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Steinhoff


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#10581 Spree

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Posted 24 August 2017 - 03:59 PM

Good point, Goliath. Thanks.

You can add EOH, another former market darling to that list!

Strange that there has not yet been any sens released by Steinhoff, to calm the market and sooth shareholders concerns!

This is when your European listing could seriously backfire -- those EU regulators do not mess around when it comes to issuing fines!
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#10582 Goliath

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Posted 24 August 2017 - 02:48 PM

Do you guys think that this is a good buying opportunity, or should we wait for more clarity?

If the company is found guilty, what are the potential ramifications and effect on the company and share price? Are there more skeletons in the closet?

Or, is this a company we should steer clear of?

 

If you're a gambling man why not? But the market doesn't like something like this, just look at Pinnacle and how long it took for them to recover from dodgy directors..


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Never underestimate the potential for human stupidity when wealth and power are at stake!

#10583 Spree

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Posted 24 August 2017 - 01:01 PM

Do you guys think that this is a good buying opportunity, or should we wait for more clarity?

If the company is found guilty, what are the potential ramifications and effect on the company and share price? Are there more skeletons in the closet?

Or, is this a company we should steer clear of?
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#10584 Rulz3

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Posted 24 August 2017 - 11:32 AM

A translation from a German magazine below:

 

The public prosecutor's office in Oldenburg is investigating the chairman of the furniture manufacturer Steinhoff, Markus Jooste, because of the suspicion of the balance sheet forgery. This is reported by the manager magazine in its new edition, which will be available on Friday, August 25th. In addition, another high-ranking group manager as well as two other men from the MDax Group, the second largest European furniture manufacturer behind Ikea and the "Poco" furniture market, were accused.

The public prosecutor's office, which has been established since 2015, has the suspicion that "excessive revenues have been included in the balance sheets of group-owned companies". The background is contracts for the sale of intangible assets and / or company shares. Sellers and buyers were companies that were to come from Steinhoff. According to the public prosecutor's office, the various transactions are "three-digit millions". She rejected a comment on the names of the accused.

 

During raids in the offices of the Steinhoff-Europa headquarters in Westerstede as well as in the private homes of two Steinhoff confidants, the investigators ensured documents, which are supposed to have been signed by Andreas Seifert, co-managing director of the XXXLutz furniture chain.Seifert told the manager magazine that he had "never seen the papers before and had not signed them". He filed a criminal complaint for counterfeiting.

 

The Steinhoff Group, which also includes the German Möbeldiscounter Poco, employs more than 130,000 people on five continents. In the first six months of the current financial year, the company's financial position has deteriorated. The operating profit margin fell from 11.6 to 8.8 percent. Net debt fell from 2.9 to 6.5 billion euros.

Thank you for the info. Was worried it has something to do with Shoprite as well.


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#10585 DividendTycoon

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Posted 24 August 2017 - 10:21 AM

Anyone know why the sharp sell-off all of a sudden??

A translation from a German magazine below:

 

The public prosecutor's office in Oldenburg is investigating the chairman of the furniture manufacturer Steinhoff, Markus Jooste, because of the suspicion of the balance sheet forgery. This is reported by the manager magazine in its new edition, which will be available on Friday, August 25th. In addition, another high-ranking group manager as well as two other men from the MDax Group, the second largest European furniture manufacturer behind Ikea and the "Poco" furniture market, were accused.

The public prosecutor's office, which has been established since 2015, has the suspicion that "excessive revenues have been included in the balance sheets of group-owned companies". The background is contracts for the sale of intangible assets and / or company shares. Sellers and buyers were companies that were to come from Steinhoff. According to the public prosecutor's office, the various transactions are "three-digit millions". She rejected a comment on the names of the accused.

During raids in the offices of the Steinhoff-Europa headquarters in Westerstede as well as in the private homes of two Steinhoff confidants, the investigators ensured documents, which are supposed to have been signed by Andreas Seifert, co-managing director of the XXXLutz furniture chain.Seifert told the manager magazine that he had "never seen the papers before and had not signed them". He filed a criminal complaint for counterfeiting.

 

The Steinhoff Group, which also includes the German Möbeldiscounter Poco, employs more than 130,000 people on five continents. In the first six months of the current financial year, the company's financial position has deteriorated. The operating profit margin fell from 11.6 to 8.8 percent. Net debt fell from 2.9 to 6.5 billion euros.


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#10586 CrescoRSA

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Posted 24 August 2017 - 10:02 AM

Anyone know why the sharp sell-off all of a sudden??


