15225 replies to this topic

[Investment novice]

Was 90c a support level. If you holding these shares...look away for 2 years

[LarryK]

Vok we are hanging on at 90c I see

[Lionelza1]

Mr market is talking... Sshhh... Listen

[Zanme]

I have lots of empathy for normal employees but have zero empathy for the guys on top. In my opinion senior management in any company must only be rewarded for exceptional value created. They can't be rewarded for perceived value created. And if they not happy with it than they shouldn't be in those positions. They should run the company the way Warren Buffet does the way Steve Jobs did. True leaders with an entreprenueral flair who always looked at the future of the company and thereby amassed huge somes of money.

[Investment novice]

I have always been bull as high risk and long term share can be anywhere r2 or r12 or r30....debt can be refinanced....but need to have legal settlement before we see gain 100 percent.

Being honest, my thoughts short term is this share can now head to zero or close to it due to the mess at agm and also high speculative ownership and lack of institutional owners. As we have seen with many shares low volume trades can collapse price...low volume can collapse price

[Investment novice]

I have always been bull as high risk and long term share can be anywhere r2 or r12 or r30....debt can be refinanced....but need to have legal settlement before we see gain 100 percent.

Being honest, my thoughts short term is this share can now head to zero or close to it due to the mess at agm and also high speculative ownership and lack of institutional owners. As we have seen with many shares low volume trades can collapse price...low volume can collapse price

[LarryK]

One last thing Zanme...

This leadership team has turned Snh into a profitable business. It’s the legacy issues that’s the problem. Once litigating is done and loans are refinanced we should be good to go.

For these guys to perform this way in 2020 is commendable.
In my humble opinion.

Anyway, thanks for the discussion and sharing your opinion.

I wouldn't be critical of him if i could see some sort of hope. I gave him the benefit and invested but he has disspointed me big time. And 94 percent of shareholders that voted at the agm share my sentiment. I am not shooting from the hip.

[LarryK]

I work for an s&p 500 company. Our president made insane money last year. So what - capitalism. Snh board can let him go if they feel it’s too much.

Your consistent lack of empathy for the employees at that company is unfortunate

Larry mate with Louis salary he can pay a thousand people. So Louis welfare is definitely my concern. I don't see why its your concern either.

[LarryK]

What do you mean he needs to get other consultants? That’s normal. That’s why most lawyers work in firms and they specialize. Like doctors...

Du preez - in my opinion - as lawyer has a clear goal - get the liquidation settled. They have used their pessimism tactic to great effect - look at some of the stuff Andy wrote.

He doesn't tick the boxes. He has worked as a lawyer. He hasn't run a profitable company. He is a lawyer but still has to pay legal consultants so what is his worth? Consultants have been running the company. Please respect viewpoints of others and refrain from being condescending by saying that i am shooting from the hip.

[LarryK]

Not once have I praised Louis. I believe the turnaround strategy is due to Richard Heiss.

Regardless - Du Preez has not destroyed value - it was the team before him - I think you can review the first and most recent P&L and A&L for more information

You guys are shooting from the hip. I don't recall any succesful company that louis ran. Maybe i am wrong. I don't understand why you guys are backing him. Is he sharing his salary with you? The value that these guys have destroyed in unimaginable and yet you defend him from the HIP.

[DayTraderDad]

Dear friends,

I though to write an open letter. Haha this seems to be the political way forward.

Lets just take a step back and put everything in perspective.

The reason SNH collapse was because they bought very bad business like Conforama then the ultimate was Mattress Firm which was the straw that broke the camel´s back. There was no way out except to come clean hence the collapse.

Why do I say that go into the internet google how bad Conforama was doing before SNH decided to buy it. Similar with MF they paid a whopping 115% premium all done in the good old way of cooking the books. The reason being once you cook the books once you just have to increase the cooking to survive.

So what happened in December 2017  “ Slim het sy bass gevang” and was not possible to lie anymore.

For me the Steinhoff ticket was the big ticket for the Boere to ship their money out of SA on an legal way and hence why people exchanged PSG shares for SNH it was extremely clever listing.

Haha however they did not know Jooster that well and he took all the Boere to the cleaners which now fighting very hard to get their money back.

Take for example Tekkie Town they were in a bad shape needed to get cash input from a UK finance company and which when SNH bought Tekkie Town the UK investor took cash and the Mosel Bay boys took the shares. One need to ask why?

Since December 2017 the mood was that SNH is going to be liquidated however management managed to keep the ship sailing and got the CVA sold all the loss making business at reasonable prices and they are going forward to provide shareholders a compensation scheme.

