15225 replies to this topic

[Investment novice]

No probs will try tomorrow if trade does not go through...

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[Chris101]

Can you believe no bites .....no volume at that price ....

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Haha

Because I bought 100 000 at 128c

Sorry

   

[DayTraderDad]

The share price for Steinhoff does its own thing. If good news is released the share drops. So I think it will need a series of good news to come in to get this share to rise. But the following events lie before us:

 

1) HJ 1 results - - -> Should be positive if you take all trading updates that are releases so far

2) Finalization of restructuring - - -> Should be final now and I'm not expecting any more delays as this would lead to penalties. So positive for me.

3) Analyst day - - -> Should be positive otherwise Steinhoff would not hold one as its optional. Some good news must be presented. 

4) Q3 Numbers - - - > Should be positive if the key operations remain on track

5) Launch of more counterclaims against various parties - I'm expecting that Steinhoff will start to proceed with counter claims as soon as their financial reporting timeline is on track and they can focus on litigation.

6) In the long term - - -> Get a clean audit, get cheaper finance, reduce debt by selling non-core assets (Unitrans, Greenlit, Confo, MF). 

 

If all these events occur the big investment houses will be able to invest again and Analyst might even be rating Steinhoff again.

 

I think the current problem with the share price is that too much is in free float. more than 70% I think. And those who are seeing value in Steinhoff are already invested and don't want to over invest. Thus currently no "new" major buyers in the market.

 

This is just my own opinion on the share price movement. We will have to wait and see what happens. 

 

What are your guys thoughts regarding the share price?

Hi Andi,

 

Good post. My thoughts (and not to be used for investing and I am not trying to defraud anyone) are these:

 

I believe people are accumulating  every time the share comes to R1.26.  Also there is lots of day trading going on especially with algorithm trading and that's why the volumes are magnified.

 

I believe share trading sides ways waiting for results H1-2019 or a trading statement and the Rand strengthening also keeping the price down because I think at present price is set in Frankfurt  there are bigger volumes.

 

Confidence on the share will only come after the results and the financial restructure is completed and a full disclosure of the future will look like. If we get a good trading update then 

I believe there will be a hard run because people shorting will find it difficult to get shares to close their positions.

 

I believe the freely available shares are only about 30% (if that) not sure people will sell if they expecting a price above R4.00 but for me things going to get interesting.

[andi222]

The share price for Steinhoff does its own thing. If good news is released the share drops. So I think it will need a series of good news to come in to get this share to rise. But the following events lie before us:

 

1) HJ 1 results - - -> Should be positive if you take all trading updates that are releases so far

2) Finalization of restructuring - - -> Should be final now and I'm not expecting any more delays as this would lead to penalties. So positive for me.

3) Analyst day - - -> Should be positive otherwise Steinhoff would not hold one as its optional. Some good news must be presented. 

4) Q3 Numbers - - - > Should be positive if the key operations remain on track

5) Launch of more counterclaims against various parties - I'm expecting that Steinhoff will start to proceed with counter claims as soon as their financial reporting timeline is on track and they can focus on litigation.

6) In the long term - - -> Get a clean audit, get cheaper finance, reduce debt by selling non-core assets (Unitrans, Greenlit, Confo, MF). 

 

If all these events occur the big investment houses will be able to invest again and Analyst might even be rating Steinhoff again.

 

I think the current problem with the share price is that too much is in free float. more than 70% I think. And those who are seeing value in Steinhoff are already invested and don't want to over invest. Thus currently no "new" major buyers in the market.

 

This is just my own opinion on the share price movement. We will have to wait and see what happens. 

 

What are your guys thoughts regarding the share price?

[Investment novice]

Can you believe no bites .....no volume at that price ....

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[Investment novice]

Being crazy or just stupid risky...put in a buy for 60000 more today at 1.27...
Going to use this for simple trading not investing...will buy and aim to sell this day of restructuring as portfolio over weighted

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[Investment novice]

Whats interesting is that all prexisting shareholders have and will bring about legal proceedings based on the acknowldgement of wrongdoing...in this sens notice is given of one suc proceeding ...and more interesting is that it is unquantified...this vagueness and fluidity gives hope for a long and drawn out process ......

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[Chris101]

Yes I agree topped up last week!!!

I liked the sens

http://www.profileda...702_S414698.pdf

 

Very good that they gave us a idea of whats MANAGAMENTE current priorities and that they are in the process of refinancing.

 

On 6 June 2019, the Company launched a further request under the Lock-Up Agreement (Consent Request No. 11) relating to the refinancing of the existing credit facilities of Pepkor Europe Limited and its subsidiaries (the “Pepkor Refinancing”). Lock-Up Agreement Consent No. 11 was approved by the requisite majorities of SEAG and SFHG creditor on 10 June 2019.

 

 

 

Also bought some more to get my ave down.

Unfortunatly only sitting on ave price of R 3,40 now

   

[DayTraderDad]

Topped up some shares, I think we will see a good rally up until HJ 1 results now.

Yes I agree topped up last week!!!

[andi222]

Topped up some shares, I think we will see a good rally up until HJ 1 results now.

[DayTraderDad]

The amendments to the CVA needed to be approved, not the CVA!  the CVA has already been approved.

Yes agree thank you!!!

 

Now all sorted so just waiting for the trading update!!!

[Captainfrom82]

Thank Captain I am a bit confused because if it was already approved why the need to ask for consent and have a deadline?

 

My thoughts are that if there was a need to extend by one day then the deadline date and time has meaning and as such there obviously was a need to have majority of creditor approval.

 

So for me even though the latest document insinuated approval was obtained still don't know for sure.

 

Again yesterday one has to read in the news of major restructure of Conforama and nothing from SNH Management,

 

Anyway like Andi said all we can do is sit and wait.

