Posted 30 March 2021 - 08:44 AM
Posted 30 March 2021 - 08:43 AM
Posted 30 March 2021 - 08:41 AM
Posted 30 March 2021 - 08:38 AM
Posted 30 March 2021 - 08:34 AM
Notice is hereby given of an application instituted by Hamilton BV and Hamilton 2 BV (‘Hamilton’) in the Western Cape Division of the High Court of South Africa, under case number 17327 / 2020, in terms of which Hamilton seeks an order declaring that the Contractual Claimants class and the SIHPL Market Purchase Claimants class, as defined in the proposal published by Steinhoff International Holdings Proprietary Limited (‘SIHPL’) in terms of section 155 of the Companies Act, fail to constitute a ‘class of creditors’ as envisaged by section 155(2) of the Companies Act (‘the declaratory application’).In terms of the order of the Western Cape Division of the High Court of South Africa granted on 24 March 2021 under case number 17327 / 2020, Trevo Capital Limited ‘Trevo’) has been granted leave to intervene as a co-applicant in the declaratory application and has been directed to file its founding papers in the declaratory application within ten (10) court days of the date of the order.Any other creditor or potential creditor of SIHPL, that wishes to apply to intervene in the declaratory application, must file its intervention application, if any, together with any supporting affidavit, no later than fifteen (15) court days after the deemed date of this notice, being the third calendar day following publication of all the papers filed in the declaratory application and the intervention application, and the court order on the Steinhoff Settlement website (www.SteinhoffSettlement.com/).Electronic copies of the papers filed by SIHPL, Hamilton and Trevo in the declaratory application and Trevo’s intervention application, as well as the court order referred to in paragraph 3 above, are accessible at and may be downloaded from the following link: www.SteinhoffSettlement.com/
Anyone know if they(Trevo + Hamilton) make up the 25%, and what the total % is of the claimants that approved this already, if they make up more than 75%.
This is it, the make or break of the GS and subsequently SNH. (EU only requires 50% approval, which they have)
Or, Wiese and Thugs will end up getting less than currently proposed, but they will then also start fighting which will kill the progress. Having shown his character over the years....me, myself and I only and forever...great bunch of okes these Stellenbosch uber wealthy
Posted 30 March 2021 - 08:16 AM
Everything in the world is only for those who have eyes to see it...
Posted 27 March 2021 - 07:46 PM
Good luck TREVO CAPITL and HAMILTON with your claims.
I was reading the SCA comment on the shareholder and director of ABIL claim:
At the heart of the SCA's decision is the concept of separate legal personality which is fundamental to company law. A company is an entity separate and distinct from its members. Loss sustained by a shareholder in the value of his/her shares is reflective of the loss suffered by the company. The shareholder does not suffer any personal loss, but rather a loss in the value of the company.
So from above its clear to me that Steinhoff the Company it self as entity cannot commit fraud. Fraud can only be committed by directors hence why the De Bryan case failed shareholders cannot sue themselves. Further all director are appointed by shareholders and not by the company. Its much diferent to CW claims which he sold an asset in return for shares.
Again it is shareholders that determine the price of the share because if you sell your shares at a big loss its the shareholder own decision and is not the company in this case Steinhoff that lowered the share price.
For me I totally agree with management pay the claimants that bought share on ope n marked the sum Steinhoff would in any case spend with court cases to defend the claims.
So bon voyage enjoy the ride I don´t believe Trevo and Hamilton have more than 25% of the shareholding to stop the process.
So would be great for Steinhoff to settle with all other claimants and then take on Trevo and Hamilton to the cleaners in court which case the likes of AG and Coronation would be leaking their losses ever further.
Posted 26 March 2021 - 01:30 PM
Heros of management. Did you listen to the Christo Wiese interview. He says the same thing that I have said. The consultants were unnecessary and the company is resorting to a proposal that he made 3 years ago. What a bunch of uselesses.
probably easy for him to say so now....however probably was not right at the time.....only when the book comes out will we ever know what the lessons learnt will be.....
Posted 26 March 2021 - 11:02 AM
Posted 24 March 2021 - 11:09 AM
Yes indeed the roaring business that needed cash injection the year before from a investment house in the UK.
Actis bought 42.5% of Tekkie Town in November 2014 for $65 mil and received from SNH over $100k for the sale in 2016. Maybe this can be explained in court how this growth happened,