There is lots of sentiment but the reality we came a long way since December 2017.

The reality is that all shareholders this includes people that exchanged shares are looking for some type of guarantee for they value yet its very clear that no one can guarantee a share lets read every disclaimer all say the same thing.

So everyone is now expecting management to provide some talk announcement that will make the share race up. Is not that what Jooster was doing all along? Now that we have a CEO that is telling it as it is we not happy with his performance.

We must all be very stupid if we can expect a very high share price when the old shareholders which don’t even own share today are making the existing shareholders to pay for the share price fall then blame management for poor performance.

I totally agree with LDP that share price has a number of factors that influence it. Today SNH is with 93 cents what is the value when the litigation is sorted?

Lets have a good look how many shares are traded it’s a very small percentage that tell one that day trading is involved.

All I can say is that management is not just one person it’s a team and do believe there are very clever people involved but the fact that shareholders now management to work for free is also very stupid. SNH need to have motivate and effective management to take care of the business. So should we now expect LDP to take pay cut because Jooster did all the wrongs?

So as shareholders we need to ask ourselves do we really want cheap management to solve  our big problems

I think we just need to give this management time to sort out the issues and at the end SNH will survive not because we are hoping for but because they have winning business.

Hope I give some things to thing about

 

Regards,

DTD

[Zanme]

https://www.moneyweb...athy-and-anger/

[Zanme]

I wouldn't be critical of him if i could see some sort of hope. I gave him the benefit and invested but he has disspointed me big time. And 94 percent of shareholders that voted at the agm share my sentiment. I am not shooting from the hip.

[Zanme]

He doesn't tick the boxes. He has worked as a lawyer. He hasn't run a profitable company. He is a lawyer but still has to pay legal consultants so what is his worth? Consultants have been running the company. Please respect viewpoints of others and refrain from being condescending by saying that i am shooting from the hip.

[Everlearning]

Zamre, love the debate in this Chat Forum, but we must please ensure that we we are factual in our discussions as that is a help to all.

 

Don't know where you get your 'facts' from but let me help you!

Louis has NOT always been at Steinhoff and was NOT part of the team prior to the debacle. Below is his impressive CV which indicates by the nature of the positions held, the experience he gained and was exposed to that he is most capable together with the Team arounnd him and the Supervisory Board he reports to.

 

The Supervisory Board nominated Louis du Preez as commercial director and managing director on 19 December 2017. He acted in such capacity until his appointment by the general meeting on 20 April 2018.

Louis obtained his bachelor’s degree from the University of Stellenbosch and went on to qualify as an attorney of the High Court of South Africa in 1997 after completing his articles. He joined Jan S de Villiers and was appointed a partner of the firm in 1998. With the merger of Werksmans Attorneys in 2009, he became a member of the national executive committee of the combined firm and served as such until early 2017. While practising as an attorney, he advised clients on a variety of corporate and commercial matters. He joined the Group as general counsel in mid-2017. Louis du Preez served as non-executive director of KAP Industrial Holdings Limited from 1 October 2017 until 3 April 2019. He has also served as a non-executive director of Pepkor since January 2018. He currently continues to serve as a director of several other Group companies.

Effective 1 January 2019, the Supervisory Board designated Louis as chief executive officer.

 

Trust that Louis now ticks your box as he does mine !!!

[Zanme]

Everlearning you said that he has great experience i will like to know what is that. He has always been at Steinhoff which is a total failure.

[Everlearning]

Zamre, the team that run Steinhoff now are not the same team that were in charge at the time of the debacle. Check the CV's of each of the current management Team and Board together with the compliance strategies that have been implemented and you will get a better grasp of who is now running the show.

 

By the way, Louis although CEO, does not run the Company on his own but is subject to one of the now probably most scrutized board with probably also the now the most compliant listed companies.

[Zanme]

Interestingly 94 percent of shareholders that voted feel that way. Apart from the cheerleaders here that were calling this a buy at R5. Louis doesn't care about your welfare or any other shareholder. The arrogance with which he spoke was unreal. Please tell me more about his great experience in running a company. They think that they elite running a R8 billion penny stock he needs to come down to earth and do his job.

[Zanme]

Larry mate. I don't know what profits you talking about the profits that are cowed up with their salaries. Yes I know that they focussed on that. Because i don't recall any profits coming from this company. The bottom line is that they have done no miracles. They don't care for any employee and they need to go.

[Zanme]

Larry mate with Louis salary he can pay a thousand people. So Louis welfare is definitely my concern. I don't see why its your concern either.