15225 replies to this topic

[Squideye]

I wouldn't buy any of Fantastic IPO.

Me neither however, FF is part of Steinhoff

[Tom]

I wouldn't buy any of Fantastic IPO.

[Squideye]

Aussieland: Harry Boon to chair Fantastic Furniture as IPO approaches.

 

High-profile company director Harry Boon has been selected to chair Fantastic Furniture, which plans to list on the Australian Securities Exchange next month. Mr Boon is currently a director of Tabcorp and earlier ran the Australian listed company Ansell.

 

https://www.theaustr...astic furniture

[Africa1962]

I really do agree with several of your points Zanme but I feel like the major benefit of having LDP as CEO was his background/experience in M&A, business rescue and restructuring.

Steinhoff needed this to navigate the complex legal mess and required restructuring. 

 

I don't necessary believe that he will be the right man for the job once this all settles but thats not where we are right now.

I agree....the management has managed to keep this boat afloat in very rough seas.....and i am sure there is an argument for payment etc.....but this was the Titanic...I do not think many companies could have stayed afloat in similar circumstances...

[Tom]

Skryf net in. Die eerste 30 dae is gratis @ https://www.netwerk2...r-wees-20201118

 

Jayendra Naidoo wil nie meer Pepkor-voorsitter wees.

 

Pepkor het sy aandeelhouers ingelig dat sy voorsitter, Jayendra Naidoo, hom nie beskikbaar sal stel vir herverkiesing wanneer sy termyn op 30 November eindig nie.

 

Hy sal wel as nie-uitvoerende direkteur aanbly.

 

Naidoo is sedert 2017 in die rol toe Pepkor as Steinhoff African Retail (Star) op die plaaslike aandeelbeurs genoteer is met Steinhoff as sy grootste aandeelhouer.

 

Hy is op 18 Augustus 2017 aangestel saam met ander direkteure soos Markus Jooste, die voormalige uitvoerende hoof van Steinhoff.

 

Naidoo is een van die aandeelhouers in Steinhoff wat ’n groot verlies gely het met die ineenstorting van die maatskappy se aandeelprys in Desember 2017 nadat ongerymdhede met die groep se boeke aangekondig is.

Sy onderneming, Lancaster, het ook ’n eis teen Steinhoff ingestel oor die skade wat daardeur gely is.

 

Naidoo het in die verklaring van Pepkor gesê een van die redes vir hoekom hy hom nie herverkiesbaar stel nie sluit in die stand van ’n regsgedinge waarin Steinhoff en ’n maatskappy van hom gewikkel is, en dat dit meer gepas sal wees as ’n onafhanklike voorsitter in die komende drie jaar in die rol is.

 

Naidoo se Lancaster-groep het deelgeneem aan ’n transaksie waarmee aandele in Steinhoff bekom is met behulp van R9 miljard se finansiering van die Openbare Beleggingskorporasie (OBK).

 

Einde Februarie 2019 was die bedrag uitstaande op die lening sowat R11,6 miljard met opgeloopte rente. Die lening is tot in daardie stadium glad nie gediens nie.

 

Naidoo het ’n jaar gelede die geleentheid gekry om by die kommissie van ondersoek oor die OBK te getuig en te antwoord op vrae wat oor die transaksie hang.

 

In die kommissie van ondersoek se verslag, wat vroeër vanjaar uitgereik is, is talle redes geopper vir hoekom waarskuwingsligte vir die OBK moes geflikker het oor die transaksie, insluitende dat Naidoo ’n polities blootgestelde persoon is, wat beteken het ’n deeglike noulettendheidsondersoek moes voor die transaksie plaasgevind het.

 

Volgens die kommissie het die OBK se beleggingskomitee en dr. Dan Matjila, voormalige uitvoerende hoof van die OBK, nieteenstaande ’n transaksie goedgekeur wat “wesenlik een enkele individue sou verryk”.

