Market Investors.

 

The offer does not imply an admission of liability by Deloitte.

 

The VEB feels that the contribution offered by Deloitte is adequate and fair. It is a positive proposal for injured investors. VEB recommends that all its partners, members and other constituents support the proposal and its implementation.

 

The VEB, as a collective representative organization under article 3: 305a Dutch Civil Code, had started a collective action against the Dutch Deloitte firm in June 2018 in the Dutch courts on behalf of all investors who bought or held securities from the start of the accounting irregularities at Steinhoff until 7 December 2017. The VEB has withdrawn these proceedings and will no longer pursue this or any other action against Deloitte or any other Deloitte firm or person in the Steinhoff matter.

[sommerso]

my son is a QS on the project....he says it is very impressive (bought Steinhoff share because of it 

 

I was there. Not going to say why I was there. The sheer size of it goes lost on photos. The cement trucks look like mini hotwheel cars when they drive around there. It is also right next door to the Ackermans DC which in itself is incredibly impressive. 

[Africa1962]

Pepkor’s R1,5 billion logistics facility set to boost KZN’s Hammarsdale @ https://www.news24.c...rsdale-20210512

my son is a QS on the project....he says it is very impressive (bought Steinhoff share because of it 

[Tiekkie]

https://www.moneyweb...-52-week-highs/

[Squideye]

Pepkor’s R1,5 billion logistics facility set to boost KZN’s Hammarsdale @ https://www.news24.c...rsdale-20210512

[Squideye]

PEPCO IPO @ https://za.investing...runners-2316575

Edited by Squideye, 12 May 2021 - 12:12 PM.

[Squideye]

Pepkor forecasts 58% interim profit jump @ https://www.iol.co.z...cf-3083baca9655

[Sleepwa123]

I'm trying to remember where I saw it but if memory serves, the volume of transactions from speculative activity has decreased dramatically in 2021 and that is why the share has been more stable over the last few months.

 

I think the majority of shareholders are holding off for the S155 agreements to be concluded and waiting on more info from the ongoing legal challenges.

[Tiekkie]

definitely not fraudulent. Auditor would have stated the fact, and would certainly not have been reinstated for a 2nd year.....it is as per DTD comment

I'm just trying to understand why this share is doing what its doing over the last month. Makes no sense. Because the results coming out is all good ..news flows has been positive I'm perplexed with...but I'm holding and long for the next 5 years

[Africa1962]

Shareholders voted against the adoption of the 2020 financial statements. Is it safe to say they are fraudulent as well?

definitely not fraudulent.  Auditor would have stated the fact, and would certainly not have been reinstated for a 2nd year.....it is as per DTD comment

[DayTraderDad]

Shareholders voted against the adoption of the 2020 financial statements. Is it safe to say they are fraudulent as well?

My take is there is nothing wrong with the financials but the shareholders that voted against were the Hamilton´s because if they approve the financials will affect their claims. 

[Tiekkie]

Shareholders voted against the adoption of the 2020 financial statements. Is it safe to say they are fraudulent as well?

[swartkat]

DTD....this is an article from 2018. It indeed does say approximately 20%. Is there however, any chance, that this figure could have somehow increased over the last 3 years with additional shareholders joining the class action? Keep in mind if it surpasses 25% , we are going to be facing some rough seas...this is not going to be good for the share price and thats just my concern..conversely if they dont have the requisite 25% we will see green all the way.Another thought,why would Hamilton oppose the global settlement with such stubborness if they didnt have the requisite numbers knowing well they wouldnt stand a chance in the absence of the 25%? Just playing devils advocate. Your response will be appreciated.

 

They dont want liquidation, what they want is to negotiate a better deal under the threat of liquidation

[Tiekkie]

Pep, Ackermans owner expects big profit boost https://www.news24.c...-boost-20210511

[Tiekkie]

Looks like Pepkor will not meet there expected EPS and Heps targets but still good numbers

Ignore this comment had a look and it is awesome results.

