15225 replies to this topic

[Lionelza1]

10 page document that does not say much.....blah

[Lionelza1]

Look forward to the comments now...

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hahaha pump is on

[Investment novice]

Interesting to get Delloittes take on the findings. Falsified sales, intercomapny loans, backdated documents....
The auditing profession will have to respond on the system gaps here.


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[Investment novice]

Look forward to the comments now...

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[DayTraderDad]

As predicted:

 

Steinhoff International - Overview of forensic investigation

 

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

 

The Supervisory Board and the Management Board of the Company have now received a report from PricewaterhouseCoopers setting out their findings following the investigation initiated at the request of the Supervisory Board in December 2017.

 

The Company has today released an overview of the forensic investigation, available on the Company's website via the following link: www.steinhoffinternational.com.

 

Shareholders and other investors in the Company are advised to exercise caution when dealing in the securities of the Group.

 

Stellenbosch, 15 March 2019

[Investment novice]

https://www.sharenet...15173000&seq=70
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[Lionelza1]

big volumes eh and almost back to my initial price haha....worked like a dream! thats what happens when u learn from previous experiences...some learn, some dont.

 

Think i'll tata ma chance on this thing come monday.....u pumpers ready for the shock news? next tuesday will be interesting indeed

[DayTraderDad]

https://ceelegalmatt...-to-cotta-group

[DayTraderDad]

http://www.leparisie...019-8029728.php

 

"The Goal furniture brand could buy the Conforama store network. Following a meeting at the Labor Ministry on Monday, Conforama France central union delegate FO Jacques Mossé-Biagginoce said it was "a possible track"."

[DayTraderDad]

The Houston mattress retailer and the Kentucky manufacturer of lucrative Tempur-Pedic beds mutually agreed last month to drop all lawsuits against each other stemming from a contract dispute that led to the two companies parting ways in 2017. With Mattress Firm out of bankruptcy, two sleep industry giants said they are on speaking terms, although no agreements have been struck to get back together.

 

“We’re having a constructive dialogue, but we have no new news to share,” Mattress Firm Chairman and Chief Executive Steve Stagner said in his first public interview since the company emerged from Chapter 11 bankruptcy in November.

 

“When it comes to the Mattress Firm relationship, I would say it’s trending well,” Tempur Sealy Chief Executive Scott Thompson said in a conference call with analysts last month. “Communications continue to be constructive. In fact, communications have probably never been better, and we’re normalizing the relationship between the two companies.”

[Burnt as well]

Steinhoff Ex-Director Says PwC Reveals `Fraud on Grand Scale'

Thursday, March 14, 2019 09:17 PM

(Bloomberg) --Steinhoff International Holdings NV former non-executive director Johan Van Zyl says the long-awaited probe into an accounting scandal that almost destroyed the South African retailer reveals “fraud on a grand scale.”
Van Zyl, who quit just two days before a tempestuous annual shareholder meeting in Amsterdam in April, says in an interview with CNBC Africa a forensic report by PwC focuses on the wrongdoing of a “few individuals”. He didn’t name them. The report will be published “soon,” he said.

Those affected by the scandal want the authorities to prosecute wrongdoers, and people should “pay for their actions”, Van Zyl said. The company didn’t immediately respond to a request for comment.

[DayTraderDad]

The crisis-ridden furniture retailer Steinhoff will presumably sell real estate in Europe worth around 400 million euros. With the proceeds, the group wants to reduce its debt, the news agency Bloomberg reported, citing on the matter familiar persons on Thursday. The company has commissioned US real estate investment firm Eastdil Secured to sell department stores and manufacturing facilities in several countries, including the UK, Germany, Poland and Hungary. Neither Steinhoff nor Eastdil Secured wanted to comment on this first.

 

The furniture retailer was shaken in 2017 by a balance sheet scandal. In various countries, the group listed on the stock exchanges in Frankfurt and Johannesburg (South Africa) has its roots in Westerstede, Lower Saxony. The share price collapsed after the scandal became known - on the Frankfurt Stock Exchange, the paper was last traded for only about 12 cents.

 

 

So far, Steinhoff could not present a balance sheet, as auditors of PwC still investigate. At the beginning of December, the company had therefore announced that it would be able to submit its audited balance sheets for the 2017 and 2018 financial years, which ended at the end of September, probably only in mid-April 2019. In Germany, Steinhoff was known for the Poco chain, which the company has meanwhile sold.

 

 

 

Read more https://www.fonds-an...fen/2019/03/14/

[DayTraderDad]

Interesting to see the 20k and 35k share buys continues.
There’s some proper accumulation happening.

I agree but it could also be algorithm trading but time will tell!!

[LarryK]

Interesting to see the 20k and 35k share buys continues.
There’s some proper accumulation happening.

[DayTraderDad]

Hoping the market reaction is ultimately positive even though may see an initial sell off. Positive move expected due to reduction in uncertainty and progress. Would be great to also get feedback on positive momentum with restructuring and Seifert court case simultaneously.

May also see shareholders who sold out get back in to ride the wave of certainty and recoup losses rather than miss the boat and recoup only from legal settlement.
If there is an upswing will see alot more interest from traders... This could be a very interesting period for speculation and trading.

No the pump is not on... Not yet
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Yes I agree the headline news of the report is already known what is now to happen is who sues who so expect a pull back to the R1.88 then recovery daily until the 18th April. I believe old shareholders will jump back on board once report is out and certainly when the financials are out. The suing route will take long time and only the lawyers will make good money so for a investor the best option is to buy back and let the share price rise.

[Investment novice]

According to the article info from SNH insider the company is to issue a executive summary with key findings before the 19th March when Heather Sonn and Louis du Preez will appear parliament. So that leave three trading days my guess will be issue after close on friday.
The report is understood to be 15000 pages and going to name the individuals involved. Also the only there is no evidence that any nonexecutive director and CW knew anything.
So will be interesting to see the market reaction.

Hoping the market reaction is ultimately positive even though may see an initial sell off. Positive move expected due to reduction in uncertainty and progress. Would be great to also get feedback on positive momentum with restructuring and Seifert court case simultaneously.

May also see shareholders who sold out get back in to ride the wave of certainty and recoup losses rather than miss the boat and recoup only from legal settlement.
If there is an upswing will see alot more interest from traders... This could be a very interesting period for speculation and trading.

No the pump is not on... Not yet
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[DayTraderDad]

Unlikely article will have substance. As sens would be required and company would have to publish info. This has been a tightly guarded secret for past 15 months.

Pls post headlines

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According to the article info from SNH insider the company is to issue a executive summary with key findings before the 19th March when Heather Sonn and Louis du Preez will appear parliament. So that leave three trading days my guess will be issue after close on friday.

The report is understood to be 15000 pages and going to name the individuals involved. Also the only there is no evidence that any nonexecutive director and CW knew anything. 

So will be interesting to see the market reaction.

[Investment novice]

Sorry cannot post its locked but you can signup for R10 for the month

Unlikely article will have substance. As sens would be required and company would have to publish info. This has been a tightly guarded secret for past 15 months.

Pls post headlines

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[DayTraderDad]

 

Today, 01:43 PM

The cat is out of the bag!!!! https://www.business...einhoff-report/

 

can you please paste the article, I don't have access...?

 

Sorry cannot post its locked but you can signup for R10 for the month

[Dell]

Today, 01:43 PM

The cat is out of the bag!!!! https://www.business...einhoff-report/

 

can you please paste the article, I don't have access...?