15225 replies to this topic

[BradH]

It looks as though Steinhoff will be paying much of the bill for the JSE’s investigation into possible wrongdoing by former executives of the international retail group.

Read: JSE fines Steinhoff for breaching listing requirements

On Monday the local bourse announced it had imposed R13.5 million of fines on Steinhoff for various contraventions related to the group’s accounting contraventions, which were disclosed to a shocked market in December 2017.

 

The contraventions perpetrated by key executives resulted in the share price plummeting within weeks and shareholders losing around R200 billion of value.

In a move that is likely to address criticisms of the JSE fining companies that are already struggling to deal with the consequences of malfeasance, the JSE has said it will draw on the R13.5 million to pay any costs incurred in future enforcement actions.

Move against directors

In Monday’s statement, the JSE made clear that its investigation into the company has been concluded but that it is continuing to investigate potential breaches of the Listings Requirements by directors. It is costs related to these investigations that the JSE will be drawing from Steinhoff – up to an amount of R13.5 million.

*taken from Moneyweb article

[DayTraderDad]

The JSE SENS Letter: https://www.sharenet...020_S437562.pdf

[DayTraderDad]

Be careful, this forum is used to post false "sales pitches" to promote Steinhoff share. 

Hi Tom live a bit!!! No one on this forum is selling SNH shares. Haha I think you are overestimating the importance of the forums. Further I dont think anything said on this forum has the capacity to make the share to rise or fall. Its all about diferent people having their own views and sharing it with others. Why dont you for once share your estimates?

 

I put figures down on this forum that are the output of the model I built over the years. Yet I hear some always very negative but to this date never have produced any sensible figures with explanations for thier views.  If I had to be a reader on this forum who would I believe someone that writes good posts with supporting figures or the one that isalways making statements without a single shread of supporting evidence for their views? 

 

Anyway why dont you give it a try and provide some figures to suport your comment for example explain to all with supporting figures why I am wrong about my R25 target in time? I put my figures down so give it a go!!

[DayTraderDad]

Thank you. Have they paid that amount of 13.5mil?

Yes SNH will have to pay that fine. Its not much is just E690k.  Of interest I wounder maybe they can add this value to their futre claims against the wrong doers together with the E650k so claims settlements.

[KP7]

Out of interest, what makes R9 your number?

 

Crappy dip at the end of yesterdays trading...

R9.76 (5 January 2018) was the prior major high, before this protracted sideways to lower price action from R3.82 (19 July 2018).

Although every rally since,  has been sold into new lows, the share has  been bought on three occasions from my lower trend line in red (most recently on 2 October 2020). 

The wedge formation tells me sellers are becoming weak hence why I’m long. 
Granted yesterday was a poor daily close, however, I’m more interested to see how the Monthly candle closes. Anything above 98c would engulf September and if positive SENS is released by next week, then it is possible.

Anyway, that’s my 90% Techs and 10% Fundi view. 

[Tom]

Be careful, this forum is used to post false "sales pitches" to promote Steinhoff share. 

Edited by Tom, 20 October 2020 - 11:12 AM.

[BradH]

 

STEINHOFF INTERNATIONAL HOLDINGS N.V. - RESPONSE TO CENSURE IMPOSED BY THE JSE

20 October 2020 10:30

Response To Censure Imposed By The JSE

 

Steinhoff International Holdings N.V.

(Incorporated in the Netherlands)

(Registration number: 63570173)

Share Code: SNH

ISIN: NL0011375019

 

Steinhoff Investment Holdings Limited

(Incorporated in the Republic of South Africa)

(Registration number: 1954/001893/06)

JSE Code: SHFF

ISIN: ZAE000068367

 

Response to Censure imposed by the JSE

 

Steinhoff International Holdings N.V. ( “Steinhoff” or “the Company”) notes today’s announcement

from the Johannesburg Stock Exchange (“JSE”) informing the market that it has found Steinhoff and

Steinhoff International Holdings Proprietary Limited (“SIHPL”), the former holding company that was

previously listed on the JSE, to have been in breach of the JSE Listings Requirements in the period up

to September 2016 and is imposing a public censure and fines totalling R13 500 000 on Steinhoff and

SIHPL.

 

Louis du Preez, Chief Executive Officer and Management Board member, said:

 

“Steinhoff notes the JSE’s decision, which relates to the period predating the discovery of accounting

irregularities in December 2017. We are pleased that this concludes the JSE’s process in respect of

the Company”

 

JSE Sponsor: PSG Capital

Stellenbosch, South Africa

 

20 October 2020

 

 

Thank you. Have they paid that amount of 13.5mil?

[Tom]

Another small fine on Steinhoff, paid to authorities who didn't (directly) lose any money, and yet failed to prevent the wrong doing at the time.

Although small fine, still it should go to directly compensate the share holders that lost their money (but it won't) ..... (I don;t see how this will promote investor confidence)

 

And to make things even worse for the aggrieved shareholders, a few months ago a South African court ruled against the interest of the aggrieved share holder of that only Steinhoff the company can sue for losses, fortunately for the aggrieved shareholder the law in the Netherlands or Germany can be more on their favour.

Edited by Tom, 20 October 2020 - 11:07 AM.

[DayTraderDad]

Care to elaborate?

STEINHOFF INTERNATIONAL HOLDINGS N.V. - RESPONSE TO CENSURE IMPOSED BY THE JSE

20 October 2020 10:30

Response To Censure Imposed By The JSE

 

Steinhoff International Holdings N.V.

