15225 replies to this topic

[Lionelza1]

Shud be a decent run-up around 2nd week in June as per their sens re results.... Be ready to jump on

[Milo]

Good point Milo. How big do you think the rate cut will be? Another 100 points?

Yes they can make it another 100 points for keeping us in lockdown so long. Steinhoff needs a kick start.

[andi222]

Good point Milo. How big do you think the rate cut will be? Another 100 points?

[Milo]

If there is a rate cut tomorrow it can go up more. Spiked up last time 14 April with rate cut.

[andi222]

Same story every time before results are due. Next week Pepkor numbers to be announced

[Everlearning]

UP SUDDEN 12 % AND CLIMBING !!! 

Anyone heard anything or reason for the sudden (long awaited) surge ???

Maybe we about to get an announcement !

[Everlearning]

Yip, thanks Andi, agree it was the right thing for her to do and knowing her, is why she did it!

Trust that (coming from the top), she has set an example for the rest of the Management Team.

What we need to get the Company back to some sort of favour with the market is absolute honesty, transparency and integrity. I believe the ground/framework for this has been implemented and the future for Steinhoff from this point of view bodes well!

[andi222]

Hi Everlearning, don't get me wrong on this point. I also personally think she has done an amazing job to calm everyone down after the scandal and to keep the ship afloat. She had the knowledge of what is going on in the company to ensure it keeps on running.

 

However as an independent member you just cannot have a conflicting interest in the company.

Thus I thank her for all her hard work and sacrifice she has made but for the sake of the company and rebuilding trust to all stakeholders I think it is a brave move of her to step down but also a necessary one to guarantee the independence of the chairman of the supervisory board.

[Everlearning]

I know Heather Sonn and the Sonn family personally. Heather is someone I know with unquestionable integrity and the decision she has taken would have been out of her own commitment to the person she is, no matter the consequences.

We have previously praised the manner and commitment and the endless hours she and the management have put is since the scandal began. She was one of those left to help clean up the mess and I think she has done an amazing job at a massive sacrifice to her family. 

It is a pity to see her leave as her management and organizational skills will be sorely missed.

[Everlearning]

I know Heather Sonn and the Sonn family personally. Heather is someone I know with unquestionable integrity and the decision she has taken would have been out of her own commitment to the person she is, no matter the consequences.

We have previously praised the manner and commitment and the endless hours she and the management have put is since the scandal began. She was one of those left to help clean up the mess and I think she has done an amazing job at a massive sacrifice to her family. 

It is a pity to see her leave as her management and organizational skills will be sorely missed.

[andi222]

Now all the old management Exec Committee and Supervisory board) that could be conflicted are ruled out. HJ Sonn was the last member who was still a member before Dec 2017. 

Executive committee.

 

Commitee members in 2016/2017

MJ Jooste - 

AB La Grange

DM van der Merwe

JNS du Plessis

P Erasmus

HJK Ferreira

SJ Grobler

KJ Grove

FJ Nel

M Nel

H Odendaal

P Pohlmann

D Schreiber

S Summers

 

Supervisory board:

SF Booysen

CE Daun

TLJ Guibert

D Konar

A Steinhoff

MT Lategan

HJ Sonn

BE Steinhoff

J van Zyl

CH Wiese

JD Wiese

 

Or am I missing someone who is still part of the management board or supervisory board at the moment?

[andi222]

For myself I think this is good news as we clear out all conflicted parties from the old management slowly but surely. 

 

Let's see who will be appointed as Chairman. We need an independent person. Hopefully it will be someone with great knowledge and a great track history. 

[Tom]

Sonn said: “In December 2017 I requested that this transaction be placed on the list for investigation by PwC when a name in the shareholding structure of the shareholder of Geros was recognised as a name that also appeared in the Viceroy Report":-

So Steinhoff and PwC were using "Viceroy Report" for their own inside investigation, despite Steinhoff and PwC are supposed to be highly professionals and paid big moneys, and have access to all Steinhoff inside records, while Viceroy are considered amateurs with no inside records.

[Tom]

Most of the aggrieved shareholders money were lost in Mattress Firm purchase in 2016.