Die kommissie het onder meer aanbeveel dat ’n regsmening verkry word oor ’n onderskrywingskommissie van R114 miljoen wat aan die Lancaster-groep betaal, is om te bepaal of dit die maatskappy toegekom het, en nie eerder aan die OBK betaal moes word nie. As dit die OBK moes toekom, moet stappe gedoen word om die geld terug te kry.

 

Naidoo het getuig die Lancaster-groep het nie enige betalings of geld van die OBK-lening gekry nie.

 

Hy het gesê dié kommissie is deur Steinhoff aan Lancaster betaal, en nie deur die OBK nie.

 

Die kommissie het ook bevind die gedrag van Matjila was onbehoorlik rakende die transaksie omdat die beleggingsbedrag verminder is om dit moontlik te maak dat hy daaroor kon besluit.

Netwerk24 het in Maart berig die OBK het gesê hy het reeds begin met stappe in verband met die Lancaster-transaksie, en ander.

 

Leon Lourens, uitvoerende hoof van Pepkor, het gesê Naidoo het die maatskappy se direksie sedert sy notering in 2017 gelei en het ’n sentrale rol gespeel om die maatskappy in staat te stel om ’n moeilike tydperk te navigeer, insluitende die implikasies wat vir Pepkor uit die Steinhoff-krisis voortgespruit het.

 

“Die maatskappy het sterker aan die ander kant uitgekom en die direksie bedank Jayendra vir sy diens en wyse leierskap tydens sy termyn as voorsitter.”

 

 

According to me he shouldn't even remain on the board, and even any post on or related to PEPKOR, and that should have happened since the start of the conflict.

Edited by Tom, 19 November 2020 - 10:44 AM.

[Sleepwa123]

I really do agree with several of your points Zanme but I feel like the major benefit of having LDP as CEO was his background/experience in M&A, business rescue and restructuring.

Steinhoff needed this to navigate the complex legal mess and required restructuring. 

 

I don't necessary believe that he will be the right man for the job once this all settles but thats not where we are right now.

 

[Zanme]

No they fail because its small fish playing in a big pond. Cheap manager trying the big league!! Haha

No you wrong what about Bidvest Outsurance Discovery and the old conglomerates SAB Anglo American etc.

Steinhoff too accumulated great assets. And made two bad investments. Conforama and Matress Factory. That happens. Its happened at Woolies and Sasol.

The way that this debacle was managed was wrong. To start of with how does Wiese have a claim against the company or GT Ferreira. They made money out of others misfortune over the years. Ok Bazaars. FNB. Now it's their turn. They knew the risks of investing and Christo was an insider to those risks.

Imagine if Steinhoff saved Euro 3 billion on settlements and fees to consultants. Imagine if it saved Euro 1.5 billion in onerous interest. Imagine if it saved around Euro 100 million in head office costs.

Steinhoff survived three years with all this self inflicted nonsense imagine if it used that money to pay down debt.

Thats the difference between Outsurance management and Steinhoff management.

Imagine if Steinhoff had a different more competent dynamic ethical management team it would have been higher than R25 by now.

[Squideye]

Skryf net in. Die eerste 30 dae is gratis @ https://www.netwerk2...r-wees-20201118

 

Jayendra Naidoo wil nie meer Pepkor-voorsitter wees.

 

Pepkor het sy aandeelhouers ingelig dat sy voorsitter, Jayendra Naidoo, hom nie beskikbaar sal stel vir herverkiesing wanneer sy termyn op 30 November eindig nie.

 

Hy sal wel as nie-uitvoerende direkteur aanbly.

 

Naidoo is sedert 2017 in die rol toe Pepkor as Steinhoff African Retail (Star) op die plaaslike aandeelbeurs genoteer is met Steinhoff as sy grootste aandeelhouer.

 

Hy is op 18 Augustus 2017 aangestel saam met ander direkteure soos Markus Jooste, die voormalige uitvoerende hoof van Steinhoff.

 

Naidoo is een van die aandeelhouers in Steinhoff wat ’n groot verlies gely het met die ineenstorting van die maatskappy se aandeelprys in Desember 2017 nadat ongerymdhede met die groep se boeke aangekondig is.

