15225 replies to this topic

[seeking knowledge]

The only concern is have is that Steinhoff becomes a new entity. I heard Louis du Preez say it may during the parliamentary enquiries. If it does we could lose the bet ala Icelandic Bank. There are no signs of this yet so it is just something I keep in the back of my mind as possible. I don't know if they are obliged to give existing shareholders in Steinhoff shares in a new entity. That is a move they could make only if there is no other option and courts would approve to maintain jobs. This is my only concern and I do not see it happening yet.

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[Lionelza1]

hey Dad...something to think about while u sipping on your green stuff this w/e

 

they replace a con/liar (Jooste). with a professional BullSh!tter (du preez ex attorney), its only a matter of time that Mr Market see's right thru his bullsh!t...........if they havent already

 

haha have a lekka one

[seeking knowledge]

Facts not fiction! Think of a business with poor systems that allowed for fraudulent behaviour being completely overhauled to improve efficiencies. Will it be negative or positive? Is there no chance of survival. Everyone makes up there own minds and takes the risk or doesn't. No good absorbing full on negative news that is recycled a number of times in the press it is just noise. The real test will be in the 2019 trading results with audited financials behind us then the restructuring. I believe Heather Sonn that the best outcome for all parties is what they are working towards

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[DayTraderDad]

https://www.afr.com/...20190131-h1apgt

 

Furniture retailer Greenlit Brands is considering selling non-core assets and using the proceeds to reduce debt while separating from troubled parent Steinhoff International.

According to accounts lodged with the Australian Securities and Investments Commission on Thursday, Greenlit Brands lost $23.7 million in the 12 months ending September, compared with a profit of $41.6 million in the previous 15-month period, after booking $55.7 million in restructuring costs.

However, underlying earnings before interest, tax, depreciation and amortisation rose 3 per cent to $101.2 million, even though sales fell to $2.03 billion from $2.26 billion in the previous 15-month period.

Greenlit Brands, the owner of Fantastic Furniture, is considering selling non-core assets and further distancing itself from troubled parent Steinhoff International. Louie Douvis

 

The company, which owns furniture chains Freedom, Fantastic Furniture and Snooze and department stores Best & Less and Harris Scarfe, slashed staff costs by 9 per cent, rental expenses by 14 per cent and marketing costs by 7 per cent, while finance expenses fell $7 million to $24.5 million after the company refinanced almost $500 million of debt.

 

 

Despite tough retail conditions, earnings grew in all key businesses except Freedom, which dropped prices as part of a shift to an everyday value pricing model during the year.

 

Online sales across the group doubled after investments to build e-commerce capabilities, non-core assets were sold, and the company extended trademark licensing agreements after changing its name from Steinhoff Asia Pacific to Greenlit Brands during the year.

 

"In 2018, we delivered a financial result and a business performance to be proud of, especially given the extraordinary circumstances we had to contend with involving our parent company," said chief executive Michael Ford.

Mr Ford, the former chief executive of The Good Guys, joined Steinhoff Asia Pacific in late 2017, shortly before Steinhoff International, the world's second-largest furniture retailer after IKEA, was embroiled in a global accounting scandal.

"Our rebranding to Greenlit Brands and the refinancing initiative that we secured in 2018 provides us with a stable base to carefully assess our existing portfolio and the future growth options for all our brands and our group as a whole," he said.

"We also continue to carefully and methodically consider various options around separation from ownership by Steinhoff International, now from a position of strength and stability."

According to the accounts, Greenlit is considering "re-purposing non retail investments" into debt retirement or retail asset investment, and looking at various options to sever itself from Steinhoff International.

The Australian company still has $324.5 million in related party loans and bank loans of $115.6 million, taking total borrowings to $493.8 million.

In September, Greenlit signed a new financing package with a syndicate of three banks — ANZ, National Australia Bank and Deutsche Bank — that included a senior facility of $256 million expiring in October 2020. The new facility replaced a $300 million, 12-month facility agreed to in February with Steinhoff's previous syndicate of six local and international banks.

Over the last 12 months Greenlit has been in talks with lenders about a management buyout, demerger and initial public offering and has explored a trade sale, with suitors including private-equity firm KKR, Harvey Norman and Nick Scali said to have shown interest.

The new corporate name suggested Greenlit was favouring an IPO. However, the company may have to review its plans given the difficult discretionary retail environment and downturn in consumer stocks.

