15225 replies to this topic

[Investment novice]

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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[DayTraderDad]

On face value, looks promising and if accepted it seems there will still be a viable business left going forward, but I guess the proof will be in the share price reaction.

 

What's the views out there from you all?

25 mil shares trade already in Tradegate!!

[JR7800]

On face value, looks promising and if accepted it seems there will still be a viable business left going forward, but I guess the proof will be in the share price reaction.

 

What's the views out there from you all?

[Burnt as well]

This also means that in any settlement, if Wiese ever gets something, which will probably be a percentage of what he lost (maybe about 1% to 3%), and even if for argument's sake more, all this compensation will be claimed in court by the ex-creditors, who apparently are using some strong articles in the loan agreements to have any proceeds form any compensation (if ever happened) to be redirected to themselves.

And otherwise if Wiese loses his case, he will still have to pay Steinhoff 's legal costs (while if he wins, any thing he gets will be claimed by the creditors anyway).

Court cases are a lose lose situation for Wiese.

The only and best route for Wiese is to buy back his shares, and support Steinhoff in claiming compensations from the wrong doers and their insurances.

SENS our on proposed global settlement:

(Bloomberg) --Settlement will help cover as much as 266 million euros of market-purchase claims, 104 million euros of contractual-party claims and about 9.4 billion rand of claims against Steinhoff International Holdings Pty Ltd.
“A significant majority of claims are within the scope of the settlement, however, certain claims will not be settled and will be subject to ongoing dispute”
Settlement consideration will be paid in cash and delivery of shares in Pepkor at a deemed price of 15 rand per share, with separate arrangements for Pepkor managers proposed

[Lionelza1]

Hhhmm.... Pump is on

[LarryK]

IN how did you get to this number/target?

Wonder if we start heading to r2 or r2. 20 mark this week... And a new base set at 2.10
...

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Edited by LarryK, 27 July 2020 - 12:27 AM.

[Investment novice]

Better for them to access European debt at close to 0% interest as part of stimulus to retain jobs.

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[Tom]

Government (of South Africa) extends Covid-19 loans for struggling businesses

And made other changes to make the credit easier to access.

https://www.moneyweb...ing-businesses/

 

Not sure if Steinhoff or Pepkpor can source some of these loans at the base operational/subsidiary level (e.g. each shop apply on its own).

However they should indirectly benefit from this stimulus anyway.

And in general stimulus packages from around the world will lower the loans interest worldwide.

[Investment novice]

Wonder if we start heading to r2 or r2. 20 mark this week... And a new base set at 2.10
...

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[Tom]

Steinhoff scandal and coronavirus pandemic have nudged Christo Wiese towards retirement

https://www.moneyweb...-south-african/

 

 

One of South Africa’s richest men is planning for retirement

https://businesstech...for-retirement/

[Sleepwa123]

Really good to see progress on their debt reduction and continued focus to source cheaper funding.

Will help the consolidated financials for the group look that much better.

[Tom]

I think Pepkor during April maybe didn't pay rents nor salaries, so this will offset the missed potential income during April lockdowns.

I also think they might be qualified to apply for compensation.

Edited by Tom, 24 July 2020 - 01:03 PM.

[andi222]

Strong results from Pepkor!!! Only a 1.5% drop in revenue for the 9 months ended June 2020.

 

Without COVID they would have generated 57.3 billion Rands. So this is actually an increase of 8% year on year.

 

https://irhosted.pro....aspx?id=364393

Edited by andi222, 24 July 2020 - 12:50 PM.

[andi222]

Steinhoff class action found not triable

https://www.moneyweb...nd-not-triable/

 

"

When you have been wronged, as shareholders were when the Steinhoff share price crashed, “we will sue” is easier said than done. The rash of adverts offering class action lawsuits that followed the crash may have offered a false promise.

 

The court found that this was not a triable matter.

 

the court looked at the appropriateness of the class action procedure, and found that other remedies are available to shareholders who wish to hold directors liable for alleged breaches of their fiduciary duties.

Hence “the class action procedure was not the most appropriate means through which the class of persons in question could determine their claim”.

 

The court therefore refused the claimants permission to institute class action proceedings against Steinhoff

 

the person agreeing to join a class action should understand the fine details of the funding arrangements, and be certain that they will not incur exorbitant costs.

"

 

Thanks Tom, yes agreed as a shareholder one takes the risk of loosing everything. I still don't understand some shareholder who think they can claim back money they have lost. This is not how the world works lol. In Germany at the moment thousands of shareholders are joining class actions against Wirecard. They wont see a cents in my opinion. Just legal expenses. 

 

Interesting to note tho is that after just a month directors are already arrested. Steinhoff case all directors are still free lol after close to three years. 

[andi222]

Andi.. True share value determined when someone makes an offer for min 20- 30% of the share volume... Then we will see true value.... For now..... Just cockroach trades...



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yes agreed, we need a big investor who takes up like 25% and keeps these as long term investment. And this in my opinion will only happen once legal claims are cleared and we have a clean audit opinion as well as cheaper refinancing. 

[Tom]

Steinhoff class action found not triable

https://www.moneyweb...nd-not-triable/

 

"

When you have been wronged, as shareholders were when the Steinhoff share price crashed, “we will sue” is easier said than done. The rash of adverts offering class action lawsuits that followed the crash may have offered a false promise.

 

The court found that this was not a triable matter.

 

the court looked at the appropriateness of the class action procedure, and found that other remedies are available to shareholders who wish to hold directors liable for alleged breaches of their fiduciary duties.

Hence “the class action procedure was not the most appropriate means through which the class of persons in question could determine their claim”.

 

The court therefore refused the claimants permission to institute class action proceedings against Steinhoff

 

the person agreeing to join a class action should understand the fine details of the funding arrangements, and be certain that they will not incur exorbitant costs.

"

 

[Investment novice]

Andi.. True share value determined when someone makes an offer for min 20- 30% of the share volume... Then we will see true value.... For now..... Just cockroach trades...



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[andi222]

SENS beginning of this month:

"notwithstanding the challenging trading environment Steinhoff continues to assess options, including total settlement value, consideration and terms, for a global settlement of legacy litigation claims and Steinhoff will update the market in due course. It is still uncertain whether any settlement proposal will be announced or whether any settlement will be supported by the Group’s stakeholders.

 

I mean due course to me means in a week or two. So hopefully we will get an update either this week or by latest next week. 

 

Also super strange that the share price always drops back to 5 cents. The first time we reached 5 cents was in August 2019. Exactly a year ago. Since then after all the good/ bad news it always came back to 5 cents. 

[Tom]

Interest rates cut to a historic low in SA

https://www.iol.co.z...c7-8b2cd388eab9

Edited by Tom, 23 July 2020 - 03:22 PM.

[nosh]

https://www.moneyweb...m-under-attack/
 

As if the Steinhoff debacle was not enough of a tangled web, it now appears there are no fewer than four court actions challenging a substantial portion of former chairman Christo Wiese’s R59 billion claim against the group.

Last month the release of the 2019 annual financial statements (AFS) alluded to yet more of the complexity that lies at the heart of the Steinhoff project. A note tucked away on page 224 of the AFS flags the possibility that Wiese, who was the largest shareholder in Steinhoff with 1.06 billion shares at the time of the December 2017 collapse, does not have an undisputed right to the R59 billion claim he lodged against Steinhoff with much fanfare in April 2018.