15225 replies to this topic

[Chris101]

IN the so called grand plan by management...  Dont fall for that....They got no choice...they have to sell anything and everything just to survive bar PEP( Wiese lay your hands off my Jewels or)

 

This is a goner in my books...All the bandaid not gona help....

 

Invest at your own peril...or stay invested at your own peril i should say...

Dear Polly

 

Why will a man like LOUIS STRYDOM that knows by knows everything that is bad and disgusting and about to tank at Steinhoff leave his Solid and secure job at a leading international firm PWC to join a firm that is a "goner" and like Peter Armitage also said. "Sadly, in my opinion, there is no value left," said Peter Armitage, founder of Anchor Capital."

 

https://www.sharenet...eq=43&scode=SNH

I cannot for one moment think a person with that amount of inside knowledge will do a career change to a goner.

 

Sure if you are playing short then it is great that bad press makes the share goes jumping up and down but for the people like myself in the longer term market it makes no sense

Thanks for the lively debate

[Polly]

CW.... One of the largest claimants does not have a water proof case, and may also be involved in some of the dubious transactions let alone as chairman of the board sign-off on MF.... Will Steinhoff be able to recover any losses FROM CW?. Need alot more info from pwc report.

Steinhoff not a going concern....hope they have reprieve from frankfurt and jse to issues 2018 and complete restructuring.... If restructuring fails. This would be the final nail in the coffin.....but there are too many vested parties here.

VEB and claimants can work with Steinhoff to get 30c to a Rand.... Or get nothing at all. This too will be an extremely long drawn out process. VEB needs to agree a settlement strategy. Based on losses and share strategy... Else everyone loses....

The restructuring deal is the most critical and the conclusion of this will put enough life blood into this share.



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IN the so called grand plan by management...  Dont fall for that....They got no choice...they have to sell anything and everything just to survive bar PEP( Wiese lay your hands off my Jewels or)

 

This is a goner in my books...All the bandaid not gona help....

 

Invest at your own peril...or stay invested at your own peril i should say...

Edited by Polly, 09 May 2019 - 08:09 AM.

[Investment novice]

CW.... One of the largest claimants does not have a water proof case, and may also be involved in some of the dubious transactions let alone as chairman of the board sign-off on MF.... Will Steinhoff be able to recover any losses FROM CW?. Need alot more info from pwc report.

Steinhoff not a going concern....hope they have reprieve from frankfurt and jse to issues 2018 and complete restructuring.... If restructuring fails. This would be the final nail in the coffin.....but there are too many vested parties here.

VEB and claimants can work with Steinhoff to get 30c to a Rand.... Or get nothing at all. This too will be an extremely long drawn out process. VEB needs to agree a settlement strategy. Based on losses and share strategy... Else everyone loses....

The restructuring deal is the most critical and the conclusion of this will put enough life blood into this share.



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[LarryK]

HO dear ho dear what have we here!!!!!

https://www.business...teinhoff-2019-5

Highlight:

"Upington Investments, which is controlled by former Steinhoff chairman Christo Wiese, granted a loan of €47.4 million to
Steinhoff, with an interest of 0.5% per year. Steinhoff says that it does not appear from the minutes of board meetings
that Wiese reported his potential conflict of interest, in accordance to company rules.

While Wiese hold 90% of Upington, other Steinhoff directors including Jooste hold 10%. Upington also purchased 315 million
Steinhoff shares as part of a capital raising, for which it received a “underwriting commission” of €39.7 million.

The report found that Steinhoff paid for aviation services from a company owned in part by Markus Jooste and former CEO
Danie van der Merwe. Steinhoff also struck a deal with a company controlled by Wiese to rent its Boeing Business Jet for €19 631 (excl. VAT) an hour.

In total, more than €844,000 was paid to Wiese’s company"

Dad do you think this could affect his claim against snh?

Edited by LarryK, 09 May 2019 - 07:58 AM.

[DayTraderDad]

HO dear ho dear what have we here!!!!!

https://www.business...teinhoff-2019-5

Highlight:

"Upington Investments, which is controlled by former Steinhoff chairman Christo Wiese, granted a loan of €47.4 million to
Steinhoff, with an interest of 0.5% per year. Steinhoff says that it does not appear from the minutes of board meetings
that Wiese reported his potential conflict of interest, in accordance to company rules.

While Wiese hold 90% of Upington, other Steinhoff directors including Jooste hold 10%. Upington also purchased 315 million
Steinhoff shares as part of a capital raising, for which it received a “underwriting commission” of €39.7 million.

The report found that Steinhoff paid for aviation services from a company owned in part by Markus Jooste and former CEO
Danie van der Merwe. Steinhoff also struck a deal with a company controlled by Wiese to rent its Boeing Business Jet for €19 631 (excl. VAT) an hour.

In total, more than €844,000 was paid to Wiese’s company"

[andi222]

Hi Captain,

 

thanks for the addition, somewhat missed the confo part. But as you have mentioned it might have a good impact on NAV.

 

Looks like 11 cents is holding. Let's hope this lasts till end of business.

[Captainfrom82]

Yeah those AFS just give us a base, so much has changed since then. We need AFS for 2018 to see where progress has been made.

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Andi222,

 

Without wishing to intervene in your discussions with Polly, I wanted to say that your response was the closest thing to my own thoughts. 