 

Regards,

DTD

 

The amendments to the CVA needed to be approved, not the CVA!  the CVA has already been approved.

[DayTraderDad]

Finally they have released a SENS that it was approved

Haha yes finally not just to get the restructure completed. Looking good!!!!

[andi222]

Finally they have released a SENS that it was approved

[DayTraderDad]

The CVA was approved by the requisite majority on 14 Dec 2018 and came into being.  On 28 Mar 2019 it was amended and restated (primarily to deal with the LSW matter).

 

Further amendments were required after March and this was effected on 30 May 2019 (referred to as the Omnibus Amended and restated CVA.  These changes gave rise to structuring changes which required to be approved. 

 

As a result of the changes implemented, the SEAG & SFHG Creditors Group also requested multiple changes to the Omnibus Amended and Restated CVA, which has lead to the current CVA4 version.

 

To answer your question, there was no need for any approval of an already approved CVA.  There was only amendments which have been duly completed.

 

I hope that this helps clarify things.

 

Best Regards

Captainfrom82

Thank Captain I am a bit confused because if it was already approved why the need to ask for consent and have a deadline?

 

My thoughts are that if there was a need to extend by one day then the deadline date and time has meaning and as such there obviously was a need to have majority of creditor approval.

 

So for me even though the latest document insinuated approval was obtained still don't know for sure.

 

Again yesterday one has to read in the news of major restructure of Conforama and nothing from SNH Management,

 

Anyway like Andi said all we can do is sit and wait.

 

Regards,

DTD

[Captainfrom82]

Very poor communication from management in this regard I think. One sentence from them would clear things up. Something like this:

"The requisite majorities of creditors of SEAG and SFHG have provided their consent to the amendments and modifications and the waiver as set out in CVA Consent Request No. 4."

 

With regards to the documents on lucid it states: "Amended and Restated." I interpret this, analogous to the previous cases, already as a legally valid adjustment and no longer only as an adjustment proposal.

 

I think only thing we can do is sit back and wait.

 

Your request is Steinhoff's command.  SENS of UPDATE ON PROGRESS OF FINANCIAL RESTRUCTURING issued!

 

The approval of the amendments of CVA4 confirmed.

[Captainfrom82]

Very poor communication from management in this regard I think. One sentence from them would clear things up. Something like this:

"The requisite majorities of creditors of SEAG and SFHG have provided their consent to the amendments and modifications and the waiver as set out in CVA Consent Request No. 4."

 

With regards to the documents on lucid it states: "Amended and Restated." I interpret this, analogous to the previous cases, already as a legally valid adjustment and no longer only as an adjustment proposal.

 

I think only thing we can do is sit back and wait.

 

The CVA was approved by the requisite majority on 14 Dec 2018 and came into being.  On 28 Mar 2019 it was amended and restated (primarily to deal with the LSW matter).

 

Further amendments were required after March and this was effected on 30 May 2019 (referred to as the Omnibus Amended and restated CVA.  These changes gave rise to structuring changes which required to be approved. 

 

As a result of the changes implemented, the SEAG & SFHG Creditors Group also requested multiple changes to the Omnibus Amended and Restated CVA, which has lead to the current CVA4 version.

 

To answer your question, there was no need for any approval of an already approved CVA.  There was only amendments which have been duly completed.

 

I hope that this helps clarify things.

 

Best Regards

Captainfrom82

Edited by Captainfrom82, 02 July 2019 - 09:03 AM.

[andi222]

 

Interesting News:

 

Conforama confirms the removal of 1,900 posts

The furniture brand will remove 1,900 jobs in 2020 and close some 40 stores.

 

https://www.republic...ssion-de-postes

 

"The unions feared him, it is now a certainty: Conforama will proceed to a massive restructuring. 

 

A restructuring plan must be presented Tuesday morning to the central works council, according to the CGT and FO.

 

He plans to delete 1 ?? 900 positions in France in 2020, with the closure of 32 Conforama stores and the ten Maison Affôt stores.

 

Of the 32 stores that must close and currently have 1,050 employees, eight are located in Ile-de-France, including two in Paris. There are also 600 job cuts in the 164 remaining Conforama stores, 124 deletions at the head office and 26 in the after-sales service, and the 100 jobs in the Maison Dépôt stores"

 

 

Very interesting, looks like Conforma is on a big cost cutting spree. As far as I remember they also stopped sponsoring a stadium so that the name was called after them. Apparently that will save around 40 Mill a year as far as I remember.

[andi222]

Well I cannot find anywhere that the CVA Consent No.4 was approved looks like the document just formalised. 

 

One can only assume it was somehow approved.

 

Any ideas???

 

Very poor communication from management in this regard I think. One sentence from them would clear things up. Something like this:

"The requisite majorities of creditors of SEAG and SFHG have provided their consent to the amendments and modifications and the waiver as set out in CVA Consent Request No. 4."

 

With regards to the documents on lucid it states: "Amended and Restated." I interpret this, analogous to the previous cases, already as a legally valid adjustment and no longer only as an adjustment proposal.

 

I think only thing we can do is sit back and wait.

[JK001]

Just a point to think about! Capitec offer DEBIT cards R5 per moth administration fee and R35 for Credit card and quite sure many other banks do also thus my question if people have the cash why not use the debit card which is cheaper?
For me the fact they going for credit card is that they need to borrow and once they use a credit card and don't pay all the debt in the period they will be charged very high interest I may be corrected but is it not as high as 27%???

Something does not add up here!!!

Typically debit cards have a transaction fee and credit cards not. Would it then make sense to put money on your credit card and use that? Note in some countries you are not allowed to have a positive balance on your credit card