These are my thoughts, this way SNH can exchange shares for creditor debt. I think Hemisphere property is going to be sold (no point to pay 10% inerest on the loans) and the debt paid and who ever uses the properties will pay rental to the property owners.My vision is that at the end there will listings of MF, Pepkor Europe, Conforama listed and Greenlit with SNH has holding 51% of all listed companies with a EBITDA of about Euro450 mil per year with a debt of Euro 2.5 to 2.8. I also think they going to sell the share holding in Pepkor SA to 51%. As for the liabilities there has still to be proved that there was fraud committed and over evaluation with backup paper work don't think is fraud. VEB claim will eventually disappear as well as the Wiese and other because after all this restructure the share could well get back to the R20 or R30 ever a period of 5 years and therefore there would be limited looses to the hold shareholders. Maybe I am smoking green tobacco but sounds good to me. Hahaha
Think you spot on 'dad'.
Creditors at this point a very expensive financing agreement, obviously influenced with the risk. Although 'investor funding' is a cheaper option it may be harder to find investors due to SOTP and reputation with MF being the main blockage. The IPO will have to be not over ambitious as most are. The obvious move for SNH will be to 'take' all of the IPO as a long term loan at much more reasonable terms than the creditors and get rid of the creditors 1 by 1, or use to restructure/refinance MF (if MF cannot obtain own funding).
The current CEO of MF, Steve Stagner has previously built up MF to where it was - you have to give credit to SNH, they brought in the-best-of-the-best. I am still a bit concerned that they only have CAs, Lawyers and Restructuring gurus at the top - innovation is lagging.
Obviously lot of competition from Amazon and other e-commerce players in the US space. Strong $ makes losses stronger (regrettably).
SNH is second only to IKEA, IKEA is privately owned, so hard to do a financial comparison, granted they have different target audiences.
The court cases will come and go, shareholders should put on their big boy/girl panties and get over it - investing has risks - the banks offer great returns for risk adverse investors.
Shareholders of Capitec did not sue Viceroy (shortsellers) or Capitec when the price dropped.
Here is the irony - If you (hypothetical you, no you as dad) are with VEB and were a SNH shareholder and are suing SNH, you are suing the shareholders that did not sell and still lost value (+ some of us that understand the underlying value + the balls punters). If you are with VEB and is still a SNH shareholder you are suing yourself (+ previous point others).
Someone mentioned conspiracy between SNH and creditors: dude or dudette - your social media license should be revoked because you fall in the fake news category.
When all of this comes to rest, the current board team needs to get a big enough bonus to have them lifelong medical and a piece of an island somewhere. The medical aid is to regrow hair and remove stress wrinkles :-) and in some cases tread excess stress weight accumulation, ulcers etc.
