15225 replies to this topic

[DayTraderDad]

Wiese was chairman during the mf deal. He was also responsible for one of the biggest share price drops when his law suit was filed. He should be held responsible for his actions.

La Grange was in charge of finances and should be held accountable for his department’s failures. Should fraud or anything illegal be proven he needs to own up.

I’m sure Jooste will take the grunt of this and so he should, together with everyone that approved or was involved in an illegal or unethical transaction. This should also include the auditors that signed off year after year. There’s normally a number of people that have to sign off on any transaction; each of these individuals need to be accountable. Banks that approved overinflated property valuations should also be investigated.

Who was in charge of the acquisition committee again?
What about the ethics committee?

I know from experience there’s normally list of signatures on these docs and all of those that signed should be accountable. They were paid big money to do their jobs ethically, morally and by the book.

Good post LarryK.

It is also interesting CW claiming R35 bil for the sale of Pepkor on 2015 and R24 bil for investing in MF purchase basically it was him that
made possible for SNH to make that terrible decission but now want is money back.

If the courts agree to this then there is no hope for society surely CW had the full picture (the whole of 5 day due diligence) being the person
that made the final decision to buy MF.

I think like Captain mention while back courts going to be busy for a long time and by the time they ready to settle the share would be back up
to the R57 if Pepkor Europe continues to grow at 32%.

[LarryK]

A interesting article for the weekend to remind how complex the shareholders vendors claims going be.

https://www.biznews....-action-lawsuit

Highlights:

On Wednesday – just before the Women’s Day public holiday – a local law firm by the name of LHL Attorneys filed papers in
the South Gauteng High Court in downtown Johannesburg. What’s interesting is that the legal claims have the backing of the
Foundation Steinhoff International Compensation Claims, which has an interesting website you can view by clicking here.
A whole string of South African firms, as well as individuals including Markus Jooste, Ben la Grange and Christo Wiese,
are being targeted with the lawsuit.

Wiese was chairman during the mf deal. He was also responsible for one of the biggest share price drops when his law suit was filed. He should be held responsible for his actions.

La Grange was in charge of finances and should be held accountable for his department’s failures. Should fraud or anything illegal be proven he needs to own up.

I’m sure Jooste will take the grunt of this and so he should, together with everyone that approved or was involved in an illegal or unethical transaction. This should also include the auditors that signed off year after year. There’s normally a number of people that have to sign off on any transaction; each of these individuals need to be accountable. Banks that approved overinflated property valuations should also be investigated.

Who was in charge of the acquisition committee again?
What about the ethics committee?

I know from experience there’s normally list of signatures on these docs and all of those that signed should be accountable. They were paid big money to do their jobs ethically, morally and by the book.

Edited by LarryK, 02 June 2019 - 03:10 AM.

[DayTraderDad]

A interesting article for the weekend to remind how complex the shareholders vendors claims going be.

https://www.biznews....-action-lawsuit

Highlights:

On Wednesday – just before the Women’s Day public holiday – a local law firm by the name of LHL Attorneys filed papers in
the South Gauteng High Court in downtown Johannesburg. What’s interesting is that the legal claims have the backing of the
Foundation Steinhoff International Compensation Claims, which has an interesting website you can view by clicking here.
A whole string of South African firms, as well as individuals including Markus Jooste, Ben la Grange and Christo Wiese,
are being targeted with the lawsuit.

[Lionelza1]

Oh and captain America.... My invitation still stands.... Let's meet up for drinks I'm in jozie.... We can discuss steinhoff and u can tell me why I should add more money in it

But if u prefer to remain anonymous..... I understand mate

[Lionelza1]

Why do we have ZERO reaction?

Zero reaction? Are you sure? Perhaps look again as there was a reaction, not the one we were looking for hey?

[DayTraderDad]

Haha were there is smoke there is a fire!!!!!

Wiese denies self-service accusations

https://mg.co.za/art...ice-accusations

[DayTraderDad]

Haha new john...you.made me laugh put loud after hectic day...equity gods know who im praying to then...old mr equity upstairs

Haha very good!!!

[DayTraderDad]

Crikey Moses you guys are like a dog with the last good bone mankind will ever see.

Peace be with you all. May the equity gods shine upon your portfolios.

Hi New John,

You make a very interesting point (I was going to ignore but felt important enough to share some thought).

Let breakdown you statement: "Crikey Moses you guys are like a dog with the last good bone mankind will ever see."

This remind me of two guys fighting on a boxing ring but after the bell gone one feels like just getting on more punch.

What I want to point out is in your view there are only computer and keyboard and people are the screens however there is my view that there
are humans involved in the communication and insults are create by people and not computer.

This brings two completely opposite views and your wording "Crikey Moses" which is you putting an exclamation of surprise followed by the
bone theory you fail to accept that out there in the real world there are different people with different view, ethic and personalities, etc.

It is exactly the lack of tolerance, respect for other people and to allow different people to have different opinions is what is destroying
this forum.

If a person post something that is not correct or is misleading no deed to attack the person it is far easier to simply put the correct information.