Sy onderneming, Lancaster, het ook ’n eis teen Steinhoff ingestel oor die skade wat daardeur gely is.

 

Naidoo het in die verklaring van Pepkor gesê een van die redes vir hoekom hy hom nie herverkiesbaar stel nie sluit in die stand van ’n regsgedinge waarin Steinhoff en ’n maatskappy van hom gewikkel is, en dat dit meer gepas sal wees as ’n onafhanklike voorsitter in die komende drie jaar in die rol is.

 

Naidoo se Lancaster-groep het deelgeneem aan ’n transaksie waarmee aandele in Steinhoff bekom is met behulp van R9 miljard se finansiering van die Openbare Beleggingskorporasie (OBK).

 

Einde Februarie 2019 was die bedrag uitstaande op die lening sowat R11,6 miljard met opgeloopte rente. Die lening is tot in daardie stadium glad nie gediens nie.

 

Naidoo het ’n jaar gelede die geleentheid gekry om by die kommissie van ondersoek oor die OBK te getuig en te antwoord op vrae wat oor die transaksie hang.

 

In die kommissie van ondersoek se verslag, wat vroeër vanjaar uitgereik is, is talle redes geopper vir hoekom waarskuwingsligte vir die OBK moes geflikker het oor die transaksie, insluitende dat Naidoo ’n polities blootgestelde persoon is, wat beteken het ’n deeglike noulettendheidsondersoek moes voor die transaksie plaasgevind het.

 

Volgens die kommissie het die OBK se beleggingskomitee en dr. Dan Matjila, voormalige uitvoerende hoof van die OBK, nieteenstaande ’n transaksie goedgekeur wat “wesenlik een enkele individue sou verryk”.

Die kommissie het onder meer aanbeveel dat ’n regsmening verkry word oor ’n onderskrywingskommissie van R114 miljoen wat aan die Lancaster-groep betaal, is om te bepaal of dit die maatskappy toegekom het, en nie eerder aan die OBK betaal moes word nie. As dit die OBK moes toekom, moet stappe gedoen word om die geld terug te kry.

 

Naidoo het getuig die Lancaster-groep het nie enige betalings of geld van die OBK-lening gekry nie.

 

Hy het gesê dié kommissie is deur Steinhoff aan Lancaster betaal, en nie deur die OBK nie.

 

Die kommissie het ook bevind die gedrag van Matjila was onbehoorlik rakende die transaksie omdat die beleggingsbedrag verminder is om dit moontlik te maak dat hy daaroor kon besluit.

Netwerk24 het in Maart berig die OBK het gesê hy het reeds begin met stappe in verband met die Lancaster-transaksie, en ander.

 

Leon Lourens, uitvoerende hoof van Pepkor, het gesê Naidoo het die maatskappy se direksie sedert sy notering in 2017 gelei en het ’n sentrale rol gespeel om die maatskappy in staat te stel om ’n moeilike tydperk te navigeer, insluitende die implikasies wat vir Pepkor uit die Steinhoff-krisis voortgespruit het.

 

“Die maatskappy het sterker aan die ander kant uitgekom en die direksie bedank Jayendra vir sy diens en wyse leierskap tydens sy termyn as voorsitter.”

 

[DayTraderDad]

there are a few articles out there that focus on this issue...but not a lot.

https://www.theafric...-close-to-home/

Thank you excellent article!!

[DayTraderDad]

Interesting article. They fail because they do it for the wrong reasons thats all.

No they fail because its small fish playing in a big pond. Cheap manager trying the big league!! Haha

Edited by DayTraderDad, 18 November 2020 - 09:12 PM.

[Zanme]

there are a few articles out there that focus on this issue...but not a lot.
https://www.theafric...-close-to-home/

Interesting article. They fail because they do it for the wrong reasons thats all.