 

People need to realise that the single most important point is that the AFS2017 is the STARTING POINT of the Steinhoff recovery.  This first step had to happen in order for the follow up next steps to be taken.  The 2017 Balance Sheet was never ever going to be pretty.  I am not sure why people are so fussed about them.

 

The other important point is that the Balance Sheet is the 2017 historic snapshot.  It is not really that relevant in 2019 - it is almost two years old in an organization that has changed its asset base and restructured materially .  However, in order to get to an updated financial position, the 2017 needs to be processed.  Personally, I think that it is fantastic that they impair as much as possible on the historic financial statements.  You cannot impair beyond zero.

 

Even the 2018 financials will not reflect the asset disposals beyond 30 Sept 2018.  If the LUA is formally signed (expected non 31 May), then the and CVA hearing may be speedily resolved, which may as you state materially change the going concern status that the auditors have flagged.

 

I also wanted to make a minor correction regarding your comments on the LSW/Seifert/ Confo matter.  Only Seifert's objection to the CVA has been settled.  Hiis other two matters (the loan and the equity challenge) remain a live outstanding legal challenge.   It is worth considering this position against the backdrop of the 49% equity that Steinhoff have given up.  If Steinhoff loses the lawsuit to Seifert, they would immediately have to change from consolidating Confo to equity accounting.  This will have a material impact on the Steinhoff financials.  Since Confo has been flagged currently with negative equity, the unbundling from consolidation to equity accounting will have an enormously positive NAV impact.

 

Lastly, all of these matters are understood by Steinhoff and are part of the restructuring grand plan.  I have posted before that very little is now being left to chance.

 

Best Regards

Captainfrom82

[andi222]

I think it has bottomed support level is 0.1095 on my chart.

We just need to brace for the American open if it survives then should recover tomorrow.

In tradegate is now over 52 mil shares traded with lots of it being above 0.1250

 

Yeah seems like it survived the first attack. Let's hope it can hold after US open. If yes we will see a good run upwards until AFS 2018 are released. If it drops below this I see the next support at 10 cents. If it breaks the 10 cents we have a serious problem and the next stop would be 7 cents.

[DayTraderDad]

This share haha. If it drops below 11 cents we have a problem. But if it can hold 11 cents we have a solid upward trend.

I think it has bottomed support level is 0.1095 on my chart.

We just need to brace for the American open if it survives then should recover tomorrow.

In tradegate is now over 52 mil shares traded with lots of it being above 0.1250

[andi222]

This share haha. If it drops below 11 cents we have a problem. But if it can hold 11 cents we have a solid upward trend.

[Milo]

glad more realize it was a ponzi scheme under MJ!!  

 

 Not my personal opinion. I was watching CNBC Africa now now and there was a business commentator that said Steinhoff was a ponzi scheme run by a brilliant crook …..  What is funny the same guy previously said Steinhoff had no equal in retail and MJ is one of South Africa most talented CEO. And the stock is hot and must be invested in. I think DTD still posted a YouTube video on that for fun. What I am trying to say is people must get over the past now. New management is starting with a clean slate. Anyway does not look good at the moment but might change over the week after everybody analyzed the financials etc....

[DayTraderDad]

Specially for the TROLL and MINNIE ME:

DayTraderDad
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Posted 29 April 2019 - 01:49 PM

For me the share price going to drop to the R1.68 - R1.72 or there about on the 7th May.

The real recovery will only start after the final restructure is concluded.

There still has to come announcements of further sales in Pepkor SA and Europe only after that will the share rise.
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[DayTraderDad]

glad more realize it was a ponzi scheme under MJ!!  

Hahah snippit sends greetings believe you got tired of talking to yourself on the new thread!!!!

[Polly]

 

Steinhoff is not run by MJ anymore so it is not a ponzi scheme anymore. You right the share price is finding a base with the 2017 financials and will get better.

 

glad more realize it was a ponzi scheme under MJ!!  

[Polly]

dont know Milo...rest of week on JSE will be real test of its share price..Lets see if that +-1.70 holds...IF it hold till friday then maybe just maybe base building.. but njust too many uncertainties yet to confirm as base building...

i got a red hanger sale price of R 1.00 come next week!!!

[DayTraderDad]

remember it takes a big big stand for any auditor to submit a disclaimer of opinion , especially on a listed company..
 
Will make a nice homwork study....How many listed companies have survived a disclaimer of opinion on the JSE!!!!
Geez this will take weeks if not months to do to to to ascertain that info... but im pretty sure its nearly 99% , if not 100

Don't forget to get your figures right you tend to be dyslexic!!!

[DayTraderDad]

down 11% so far in germany...but fx must have got to do with a bit there

Spot on the R1.83 I told you fool!!!

[DayTraderDad]

Dickhead thats his opinion and not a fact so dont go about your own merry pumping idiotic way..
 
 
For all i care Andi could be right but another scenario things got progressively worse  from that afs to next.....
as in trading losses and  more impairments
 
This answer not for A but for Dickhead

Thanks rather be a dickhead then the village fool. Don't bother answering anything I don't pay attention of comments by a drop out accountant that got fired by SNH for lack of knowledge!!!

[DayTraderDad]

Yeah those AFS just give us a base, so much has changed since then. We need AFS for 2018 to see where progress has been made.

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Thank you!!

[Polly]

down 11% so far in germany...but fx must have got to do with a bit there