Wiese and Van Huyssteen were part of the management and insiders when the fraud was happening, and Wiese was also party in some suspected non-arm's length deals (according to the press and the auditors statements), and Wiese was the one to convince the banks to give loans to Steinhoff to purchase Mattress Firm  (according to the press), I don't understand why their court cases against Steinhoff are progressing and can be concluded anytime even soon, while the class actions' attorneys are just uselessly negotiating with Steinhoff and not really progressing in court, and for the class actions to be slower than Wiese's and Van Huyssteen's court cases means that there will be nothing left for the aggrieved shareholders that weren't part of any Steinhoff management.

Anyone that was part of any Steinhoff management should be sued for reckless and negligence, whether it was proven he/she was part of the fraud or not.

The aggrieved shareholders must start putting pressure on the class actions' attorneys to push forward with the court cases.

Edited by Tom, 18 May 2020 - 10:51 AM.

[LarryK]

Yet this thing doesn’t want to break R1,00

[Tom]

During 2018 and 2019 Steinhoff has posted many statements that turned out to be false, and costed the mislead investors huge amounts of money, the board of Steinhoff should also acknowledge this and compensate the aggrieved share holders, and the groups of attorneys opening court cases against Steinhoff should also include all the false or misleading statements issued by Steinhoff from the during 2018 and 2019 in the compensation court cases, of course in addition the fraudulent financial statement that put the assets in Steinhoff at 34.5 billions Euros for 2015, then 32.5 billions Euros for 2016, the it was the unaudited that put it at at 20 billions Euros for 2017, and then came the audited one that put it at 16 billions Euros for 2017, then 15 billions Euros for 2018.

[Lionelza1]

Steinhoff International’s chairperson, Heather Sonn has resigned following the acknowledgement of a conflict of interest with a company she was a shareholder in a company that transacted with Steinhoff.

LOL... Was a matter of time, her character did not suite ldp the liar

[Tom]

Steinhoff International’s chairperson, Heather Sonn has resigned following the acknowledgement of a conflict of interest with a company she was a shareholder in a company that transacted with Steinhoff.

[andi222]

Hi IN, yeah agreed it is really tough to predict by how much the Corona impact will hit revenue and EBITDA. 

 

However just to give you a background why I think the hit will only be around 1/12 on revenue compared to the previous year.

- In 2019 I think Steinhoff has generated around 13 billion € sales (To be confirmed by the AFS 2019) (Excl. Unitrans and half of Greenlit to make it more comparable) 

- In 2020 I predicted sales to hit around 13,7 billion € (excl. Unitrans and half of Greenlit). (Assuming no Corona)

 

No lets take the Corona virus into account:

- October 2019 to end of February 2020 where good months with no impact of Corona.

- March 2020 stores started to close worldwide but more towards the end. I would say 1 week lost sales roughly.

- April 2020 basically all stores where closed except a few online sales and poundland was still open. But lets assume 4 weeks of lost sales.

- May 2020 Stores have reopened by about 90% after the first week. So lets say another 2 weeks have been lost in sales. 

 

So overall I'm assuming that we have lost 7 weeks of trading. Now taking the 13.7 * 7/52 gives us around 1.8 billion loss of sales.

So my forecast will now be around 12 Billion € sales for the 2020 financial year. Compared this to the 13 billion in the previous year I get to my roughly 1/12 months reduced sales.

 

Going forward from today I still see minor decreases in sales but the following measrues are in place to mitigate these:

Pepkor: They are selling essential products at a very low cost- The temporary government grants will in my view significantly help Pepkor in the short term. Also big discussions going on if the rent for April needs to be paid or not.

Pepco: They are expanding as we speak, Poundland was open for most of the time as they were selling frozen products and toilet paper etc. Also I think they might get some discounts on rent.

Conforama, Greenlit, MF: Here I do see issues comming, I hope they have a plan to get through this storm.

 

Again this is just my opinion and I could be completely off as we haven't seen any financial statements. Just sharing my thoughts on it.

 

[Investment novice]

Hi Andi my concern is that we have reduced spending, by all....
Conforama is bleeding, mf sales info not coming through poundland concerns.. Think it's more than a month.... We have a six month hit and potentially a two year spending behavior drift. Lawyers and those after snh are now more desperate and ruthless. We hope for a recovery but concerned there is some more near term pain. Happy to reenter again.

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