15225 replies to this topic

[andi222]

Well we need more parties to agree on the proposals:

Wiese- hopefully he will agree
Pic- can't say yet
Others including TILp etc.- can't say

Creditora- biggest question mark here. They have also proposed an extension of the loans until mid 2023. But I'm pretty sure they have spoken to the majority of lenders before publishing such proposals and amendments. But I think share price will only go up significantly once all approvals are obtained which might still take a while.

Steinhoff mentioned they plan to have everything done by Q1 2021 and starting the payouts by then.

So again let's wait and see what everyone is gonna do.

But I mean this is significant progress with regards to point 2. Guys there is light in the tunnel.

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[Tom]

Steinhoff offered glimmer of hope as Wiese says settlement offer is step in right direction

https://www.business...ight-direction/

 

[Investment novice]

What was the trade gate reaction. Have not seen the jump

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[Investment novice]

What was the tradefmgate reaction...

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[DayTraderDad]

Posted on 

27 July 2020

 by Nick

European Investors-VEB has taken note of the global settlement proposal as communicated by global retailer Steinhoff International Holdings N.V. (“Steinhoff”) in its press release dated 27 July 2020. Steinhoff’s proposal sets out, amongst others, that, without any admission of wrongdoing, an amount of 266 million euro will be made available by Steinhoff to investors that suffered damages arising out of purchasing or acquiring Steinhoff shares in the market prior to 6 December 2015 c.o.b. (in the case of Steinhoff’s predecessor, Steinhoff International Holdings Proprietary Limited) or prior to 5 December 2017 c.o.b. (in the case of Steinhoff) and continued to hold Steinhoff shares on 5 December 2017 c.o.b. (and separate to an amount that will be made available for those who acquired shares directly from Steinhoff or its predecessor rather than in the market).

European Investors-VEB’s CEO Paul Koster said in respect of the proposal offered by Steinhoff:

“We have thoroughly reviewed the key terms of Steinhoff’s global settlement proposal from a claimant perspective. European Investors-VEB considers this proposal and its successful implementation will bring a conclusion to Steinhoff’s legacy issues for claimants and will be in the best interest of all parties involved. It is a positive proposal for injured shareholders which shows Steinhoff’s commitment to resolve those issues in very challenging circumstances. Implementation will allow Steinhoff to focus on the future, which is also in the best interest of Steinhoff’s current shareholders. European Investors-VEB recommends that all its partners, members and other constituents support the proposal and its implementation.”

Steinhoff has confirmed to European Investors-VEB that its constituency will be entitled to participate in the final Global Settlement on a basis fully equivalent to the constituencies of other active claimant groups. European Investors-VEB has decided to waive its 9% success fee under its “no cure-no pay” arrangement with its constituents.

Steinhoff and European Investors-VEB have agreed the terms under which European Investors-VEB will cooperate to support the Steinhoff Global Settlement. On that basis, European Investors-VEB has agreed to withdraw its collective action against Steinhoff in the Netherlands with immediate effect. European Investors-VEB, as a collective representative organization under article 3:305a Dutch Civil Code, started this collective action against Steinhoff in 2018 in the Dutch court on behalf of all investors who bought or held shares from the start of the accounting irregularities at Steinhoff until 7 December 2017.

Steinhoff’s CEO Louis du Preez said:

“Steinhoff welcomes the constructive contribution and support of European Investors-VEB, in its capacity of representative organization, for our global settlement proposal. The withdrawal of European Investors-VEB’s collective action is, furthermore, a key step in reducing Steinhoff’s litigation risk in relation to the legacy issues.”

[andi222]

VEB has agreed to the proposal!!! First of many

 

https://www.veb.net/...&sortorder=date

[Investment novice]

Is it a dump.... Not seeing the energy expected....

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[DayTraderDad]

14 million shares on offer for 105? someone not happy

[Investment novice]

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[DayTraderDad]

All round good news. Settle for 800K then knock in Jooster, old CFO (that can only read spreadsheets)  Wiese (for the great decision buying MF at 115% premium) , and all those responsoble for the misleading accounting and not to forget the best of all  Deloite.

 

Can start singing the "PAY THE MONEY BACK" song.

 

Good change my target of R23 will be reached sooner than I thought.

[KP7]

Welcome to the chat Kevin Pietersen!
 

Haha Thank You LarryK.

Edited by KP7, 27 July 2020 - 01:50 PM.

[LarryK]

Welcome to the chat Kevin Pietersen!

It’s been extremely insightful following this thread from a fundamental standpoint, especially as I am more technical inclined.
I spotted an ending diagonal (wedge) formation in May and bought a fair amount on the pull back from 130. Normally these patterns terminate around major news announcements so I wasn’t sure if there would actually be one more push lower below 80 before a strong reaction higher takes place.

