15225 replies to this topic

[Lionelza1]

Hi Lionelza1,

They have not settled the LSW/Seifert claim. All that has happened is that they have agreed that Seifert cannot impede the LUA & CVA process.

But the wider lawsuit is still open.

Best Regards
Captainfrom82

OK thanks for explanation am understanding better, so then we should not have a delay with AFS right? As per previous sens delay would've been as a result of challenge to CVA which seemingly now is not the case...

And if it is so, I still see this agreement bet. Snh and LSW as good news as we should now expect AFS without further delay right

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[Captainfrom82]

   

Yea i hear what ur saying about brexit and yes it does influence share price BUT, snh share price did not fall because of brexit

SNH settled with LSW ±3mnths ago for €271m in poco.
We do not know details of settlement on todays sens? Awaiting courts to make a ruling

So i am guessing market is waiting on that news? am hoping it is good! And we should see restated accounts soon which is even better right?

 

 

Hi Lionelza1,

 

They have not settled the LSW/Seifert claim.  All that has happened is that they have agreed that Seifert cannot impede the LUA & CVA process.

 

But the wider lawsuit is still open.

 

Best Regards

Captainfrom82

[DayTraderDad]

Extensions granted:

 

https://www.dgap.de/...?newsID=1138203

 

Head office liquidity

The Company continues to actively monitor cash flows and manage other liabilities (including

contingent claims, tax and bilateral facilities) as well as funding needs that may arise at the

subsidiary level.

Conforama

On 21 December 2018, the Group agreed to make an additional short-term bridge funding

facility of EUR50 million available to Conforama to provide working capital support. This facility

remains in place.

Pepkor Europe Limited

The Company is preparing to launch a consent request under the Lock-Up Agreement that

will allow Pepkor Europe Limited and its subsidiaries (the “Pepkor Europe Group”) to, amongst

other things, refinance certain existing credit facilities, repay certain intragroup loans, incur

additional debt and engage in a refinancing where one of the arrangers is a well-known

international bank, signalising a normalisation of the Pepkor Europe Group’s financing

arrangements.

[DayTraderDad]

FINANCIAL RESTRUCTURING – APPROVAL FOR EXTENSION OF LONG-STOP DATE UNDER THE SEAG

CVA, THE SFHG CVA AND THE LOCK-UP AGREEMENT

Steinhoff International Holdings N.V. (the “Company” and with its subsidiaries, the “Group”)

Defined terms used but not otherwise defined in this announcement shall have the same meaning as

in the company voluntary arrangement proposed in relation to SEAG (the "SEAG CVA") and/or the

company voluntary arrangement proposed in relation to SFHG (the "SFHG CVA") (as applicable and

as the context dictates).

As previously announced, on 15 March 2019 SEAG and SFHG launched CVA Consent Request No. 1

which proposed an extension of the CVA Long-Stop Date to 31 May 2019, provided that if a full, final

and non-appealable determination of the application issued by LSW GmbH challenging the SEAG

CVA has not occurred by 12.00pm (London time) on 18 April 2019, the CVA Long-Stop Date shall be

further automatically extended to 28 June 2019.

The requisite majority of creditors of SEAG and SFHG have provided their consent to the extension

of the CVA Long-Stop Date set out in CVA Consent Request No. 1. The CVA Long-Stop Date has

therefore been extended to 31 May 2019, subject to the automatic extension detailed above. The

approval of CVA Consent Request No. 1 will consequently extend the Long-Stop Date as defined in

and as applicable to the Lock-Up Agreement to be the same as the extended CVA Long-Stop Date.

The Supervisors and SFHG Supervisors will update the CVA Creditors and SFHG Creditors (as

applicable) in due course pursuant to the terms of the CVA and the SFHG CVA (as applicable).

It remains the objective of the Group to complete the Restructuring as soon as possible.

Shareholders and other investors in the Company are advised to exercise caution when dealing in

the securities of the Group.

[DayTraderDad]

   

Yea i hear what ur saying about brexit and yes it does influence share price BUT, snh share price did not fall because of brexit

SNH settled with LSW ±3mnths ago for €271m in poco.
We do not know details of settlement on todays sens? Awaiting courts to make a ruling

So i am guessing market is waiting on that news? am hoping it is good! And we should see restated accounts soon which is even better right?