[Zanme]

LOL, I don't think he's rem has any influence on share price, even if they implement pay cut.
I do feel he's not the right person for the job. I personally wud like to see him removed from that position as sooner rather than later

Its not about the quantum. Its about the fact that remuneration policies have to be aligned to the interest of stakeholders and needs to be reasonable. You can't pay a manager of a spaza shop the same as what you pay a manager of Spar. So that to me is the issue. Whether companies succeed or fail management on top are rewarded for what? There are no consequences for them. I read the other day that the SEC is fining the management of Wells Fargo in his personal capacity. South Africa is a joke by now Markus Jooste should have been penalised heavily for what he did. Instead the company and we have to pay settle litigants its most illogical. Not sure if you remember Enron it the CEO if memory serves me well commited suicide. Arthur Anderson globally went bust. That is the type of consequences that these guys need to face. They must settle the liabilities of their friends from Stellenbosch why must we?

[Lionelza1]

Back to my favorite topic but its something that i need to share. I read an article about the exec rem at SABC the CEO total rem was R5.8 million thats like one tenth of what our special CEO is earning. I just feel that in SA there is so much of focus on the public sector rightfully so that the private sector that has destroyed a lot of wealth is being ignored. Its a problem in this country between government and the private sector looting away this country will be left with nothing. Steinhoff destroyed around R300 billion of value and it is not the only one.

LOL, I don't think he's rem has any influence on share price, even if they implement pay cut.
I do feel he's not the right person for the job. I personally wud like to see him removed from that position as sooner rather than later

[Africa1962]

Back to my favorite topic but its something that i need to share. I read an article about the exec rem at SABC the CEO total rem was R5.8 million thats like one tenth of what our special CEO is earning. I just feel that in SA there is so much of focus on the public sector rightfully so that the private sector that has destroyed a lot of wealth is being ignored. Its a problem in this country between government and the private sector looting away this country will be left with nothing. Steinhoff destroyed around R300 billion of value and it is not the only one.

there are a few articles out there that focus on this issue...but not a lot.

https://www.theafric...-close-to-home/

[DeltaHedge]

Back to my favorite topic but its something that i need to share. I read an article about the exec rem at SABC the CEO total rem was R5.8 million thats like one tenth of what our special CEO is earning. I just feel that in SA there is so much of focus on the public sector rightfully so that the private sector that has destroyed a lot of wealth is being ignored. Its a problem in this country between government and the private sector looting away this country will be left with nothing. Steinhoff destroyed around R300 billion of value and it is not the only one.

you should go protest in the streets about this. Quit the day job and go do it !

[Zanme]

Back to my favorite topic but its something that i need to share. I read an article about the exec rem at SABC the CEO total rem was R5.8 million thats like one tenth of what our special CEO is earning. I just feel that in SA there is so much of focus on the public sector rightfully so that the private sector that has destroyed a lot of wealth is being ignored. Its a problem in this country between government and the private sector looting away this country will be left with nothing. Steinhoff destroyed around R300 billion of value and it is not the only one.

[Investment novice]

We should see slow but natural uptick. Covid scare in europe was a dampner especially with full lock down threat.....
Steinhof has value buys...and ...mf usually has a burner of a black friday ...just think many mattresses will require replacement from lockdown supported usage......
Timelines are finite....look away....

[Investment novice]

We should see slow but natural uptick. Covid scare in europe was a dampner especially with full lock down threat.....
Steinhof has value buys...and ...mf usually has a burner of a black friday ...just think many mattresses will require replacement from lockdown supported usage......
Timelines are finite....look away....

[DayTraderDad]

What are we waiting still on steinhoff ? I can’t see why the share price is not 2 bucks by now

For me the following  needs to be sorted: 

 

1 - Cliams to be settled - I believe this will be done by December

 

2 - Creditor agreement finalized in the UK . Should be in place by January

 

3 - Brexit deal  to be done to avoid hard Brexit. In a week or two it will be known. I believe Boris will come to his senses and agree on  a deal.

[DeltaHedge]

Poundland shops very busy: https://www.essexliv...undland-4693773

What are we waiting still on steinhoff ? I can’t see why the share price is not 2 bucks by now