Hi DTD,
Can you clarify why you have used thenumber of issued shares from the 2015 10K FORM? I think that it is incorrect to use the historical shares in issue of when MF was a listed company. There is no evidence based link between the previous Authorized and Issued Share Capital and what the current position is. They could slice and dice this however they like.
When Steinhoff acquired MF in 2016, the debt was then E1.2b (or $1.6b). Where has this debt disappeared to? It certainly was not settled by MF after those poor financials over the past two years. Further on Steinhoff's MF Material's presentation dd 5 Oct 2018, they reflect that MF had $3.2b loans outstanding (with Steinhoff standing as guarantor for the MF debt)
I am not sure how they legally moved the debt off the books, but I feel that the equity is overstated.
Note also the $2.3b Goodwill & Intangibles which we know that Steinhoff has since impaired to almost zero.
There is clearly something that we do not understand, and this is dangerous.
Regards
Captainfrom82
Hi Captain,
That is the last reliable information I could find about MF because since SNH bought it I cannot find anything.
One can estimate by dividing the $2400 by the $64 that SNH paid and the shares are 37 mil so very little difference.
I agree we don't know exactly what they doing but the above is just a estimate to compare the NAV to that period.
Exactly where did the debt go too??? I find this all very confusing but the balance sheet was given to the court so would SNH lie to them??
This is exactly the problem with SNH there is very little news and information is gathered all over yet management says nothing so causing lots
of guessing and agree with you there is a high risk people comment without having the full picture and does more damage than good.
That amount of money simply cannot disappear it has to be somewhere.
Regards,
DTD