Yes I am hoping too!!! SNH is certainly not for the faint hearted but I am still confident in a few months time SNH share price will be in a better place on the way to a good recovery.

[DayTraderDad]

Thank you Captain for the great explanation. Yes I agree totally there is so much going on that we have no idea. 

 

Haha well I guess we will need to buy Easter bunnies with lots of liqueur inside!!!

[Lionelza1]

 

I think at present the uncertainty in the BREXIT is putting pressure on the share price so depending how the voting goes like tonight it could influence the Monday price.

 

Yea i hear what ur saying about brexit and yes it does influence share price BUT, snh share price did not fall because of brexit

SNH settled with LSW ±3mnths ago for €271m in poco.
We do not know details of settlement on todays sens? Awaiting courts to make a ruling

So i am guessing market is waiting on that news? am hoping it is good! And we should see restated accounts soon which is even better right?

[Captainfrom82]

I think at present the uncertainty in the BREXIT is putting pressure on the share price so depending how the voting goes like tonight it could influence the Monday price.

 

There are a lot more undercurrents that is not open to the market and shareholders.  It is not yet done and dusted.  We have merely crossed one hurdle.  They have not settled the case with LSW.  Instead Steinhoff and LSW  merely agree that his opposition to the LUA & CVA being implemented is dropped. 

 

Also, as per the recent documents disclosed, Steinhoff are preparing to settle the various incentives that they had previously offered to get the LUA approval.  These will be paid over the next weeks.  So I am thinking that the unbundling of KAP and Unitrans was to get the funds for this.  I have tried to determine these incentive costs.  It is impossibly complicated without having sight of the contracts. I don't think the sweeteners ran to E300m, but you never know.  It is better to be safe.

 

Lastly, there is an enormous volume of work that needs to be done.  As a stock taking exercise, I have being going through my Steinhoff Risk Register.  It is still bewilderingly difficult and complicated.  

1. Still have to close out the Seifert/LSW matter
2. Just keeping track of the LUA and CVA process is a HUGE challenge. 
3. All the creditors will be receiving fortnightly updates - they ahve set up a special committee for this.  All interactions need to be tracked.
4. PwC report corrective actions on an ongoing basis.  Police and other regulatory engagements.
5. The various Tax implications and authorities regarding recalculations.  Engaging with tax specialists.
6. Identifying and unbundling assets that are not considered core.  Managing this entire process.
7. Working with the litigant shareholders and their legal representatives.
8. Working with the vendor claims.
9. The ongoing overall Restructuring and how this must be actioned.
10. And above all of this, they still have to operationally run a multinational business with around 100k employees.

 

I wish I had sight of the overarching grand plan document.  But until then, we have to be watchful and keep each other abreast.  Thank you for your constant actions DTD.  It is appreciated.

 

The management team have done exceptionally well under the circumstances.

 

Up to yesterday I thought that Steinhoff may ask for an extension to 2 May. 

 

But I think that we are on track to receive the audited financials on 18 April 2019.  I do not think it will come before then.  Someone posted earlier that Steinhoff will likely release after 17h00 and use the long Easter weekend to allow a cooling period to avoid itchy finger syndrome.  This seems logical. 

 

Baby steps guys...we'll get there.

 

Best Regards

Captainfrom82

[DayTraderDad]

 

 

The share price went up 11% but everybody thought it was the sale of KAP share but in reality must have been the fact that there was going to be settlement.

 

If you look as the post in the forum we have been talking about this possibility.

 

We as small investors compared with the finance house always get the news long after the event very much like a husband being the last one to know his wife is cheating.

 

 

I think at present the uncertainty in the BREXIT is putting pressure on the share price so depending how the voting goes like tonight it could influence the Monday price.

[DayTraderDad]

If that is the case then market reaction rather dismal to such exciting news

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The share price went up 11% but everybody thought it was the sale of KAP share but in reality must have been the fact that there was going to be settlement.

 

If you look as the post in the forum we have been talking about this possibility.