Please note this is not aim at you but rather to all including me because should we all apply these principles indeed great information
and exchange of ideas will take place and no one will feel insulted.

Anyway something to think about humans can change so we can still have a great thread.

Regards,
DTD

[Midas1]

Haha new john...you.made me laugh put loud after hectic day...equity gods 😁 know who im praying to then...old mr equity upstairs 😂

[new john]

Agreed I am moving along case closed. Guess I am old timer still believe that on the other side of the email, post there is a human been and not a bunch of electronic chips.

Just leaving you with your own post for you to reflect a little on your own comments:

Posted 29 May 2019 - 06:19 AM

"Polly and DTD. You two have ruined this forum. As much as everyone tries to ignore your constant childish behavior, it still deters productive conversations.
Cut the s@&t and leave the keyboard warrior attitudes for another place?
Or just leave the forum for good and let some new blood set the tone. "

Crikey Moses you guys are like a dog with the last good bone mankind will ever see.

Peace be with you all. May the equity gods shine upon your portfolios.

[DayTraderDad]

Nothing to see here folks.  Move along, move along!
 
The details are mostly procedural...for me the far more interesting bit is the following:

"On 7 May 2019 the Company published its audited consolidated financial statements for the
year ended 30 September 2017. The finalisation of the Group's consolidated financial
statements for the year ended 30 September 2018 continues to progress well, and the results
remain scheduled to be released on Tuesday, 18 June 2019. As previously announced, the
Company decided not to hold a press conference or webcast for the 2017 results but will
schedule a combined presentation after the release of the 2018 results on a date to be
confirmed.

As previously announced, determining the appropriate accounting treatment and the
consequential impact of the accounting irregularities has proven to be exceptionally
complex and time consuming from both an accounting and audit perspective, and has
impacted the timetable for releasing the Company's financial statements for financial years
2017 and 2018. This delay in the publication of the financial statements has consequently
impacted the timing of the release of the unaudited 2019 interim results, which were
scheduled for 28 June 2019. The Company will update the market with a new date in due
course"
This means that they have no plans to launch 1H19 ahead of AFS 2018 which they still think is on track for 18 June 2019 - a mere 12 working days away!
 
Regards
Captainfrom82

Haha but looks like the market like it!!!

[DayTraderDad]

No, that's not basically what I'm saying. Did you ever see the Jordan Peterson interview with the British news lady? 
 
To call a person out on their bullshit has clearly had no effect, after all, all we are are names on a computer screen. Hence, I say, regardless of the victim, let's ignore the nonsense, and keep the conversation to the theme of making informed decisions with the help of constructive discourse. 
 
So in the spirit of moving things along here; what will it take for CW to lay his guns down and put his support behind this embattled share.

Agreed I am moving along case closed. Guess I am old timer still believe that on the other side of the email, post there is a human been and not a bunch of electronic chips.

Just leaving you with your own post for you to reflect a little on your own comments:

Posted 29 May 2019 - 06:19 AM

"Polly and DTD. You two have ruined this forum. As much as everyone tries to ignore your constant childish behavior, it still deters productive conversations.
Cut the s@&t and leave the keyboard warrior attitudes for another place?
Or just leave the forum for good and let some new blood set the tone. "

[Captainfrom82]

 

Hopefully the media will respond to this good news that is huge in my opinion to stabilize the company

 

 

 

Another interesting bit:

Separately, the Company and the investment group VEB/European Investors agreed to
extend the suspension of the collective action between them in The Netherlands.

 

 

Interesting from latest SENS:

Lock-Up Agreement Consent No.10

On 29 May 2019, the Company launched a request under the Lock-Up Agreement (Consent
Request No. 10). That Consent Request relates to matters which need to be resolved prior to
the conclusion of the Restructuring pursuant to the SEAG CVA and the SFHG CVA. This
includes matters relating to the disposal of an asset of APAC / Greenlit business and matters
relating to Steinhoff Risk Solutions Limited and a possible financial restructuring in relation to
the Blue Group as well as a consequential amendment to the Lock-Up Agreement.

 

Nothing to see here folks.  Move along, move along!

 

The details are mostly procedural...for me the far more interesting bit is the following:

"On 7 May 2019 the Company published its audited consolidated financial statements for the
year ended 30 September 2017. The finalisation of the Group's consolidated financial
statements for the year ended 30 September 2018 continues to progress well, and the results
remain scheduled to be released on Tuesday, 18 June 2019. As previously announced, the
Company decided not to hold a press conference or webcast for the 2017 results but will
schedule a combined presentation after the release of the 2018 results on a date to be
confirmed.

As previously announced, determining the appropriate accounting treatment and the
consequential impact of the accounting irregularities has proven to be exceptionally
complex and time consuming from both an accounting and audit perspective, and has
impacted the timetable for releasing the Company's financial statements for financial years
2017 and 2018. This delay in the publication of the financial statements has consequently
impacted the timing of the release of the unaudited 2019 interim results, which were
scheduled for 28 June 2019. The Company will update the market with a new date in due
course"

This means that they have no plans to launch 1H19 ahead of AFS 2018 which they still think is on track for 18 June 2019 - a mere 12 working days away!