Greenlit Brands has 640 stores in Australia and New Zealand, eight manufacturing sites in Australia, China and Vietnam, and generates annual sales of more than $2 billion, split between homewares and general merchandise.

Interesting the results that are mention above are very much in line with the article of Sarel Oberholster!!!

[DayTraderDad]

There is always the possibility of ZERO but looking at volumes and the lack of selling pressure kiss good bye to R1.70!! Welcome R2.00 looks like the right shoulder low now in place.

Forgot the rand will also start the weakening process that will help.

[DayTraderDad]

Yes either going to be good or little bit bad I hope

There is always the possibility of ZERO but looking at volumes and the lack of selling pressure kiss good bye to R1.70!! Welcome R2.00 looks like the right shoulder low now in place.

[Milo]

Yes either going to be good or little bit bad I hope

[Polly]

 

The left shoulder and head is completed and the right shoulder is busy forming.  If the right shoulder is completed then you might have to buckle up.   The share might shoot up if there is good reports and news etc… coming up.

 

remember inverse head and shoulders rules???...If it fails it goes down by same distance as it was to suppose to go up....

 

PS: just saying the other alternative...

Edited by Polly, 01 February 2019 - 01:58 PM.

[Lionelza1]

 

Haha look for your seat belt like Milo said!!

 

haha i'll drink to that

[DayTraderDad]

u drinking green beers and i must have a debate with you?.....haha you'll fokkin drive me insane!.....no thanks

 

i just feel u should have more exposure to the "real" world.

 

anywayz just chill, lets be fokken PATIENT as they pull wool over your eyes.....pfffttt

Haha look for your seat belt like Milo said!!

[Lionelza1]

Haha yes its the green beers that keep me sane from the negativity you and Polly produce. I can read just could not understand why you did not know that SNH never mention anything about financials in DEC 2018. Why don't you tell me what it is that makes you have such a hate for Management especially Du Preez is new in the job trying his best to navigate out of this mess yet you already attack him with a pation not to mention being disrespectful.  I am also angry but with the auditors because after listening to the big four testimony in House of Commons (the Audit testimony that I posted yesterday) and hearing the auditors saying the market have the wrong expectations of audits and they are not in a lookout for fraud etc and income from other service is much more than the income from audits with some instances audit companies making looses on audits and making money in consultancy of other service. So exactly what is other service if it is not to help management maximise the law? So now I see red when I hear or see an accountant firm because its them that should have the bxxls to stop fraud yet they help the likes of Jooste to circumvent the system so that they can make money. So that's why I say for me financials are only indications not to be relied upon.

u drinking green beers and i must have a debate with you?.....haha you'll fokkin drive me insane!.....no thanks

 

i just feel u should have more exposure to the "real" world.

 

anywayz just chill, lets be fokken PATIENT as they pull wool over your eyes.....pfffttt

[DayTraderDad]

 

Lionelza1, on 31 Jan 2019 - 7:08 PM, said:

haha thats the problem with you, u not reading things properly....im very well aware of the diarised dates.......i was asking where did sharenet get 31dec

 

its all that friggen green stuff u smoking and drinking....not good for you

 

and yes i will attack management....or shud i attack their suppliers? or the creditors? or jooste's friggen shauffer?

 

Haha yes its the green beers that keep me sane from the negativity you and Polly produce. I can read just could not understand why you did not know that SNH never mention anything about financials in DEC 2018. Why don't you tell me what it is that makes you have such a hate for Management especially Du Preez is new in the job trying his best to navigate out of this mess yet you already attack him with a pation not to mention being disrespectful.  I am also angry but with the auditors because after listening to the big four testimony in House of Commons (the Audit testimony that I posted yesterday) and hearing the auditors saying the market have the wrong expectations of audits and they are not in a lookout for fraud etc and income from other service is much more than the income from audits with some instances audit companies making looses on audits and making money in consultancy of other service. So exactly what is other service if it is not to help management maximise the law? So now I see red when I hear or see an accountant firm because its them that should have the bxxls to stop fraud yet they help the likes of Jooste to circumvent the system so that they can make money. So that's why I say for me financials are only indications not to be relied upon.

[Lionelza1]

Haha Lionel the reason I posted that was because yesterday you were confused with the dates that you got from sharenet!!!  But again always attacking management.