Break of the upper TL and would certainly suggest higher prices. These patterns normally retrace to the origin in either 1/3 or 1/2 the time it took to form.

Hopefully we get a strong breakout this week.
24267F78-F8B9-4006-89DC-C97F03B15587.jpeg

[KP7]

It’s been extremely insightful following this thread from a fundamental standpoint, especially as I am more technical inclined. 

I spotted an ending diagonal (wedge) formation in May and bought a fair amount on the pull back from 130. Normally these patterns terminate around major news announcements so I wasn’t sure if there would actually be one more push lower below 80 before a strong reaction higher takes place. 
 

Break of the upper TL and would certainly suggest higher prices. These patterns normally retrace to the origin in either 1/3 or 1/2 the time it took to form.

 

Hopefully we get a strong breakout this week.

 24267F78-F8B9-4006-89DC-C97F03B15587.jpeg   129.15KB   7 downloads

[Tom]

 

The media is reporting Steinhoff to off 1 billion USD, but the offer is actually less.

 

- This settlement consideration will be paid 50% in cash funded from the South African sub-group (which sourced some credit, so not the CVA high interest rate money), 856/2=428.

- And 50% in shares of Pepkor Holdings Limited (calculated on 15 zar, but market price is 10 zar, and this will make the claimants as shareholders in pph), so (856/2)X0.66 = 282 eu.

 

So the sum will be about 710 million euros.

 

 

The MPC Settlement part (which is 0.266 b eu) is capped (so needs to be calculated first).

 

So the amount that Steinhoff might pay might be less than ( 0.7 billion euros ).

Edited by Tom, 27 July 2020 - 12:49 PM.

[andi222]

Finally they have issued the long awaited settlement proposal.

 

As I have mentioned in my previous posts a settlement that Steinhoff can carry and which is reasonable for all parties will lie between 0.5 and 1 billion €. Now it even looks like it will be around 800 Million €.

 

Half of this will be settled by Pepkor shares @ 15 rands a share. 173+67+345 Million shares. 585 Million. So around 16%. Steinhoff will then still own around 52%.

 

Now we just need to wait for claimants approval. Hopefully they will agree. But I'm pretty sure before this proposal was made Steinhoff has already spoken to the majority to get their consent.

As soon as one party agrees the other will follow. VEB has announced they will publish a statement close of business today.

 

Very interesting to note tho is that in the SENS Steinhoff wants to extend its credit facilities to June 2023. Crazy to note that they have set this as an condition. Also they will provide the Steinhoff Investment shares as security. I wonder if the creditors will vote in favor of this.

 

 

[Investment novice]

Try to buy as many shares as you can today.
Market digesting this.... This is a spark and we should expect the fire and blaze... Everyone following here has been doing so... Majority for a while... Dont waste the opportunity.... Cup and handle was formed in 2018, we now start the ascend for the recovery...

What do I know... Just a pumper...

Have my eye on two shares to pay for my retirement...... Steinhoff and ascendis...

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[Tom]

The media is reporting Steinhoff to off 1 billion USD, but the offer is actually less.

 

- This settlement consideration will be paid 50% in cash funded from the South African sub-group (which sourced some credit, so not the CVA high interest rate money), 856/2=428.

- And 50% in shares of Pepkor Holdings Limited (calculated on 15 zar, but market price is 10 zar, and this will make the claimants as shareholders in pph), so (856/2)X0.66 = 282 eu.

 

So the sum will be about 710 million euros.

[Tom]

Steinhoff is giving Pepkor shares in the settlement on 15 rand per share, while the market price is 10 rand.

 

The media is reporting Steinhoff to off 1 billion USD, but the offer is actually less.

 

- This settlement consideration will be paid 50% in cash funded from the South African sub-group (which sourced some credit, so not the CVA high interest rate money), 856*2=428.

- And 50% in shares of Pepkor Holdings Limited (calculated on 15 zar, but market price is 10 zar, and this will make the claimants as shareholders in pph), so (856/2)X0.66 = 282 eu.

 

So the sum will be about 710 million euros.

Edited by Tom, 27 July 2020 - 11:18 AM.

[Tom]

Steinhoff is giving Pepkor shares in the settlement on 15 rand per share, while the market price is 10 rand.

Edited by Tom, 27 July 2020 - 10:57 AM.

[DayTraderDad]

I expect wiese to except the settlement. As he gets nothing and will end up paying legl fees should we wish to challenge it.
That's 50% done.
The reminder may challenge but will realize that it means the company goes into the hole. They have equity.

This is monumental... The market is still trying to digest this...

Expect the share price this week to be at r2 following half year results and feedback from claimants.....

Expect this share may also reach r3, the market is inreliable

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I think shreholders have no option. According to dutch law shareholders can only sue directos via the company.

 

Some interesting links on dutch law:

 

https://openaccess.l....pdf?sequence=1

 

http://www.dutchcivi...title2255cc.htm