 

Regards

Captainfrom82

[new john]

Yes New John you right bickering should stop however attacking ones character (calling me a fraud liers etc) is not exactly bickering and in fact
is called bullying!!

This is Lionel1 post about me "U are a joke indeed " quite sure this is not bickering!!!!

I think you need to distinguish between the two to make a proper call on what was going on.

What you basically saying is if a husband beats the wife regularly she must just shut-up take the beating to ensure the family stays together.
So the bully is protected!!!

 

No, that's not basically what I'm saying. Did you ever see the Jordan Peterson interview with the British news lady? 

 

To call a person out on their bullshit has clearly had no effect, after all, all we are are names on a computer screen. Hence, I say, regardless of the victim, let's ignore the nonsense, and keep the conversation to the theme of making informed decisions with the help of constructive discourse. 

 

So in the spirit of moving things along here; what will it take for CW to lay his guns down and put his support behind this embattled share.  

[Milo]

Another interesting bit:

Separately, the Company and the investment group VEB/European Investors agreed to
extend the suspension of the collective action between them in The Netherlands.

Hopefully the media will respond to this good news that is huge in my opinion to stabilize the company

[DayTraderDad]

Another interesting bit:

Separately, the Company and the investment group VEB/European Investors agreed to
extend the suspension of the collective action between them in The Netherlands.

[DayTraderDad]

Interesting from latest SENS:

Lock-Up Agreement Consent No.10

On 29 May 2019, the Company launched a request under the Lock-Up Agreement (Consent
Request No. 10). That Consent Request relates to matters which need to be resolved prior to
the conclusion of the Restructuring pursuant to the SEAG CVA and the SFHG CVA. This
includes matters relating to the disposal of an asset of APAC / Greenlit business and matters
relating to Steinhoff Risk Solutions Limited and a possible financial restructuring in relation to
the Blue Group as well as a consequential amendment to the Lock-Up Agreement.

[Captainfrom82]

If there is a bear market then more money will flow into small caps with upside potential and people will buy cheaper affordable necessary goods instead of luxury goods. If the restructuring is approved then it means Steinhoff will not liquidate and that the share price can at least reach R5 this year or am I completely wrong? The underlying businesses are doing ok and getting better every day and not going backwards.

The court case will happen but Heather Sonn said there main priority is to protect the business and employees and current shareholders so they will not give in to the vultures. I also don’t understand this share anymore. Does not respond on good news like previous times.

 

So just my two bob's worth, musing on this post by Milo.

 

An economic recession and a bear market are actually two separate and distinct things that may or may not be related.  There may be a cause and effect relationship although this is not as clear as you may think. The former is two consecutive quarters of negative GDP growth, whereas the latter (not to be confused with a market correction) is a decline of at least  20% in the market (usually measured using an index eg S&P500.  I guess here in SA you may use the JSE All share or Top40).  Both of these should not be confused with "mere" volatility.

 

The last bear market ended in 2009 and had lasted 17 months.  The prior bear market ended in 2002 and lasted a bruising 30 months.  I remember this well.  It was a tough time!

 

Measured in terms of the S&P500 the average bear market lasts around 16 months.   The problem with bear markets is that they do not appear with a large drop in value.  Rather they occur slowly (around a 2% decline per month).  Investors only realize that they have been in a bear market after a while, and often it is too late if you want to react.  Your paper losses turn into real losses. 

 

To make this relevant to Steinhoff and Milo's post above, the alternate view regarding Steinhoff of course, is that during a bear market all companies suffer to some extent.  However, in order to have a degree of security investors pile into the large-caps who should have deeper pockets and theoretically a better quality of assets.

 

Regarding the share price, I have long stated that if you can predict human behavior accurately, then you can predict share price accurately.  (Hint: there is a reason why matters relating to behavior are not classed in the pure sciences).  The long standing joke about economics cannot agree if the US stimulus package introduced during the Great Depression actually helped or made matters worse.  That is how inexact Economics.

 

The other joke is that you put 10 economists in a room, and you are going to get 10 different projections.

 

Boy..College!!!  Good times   I wish my dad could see me now.  College education not gone to waste!

 

Regards

Captainfrom82

[DayTraderDad]

OR, they can just stop bickering, regardless of who's the victim. The best way to deal with a yapper is to ignore his / her yapping. As for why certain persons were left out of my 'chastisement', do we really need to go there? Let's stick to the subject and ignore the rest.

Yes New John you right bickering should stop however attacking ones character (calling me a fraud liers etc) is not exactly bickering and in fact
is called bullying!!

This is Lionel1 post about me "U are a joke indeed " quite sure this is not bickering!!!!

I think you need to distinguish between the two to make a proper call on what was going on.

What you basically saying is if a husband beats the wife regularly she must just shut-up take the beating to ensure the family stays together.
So the bully is protected!!!

[DayTraderDad]

https://www.dgap.de/...?newsID=1154333