(Incorporated in the Netherlands)

(Registration number: 63570173)

Share Code: SNH

ISIN: NL0011375019

 

Steinhoff Investment Holdings Limited

(Incorporated in the Republic of South Africa)

(Registration number: 1954/001893/06)

JSE Code: SHFF

ISIN: ZAE000068367

 

Response to Censure imposed by the JSE

 

Steinhoff International Holdings N.V. ( “Steinhoff” or “the Company”) notes today’s announcement

from the Johannesburg Stock Exchange (“JSE”) informing the market that it has found Steinhoff and

Steinhoff International Holdings Proprietary Limited (“SIHPL”), the former holding company that was

previously listed on the JSE, to have been in breach of the JSE Listings Requirements in the period up

to September 2016 and is imposing a public censure and fines totalling R13 500 000 on Steinhoff and

SIHPL.

 

Louis du Preez, Chief Executive Officer and Management Board member, said:

 

“Steinhoff notes the JSE’s decision, which relates to the period predating the discovery of accounting

irregularities in December 2017. We are pleased that this concludes the JSE’s process in respect of

the Company”

 

JSE Sponsor: PSG Capital

Stellenbosch, South Africa

 

20 October 2020

[BradH]

Another liability closed off....great progress managemebt team....

 

Care to elaborate?

[Investment novice]

Another liability closed off....great progress managemebt team....

[Sleepwa123]

Out of interest, what makes R9 your number?

 

Crappy dip at the end of yesterdays trading...

[KP7]

My targets remain the same when I bought in June. R3.80 first.

Based on time, my ideal target of R9 should be reached by April 2022.

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[Investment novice]

So snh financialky supporting 8nvestigation int9 mj....hopenthis gets progress. Likelyhood snh settles with old share holders....case against mj determined also showing liabiluty of deloitte and others...snh paid out directors liability insurnace, delouttes settles malpractice insuranace and perhaps some funds are paid back from mj and mulitple parties...xould this be anywhere 5billion euros......

If above pkays out then we would see snh hit r10,......rose...i have r1.30 to r1.90 and then r3
As targets

[DayTraderDad]

Please be more than R2, my reference of explode is R10!
Wonder what a realistic number would be? Can't imagine a share climbing 1000% but everything is wonky

My target is still minimum R25after all issues are sorted. Covid has certainly delayed the recovery atleast by one to tow years depending how long it will take with these usels lockdowns.

 

I explained my reasoning before see below:

 

R25 =E1.5 at a PE of 20 for a fast growing company like PEPCO we looking at EPS of E0.075  or Euro 309 mil if you look that PEPCO EBITDA is growing at 12% (excluding COVID effects) you can well inderstand by 2023  the E 800k interest payment will be well covered and its not impossible for SNH to have a profit of E309 before other costs.

 

As per my modei this is what I am expecting for EBITDA (excluding Mattress Firm)

 

2020=E1,565

2021=E1,776

2022=E2,017

2023=E2,293

2024=E2,609

 

From above its for me is very clear the E800k interest now payable yearly (which will reduce concederably at financial restructuring the last step) is easily payable.

 

PEPCO Group is growing at a good pace over 12% and PEPKOR will also do much better because got rid of the loss making brick works.

 

I cannot say 100%  when the R25 will happen but one thing for certain I will not reduce my long term holding below R25.

 

SNH is all about patients understanding what is going on and most important know the business.

 

SNH has winning business very profitable so after the claims are settled do not see anything else olding the share price back.

 

Keep a good watch on the price when the message arrives that creditors have agreed on the settlement and extension of CVA to 2023.

[GutfeelTrader]

Please be more than R2, my reference of explode is R10!
Wonder what a realistic number would be? Can't imagine a share climbing 1000% but everything is wonky

[BradH]

It would be great if this share decides to explode in the next few weeks, as I have just bought a new house and we move in next month, it would be nice to have some furniture in it haha. Even R2 would be welcomed:) 

[Bubble]

https://www.news24.c...-claim-20200802

Sent from my SM-G960W using Sharenet Sharechat mobile app

[DayTraderDad]

Do we have in writing the leverage cpnservatorium has. Its unlikely to he negative, if anything it may have been conservatorium pushing wiese to sign and setyle as he wanted to opportjnistically and nabalistically have his share of blood.
Not sympathy for him.
The sens would have been misplaced if snh did not have the necessary support. They have majority.
Look forward to a new round of pump before dump..

I agree there is a court case pending in Amsterdam courts similar to the one in the Western Cape. I agree with IN do believe Conservatorioum would be very happy to settle its CW that will be in the loosing side and quite sure fighting it hard.CW is owing Conservatorioum if I am not wrong E1 bil so how would they get that if SNH was liquidated?

[DayTraderDad]

I use the same approach as your day trader short technique.
I usually sell a fixed number of shares in batches on the way up and then sell once the price drops.

How do you set your targets?
 

Usualy I trade in a number of 50K block on SNH (normally 6) and aim for 1% clean profit (If I am expecting great votality then I increase to 2% but if the share is trading range bound then I go for 0.5%). When trading a down trend I monitor the 1 hour chart and  the 5 minute charts to get trade signals.for each block. When I sell one block then I wait for the price to run up and when charts tell me share reached over bought then I sell again. Sometimes I do this two or three times in a day. I am very scared to trade too many SNH blocks at present because it can run anytime as news is leaked so I only trade a very small amount of my holding because if it runs then I dont worry because have a large amount to catch the upside.