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#10587 Spree

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Posted 20 June 2017 - 10:38 PM

Thank you Jack5
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#10588 Jack5

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Posted 20 June 2017 - 06:29 PM

Does anyone have an opinion of Steinhoff at these levels (R65)? Is this a decent entry point for long term accumulation? As usual, their results are not very easy to comprehend for the novice investor!

The Steinhoff business is a difficult one to understand because it keeps changing. They have been on a huge acquisition spree, and they need to start showing the results of these.

 

I personally like them because of the international exposure, and if their plan goes ahead to list their African assets separetly then it will be purely international earning foreign currency.

 

I think at R65 it's probably fairly priced at the moment, I am however hoping it goes a bit lower maybe below R60 but not sure it will get there.

 

I would love to hear other opinions too.


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#10589 Spree

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Posted 20 June 2017 - 03:15 PM

Does anyone have an opinion of Steinhoff at these levels (R65)? Is this a decent entry point for long term accumulation? As usual, their results are not very easy to comprehend for the novice investor!
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#10590 sommerso

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Posted 01 November 2016 - 03:55 PM

Hi Soletrader. 

 

Why exactly would they do that? What will they accomplish through this?


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#10591 SoleTrader

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Posted 01 November 2016 - 03:06 PM

Why will Steinhoff fall? 

 

Shouldn't they climb some, with Shoprite reporting 15% growth and having a higher share price? 

 

Just asking as I have no idea. 

 

The hedge funds will short Steinhoff against Shoprite.  Maybe its already happening!


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#10592 SoleTrader

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Posted 01 November 2016 - 02:27 PM

Why will Steinhoff fall? 

 

Shouldn't they climb some, with Shoprite reporting 15% growth and having a higher share price? 

 

Just asking as I have no idea. 

 

The hedge funds will short Steinhoff against Shoprite.  Maybe its already happening!


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#10593 sommerso

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Posted 01 November 2016 - 11:45 AM

Why will Steinhoff fall? 

 

Shouldn't they climb some, with Shoprite reporting 15% growth and having a higher share price? 

 

Just asking as I have no idea. 


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#10594 SoleTrader

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Posted 31 October 2016 - 07:36 PM

Steinhoff will fall and Shoprite will rally initially
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#10595 SoleTrader

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Posted 31 October 2016 - 07:35 PM

Steinhoff will fall and Shoprite will rally initially
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#10596 sommerso

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Posted 31 October 2016 - 11:54 AM

Rumor mill is churning again and whispers around the watercooler was that Mr Wiese is possibly thinking of having Steinhoff purchasing Shoprite. Now we don't know his thoughts to be sure, but the retirement of Mr Basson as Shoprite CEO so shortly after rumours and speculations were printed I have a question 

 

What will Steinhoff shares do if it would purchase Shoprite and what would Shoprite shares do with such an offer on the table? Could Steinhoff suddenly trade at R132 a share? Or are they looking at only a 10% or 15% climb?

 

 


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#10597 saint1

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Posted 25 November 2015 - 09:23 AM

thank you moonraker


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#10598 Moonraker

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Posted 25 November 2015 - 08:41 AM

It appears that you don't have to take any action going by their SENS .. ( I suppose they will be listed on the JSE as Steinhoff N.V. - code SNH)

 

Action 2015

Application for the delisting of Steinhoff ordinary shares to be lodged with the JSE Monday, 23 November
on

Last day to trade Steinhoff ordinary shares on the JSE in order to be recorded in Friday, 27 November
the register to receive the Scheme Consideration on

Suspension of listing from the main board of the JSE of Steinhoff ordinary shares at Monday,30 November
commencement of trading on

Listing and trading of Steinhoff N.V. ordinary shares on the JSE in anticipation of Monday,30 November
receipt of such shares on the Operative Date with ISIN NL0011375019 under share
code SNH on

Scheme record date, being the time and date on which Shareholders must be Friday, 4 December
recorded in the register to receive the Scheme Consideration by 17h00 on

Operative Date of the Scheme on Monday, 7 December

Dematerialised Shareholders to have their accounts (held at their CSDP or broker) Monday, 7 December
updated on

Commencement of trading of Steinhoff N.V. ordinary shares on the FSE (expected Monday, 7 December
to be 09h00 CET) with ISIN NL0011375019 under share code SNH on

Termination of listing of Steinhoff ordinary shares from the main board of the JSE at Monday, 7 December

the commencement of trading in Johannesburg on


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#10599 saint1

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Posted 25 November 2015 - 04:20 AM

So Steinhoff delisting and relisting as Genisis, I see there is a note under Special Announcements on the SBK web site. I want to keep my shares in Steinhoff but cant make head or tail of the SENs.

Must any action be taken or if no action do your shares automatically get converted to the new listing?


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