 

We as small investors compared with the finance house always get the news long after the event very much like a husband being the last one to know his wife is cheating.

 

[Lionelza1]

As per Captain post there was lots of talk in Germany about the settlement so the rise we saw from the 26th I think was already expecting this news. The CVA consent requests have been extended to today 1700h London time. I think its important that CVA extension is approved maybe market waiting for the confirmation extension granted.
https://www.lucid-is.../03/CVAEXT2.pdf

If that is the case then market reaction rather dismal to such exciting news

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[DayTraderDad]

This is excellent news... I'm surprised market not reacting accordingly... Or I was expecting moer se pump


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As per Captain post there was lots of talk in Germany about the settlement so the rise we saw from the 26th I think was already expecting this news.  The CVA consent requests have been extended to today 1700h London time. I think its important that CVA extension is approved maybe market waiting for the confirmation extension granted.

https://www.lucid-is.../03/CVAEXT2.pdf

[Investment novice]

This is good news. Market awaiting finalization of restructuring... Will see increased volumes pointing to that... Until restructuring is not concluded will not see massive movements.
Next news we await I's finalization of financials which could be sooner than anticipated as pwc concluded. Expect next rally around that and then a second around restructuring....hopefully no dampeners... Imagine the energy around a positive cw engagement

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[Investment novice]

This is good news. Market awaiting finalization of restructuring... Will see increased volumes pointing to that... Until restructuring is not concluded will not see massive movements.
Next news we await I's finalization of financials which could be sooner than anticipated as pwc concluded. Expect next rally around that and then a second around restructuring....hopefully no dampeners... Imagine the energy around a positive cw engagement

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[Lionelza1]

Perhaps market waiting to see what agreement is?

[Lionelza1]

Maybe a fair move on the share price but this clears a massive amount of problems out before 18 April....

This is excellent news... I'm surprised market not reacting accordingly... Or I was expecting moer se pump


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[Chris101]

STEINHOFF INTERNATIONAL HOLDINGS N.V. - STEINHOFF PROGRESS ON RESOLVING CHALLENGE TO THE IMPLEMENTATION OF THE SEAG CVA 29 March 2019 8:00

SNH SHFF 201903290004A
Steinhoff – Progress On Resolving Challenge To The Implementation Of The SEAG CVA

Steinhoff International Holdings N.V.
(Incorporated in the Netherlands)
(Registration number: 63570173)
Share Code: SNH
ISIN: NL0011375019

Steinhoff Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1954/001893/06)
JSE Code: SHFF
ISIN: ZAE000068367

STEINHOFF – PROGRESS ON RESOLVING CHALLENGE TO THE IMPLEMENTATION OF THE SEAG CVA

Steinhoff International Holdings N.V. (the "Company" and with its subsidiaries, the "Group")

Defined terms used but not otherwise defined in this announcement shall have the same
meaning as in the company voluntary arrangement proposed in relation to SEAG (the "SEAG
CVA") and/or the company voluntary arrangement proposed in relation to SFHG (the "SFHG
CVA") (as applicable and as the context dictates).

As reported previously, the SEAG CVA and the SFHG CVA were both approved by significant
majorities of their respective creditors and by their members at meetings held on 14 December
2018. The SEAG CVA documentation and SFHG CVA documentation can be downloaded at
www.lucid-is.com/steinhoff.

As reported on 11 January 2019 and referred to in subsequent announcements, on 10 January
2019 SEAG was notified of an application issued by LSW, a company claiming to be a creditor
of SEAG, challenging the SEAG CVA (the "Application").

On 21 March 2019, SEAG and SFHG launched CVA Consent Request No. 2 which proposed
certain amendments and modifications to the SEAG CVA, the SFHG CVA and certain of the
Restructuring Documents in order to address certain of the grounds of challenge asserted by
LSW in the Application. The requisite majority of creditors of SEAG and SFHG provided their
consent to the proposed amendments set out in CVA Consent Request No. 2. Accordingly,
the SEAG CVA, the SFHG CVA and the relevant Restructuring Documents have been
amended and restated and will be available at www.lucid-is.com/steinhoff.