Lionelza1, on 31 Jan 2019 - 7:08 PM, said:

Results September 2017 Final estimated to be released on Monday , 31 December 2018

http://www.sharenet....e.php?scode=SNH

 

that sept 2017 final estimated ......to be released 31dec2018? i have not being following that, but im pretty sure sharenet did not thumbsuck that date. so what happened?

haha thats the problem with you, u not reading things properly....im very well aware of the diarised dates.......i was asking where did sharenet get 31dec

 

its all that friggen green stuff u smoking and drinking....not good for you

 

and yes i will attack management....or shud i attack their suppliers? or the creditors? or jooste's friggen shauffer?

[DayTraderDad]

Polly, could you please SUM up the points that you see as negative in the pepkor report.

Yes, finance cost shot up but obviously they had to pay back the 15 billion rand loan to Steinhoff. They had to secure other financing here.

Yes, the divided was relativly small, but obviously they are using the rest of the profits to reduce debt. They paid around 2 billion dividends.

After all this they covered their interest expense, kept around 1 billion rand from the proft to repay debt.

I would say getting out of the scandal this is some solid results. If u look at current environment in SA.





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Also don't forget Pepkor opened another 428 stores in FY2018 and with that there is also costs for increased inventories, salaries etc but sadly this is overlooked because people have such hate for the Managements that cannot give proper information and do not read the Management reports which explains nicely what is going on but just put up topline figures and look for negativity.

[Milo]

i have not seen formation of head and shoulders......is this still happening?

 

The 1 thing i appreciated about Heather Sonn on that parli process, was that she did not BS, even when pressured to do so by the chair.

 

The one thing i noticed about useless du preez, he shoots his mouth big time. 

 

still believe in this share comming right, but the more nonsense and BS we are fed by this useless management, the more this share get gemoerd

The left shoulder and head is completed and the right shoulder is busy forming.  If the right shoulder is completed then you might have to buckle up.   The share might shoot up if there is good reports and news etc… coming up.

[DayTraderDad]

Out of curiosity when and how many..i cant open that...thanks

Top 10 shareholders at 25/01/2019

 

Interesting Titan incresed by 2123923 and GOVERNMENT EMPLOYEES PENSION FUND PUBLIC INVESTMENT CORPORATION SECLEN increased by 2375997

 

STEINHOFF INTERNATIONAL HLDG N.V. Shares Held 2019/01/25 Change in Shares Held Shares Held 2018/12/28

 

 

CLEARSTREAM BANKING S.A LUXEMBOURG 2,411,209,987 11,144,800 2,400,065,187 

GOVERNMENT EMPLOYEES PENSION FUND PUBLIC INVESTMENT CORPORATION 273,897,828 0 273,897,828 

TITAN PREMIER INVESTMENTS (PTY) LTD 246,108,350 2,123,923 243,984,427 

JPMC-OPPENHEIMER LENDING ACCOUNT 115,822,130 0 115,822,130 

SSBTC CLIENT OMNI NON LUX OM01 56,175,985 155,305 56,020,680 

LANCASTER 101 PTY LTD CITI 51,526,717 0 51,526,717 

BUS VEN INVEST NO 1499 (PTY) LTD (P 42,729,864 0 42,729,864 

STEINHOFF INTERNATIONAL HOLDINGS NV 40,118,093 0 40,118,093 

STEINHOFF AFRICA HOLDINGS PTY LTD 33,995,232 0 33,995,232 

GOVERNMENT EMPLOYEES PENSION FUND PUBLIC INVESTMENT CORPORATION SECLEN 30,110,592 2,375,997 27,734,595 

[DayTraderDad]

According to https://www.companyshareholders.com/ Christo Wiese bought more shares. If this is true then he doesn't even believe his claim has a chance haha.

Exactly Wiese company TITAN has been buying into SNH on the JSE taking peanuts to buy a big jewel!!! 

[Midas1]

Out of curiosity when and how many..i cant open that...thanks

[DayTraderDad]

Financial statements
The Company currently anticipates publishing its Group audited financial statements for 2017
and 2018 by 18 April 2019, subject to any delay caused by the challenge to the SEAG CVA.

 

carefull on that 1.....they are telling you how useless and clueless they are......and shud that be the case that it is delayed, Mr Market gonna be doing more moering of this special share.

 

what they shud rather do is fix that challenge first.....and then announce publication of AFS. instead they dangle that carrot

Haha Lionel the reason I posted that was because yesterday you were confused with the dates that you got from sharenet!!!  But again always attacking management.

[andi222]

According to https://www.companyshareholders.com/ Christo Wiese bought more shares. If this is true then he doesn't even believe his claim has a chance haha.