[Tiekkie]

https://www.veb.net/...t-with-deloitte

[Tiekkie]

Looks like Pepkor will not meet there expected EPS and Heps targets but still good numbers

[Tiekkie]

Hi DeltaHedge,

Please note this is my own thoughts and not investment ideas or advise.

I believe the outcome will be positive because I spent the weekend reading all the Application documents and from it its very clear (remember I am not a lawyer) Hamilton is very much on their back feet because I am convinced they don´t have the 25% required to stop the process.

You can read all follow the link: https://steinhoffset...-documents.aspx

According to Hamilton the De Bruyn case is different for me its very clear it is not. The company was the one that suffered the fraud and as such it has the right to claim. Shareholders only suffered a depreciation on the value of the company share. Further the judge was clear to state buy share in open market carries its risk.

Further if Hamiltons had more than the 25% they would vote the process down and would not need to fight about it asn as for Trevo they just noise.

As much as all the talk is about the share holders for me its all about Hamiltons pocket see below calculation:

Hamilton Claim R 14,163,675,343 ( you can find this figure on the application Hamilton submitted)
Hamilton share 15% R 2,124,551,301 (According to Ann they will collect 15% for the trouble)
RoE R 17.30
Hamilton share 15% in EUR: €122,806,434

Proposed settlement 6% of Claim value: R 849,820,521 ( This is 6% of the initial value)
Hamilton share: R 127,473,078
RoE: R 17.30

Hamilton share 15% in EUR: €7,368,386

Difference in income to Hamilton a whopping: €115,438,048

So for me the real truth is all this to fetch Eur 7 mil is looking at a possible loss and this will not look good for their reputation.

On the other hand if this goes to court and the De Bruyn case stands then the hotshot investment houses and Hamilton walk away with nothing.

This is going to make the investment houses think very hard because if they settled and just wait for the share price to correct they would make more money than in a liquidation.

So all I am doing is sitting on my hands fishing waiting for 15 June or the next announcement Hamilton accepting the deal!!!!

where will the share price be by then?

[Tentative]

Thanks for sharing your thoughts. I had thought the same about incentives in all of this; all parties obviously know the share price potential in case of a settlement; am sure that they won't admit openly however this surely must be a factor; either scraps, or settlement + share price appreciation.

 

High-stakes poker for sure, but at one point incentives will align?

 

Hi DeltaHedge, 

 

Please note this is my own thoughts and not investment ideas or advise.

 

I believe the outcome will be positive because I spent the weekend reading all the Application documents and from it its very clear (remember I am not a lawyer) Hamilton is very much on their back feet because I am convinced they don´t have the 25% required to stop the process.

 

You can read all follow the link: https://steinhoffset...-documents.aspx

 

According to Hamilton the De Bruyn case is different for me its very clear it is not. The company was the one that suffered the fraud and as such it has the right to claim. Shareholders only suffered a depreciation on the value of the company share. Further the judge was clear to state buy share in open market carries its risk.

 

Further if Hamiltons had more than the 25% they would vote the process down and would not need to fight about it asn as for Trevo they just noise.

 

As much as all the talk is about the share holders for me its all about Hamiltons pocket see below calculation:

 

Hamilton Claim R 14,163,675,343 ( you can find this figure on the application Hamilton submitted)

Hamilton share 15% R 2,124,551,301 (According to Ann they will collect 15% for the trouble) 

RoE R 17.30

Hamilton share 15% in EUR:  €122,806,434

 

Proposed settlement 6% of Claim value:  R 849,820,521 ( This is 6% of the initial value) 

Hamilton share:  R 127,473,078

RoE: R 17.30

 

Hamilton share 15% in EUR:  €7,368,386

 

Difference in income to Hamilton a whopping: €115,438,048

 

So for me the real truth is all this to fetch Eur 7 mil is looking at a possible loss and this will not look good for their reputation.

 

On the other hand if this goes to court and the De Bruyn case stands then the hotshot investment houses and Hamilton walk away with nothing.

 

This is going to make the investment houses think very hard because if they settled and just wait for the share price to correct they would make more money than in a liquidation.

 

So all I am doing is sitting on my hands fishing waiting for 15 June or the next announcement Hamilton accepting the deal!!!!