On 28 March 2019, the Company and LSW agreed that the Application be dismissed on
consensual terms. The parties accordingly filed with the court a Consent Order giving effect
(if and when approved by the court) to that agreement.

Once the court has approved the Consent Order, the Supervisors and SFHG Supervisors will
update the CVA Creditors and SFHG Creditors (as applicable) pursuant to the terms of the
CVA and the SFHG CVA (as applicable).

It remains the objective of the Group to complete the Restructuring as soon as possible.
Shareholders and other investors in the Company are advised to exercise caution when
dealing in the securities of the Group.

JSE Sponsor: PSG Capital
Stellenbosch, 29 March 2019

 

Maybe a fair move on the share price but this clears a massive amount of problems out before 18 April....

[Chris101]

STEINHOFF INTERNATIONAL HOLDINGS N.V. - STEINHOFF PROGRESS ON RESOLVING CHALLENGE TO THE IMPLEMENTATION OF THE SEAG CVA 29 March 2019 8:00

SNH SHFF 201903290004A
Steinhoff – Progress On Resolving Challenge To The Implementation Of The SEAG CVA

Steinhoff International Holdings N.V.
(Incorporated in the Netherlands)
(Registration number: 63570173)
Share Code: SNH
ISIN: NL0011375019

Steinhoff Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1954/001893/06)
JSE Code: SHFF
ISIN: ZAE000068367

STEINHOFF – PROGRESS ON RESOLVING CHALLENGE TO THE IMPLEMENTATION OF THE SEAG CVA

Steinhoff International Holdings N.V. (the "Company" and with its subsidiaries, the "Group")

Defined terms used but not otherwise defined in this announcement shall have the same
meaning as in the company voluntary arrangement proposed in relation to SEAG (the "SEAG
CVA") and/or the company voluntary arrangement proposed in relation to SFHG (the "SFHG
CVA") (as applicable and as the context dictates).

As reported previously, the SEAG CVA and the SFHG CVA were both approved by significant
majorities of their respective creditors and by their members at meetings held on 14 December
2018. The SEAG CVA documentation and SFHG CVA documentation can be downloaded at
www.lucid-is.com/steinhoff.

As reported on 11 January 2019 and referred to in subsequent announcements, on 10 January
2019 SEAG was notified of an application issued by LSW, a company claiming to be a creditor
of SEAG, challenging the SEAG CVA (the "Application").

On 21 March 2019, SEAG and SFHG launched CVA Consent Request No. 2 which proposed
certain amendments and modifications to the SEAG CVA, the SFHG CVA and certain of the
Restructuring Documents in order to address certain of the grounds of challenge asserted by
LSW in the Application. The requisite majority of creditors of SEAG and SFHG provided their
consent to the proposed amendments set out in CVA Consent Request No. 2. Accordingly,
the SEAG CVA, the SFHG CVA and the relevant Restructuring Documents have been
amended and restated and will be available at www.lucid-is.com/steinhoff.

On 28 March 2019, the Company and LSW agreed that the Application be dismissed on
consensual terms. The parties accordingly filed with the court a Consent Order giving effect
(if and when approved by the court) to that agreement.

Once the court has approved the Consent Order, the Supervisors and SFHG Supervisors will
update the CVA Creditors and SFHG Creditors (as applicable) pursuant to the terms of the
CVA and the SFHG CVA (as applicable).

It remains the objective of the Group to complete the Restructuring as soon as possible.
Shareholders and other investors in the Company are advised to exercise caution when
dealing in the securities of the Group.

JSE Sponsor: PSG Capital
Stellenbosch, 29 March 2019

 

[Lionelza1]

[quote name="Machine#curious" post="285098" timestamp="1553840396"]Sens out...


On 28 March 2019, the Company and LSW agreed that the Application be dismissed on consensual terms. The parties accordingly filed with the court a Consent Order giving effect (if and when approved by the court) to that agreement.[/quot

R3 here we come

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[Dell]

Sens out...

 

 

On 28 March 2019, the Company and LSW agreed that the Application be dismissed on consensual terms. The parties accordingly filed with the court a Consent Order giving effect (if and when approved by the court) to that agreement.