Posted 26 September 2018 - 03:02 PM
Here are the moneyweb comments to view full article google steinhoff news...
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PurpleElephant 11 hours ago
I think you are excessively consipiratorial and seeing ghosts where there aren’t ones. It’s pretty simple – this is Pep and Ackerman’s two of the best businesses in SA. They have compounded value at 30 pct per year for 20 years and can continue to do so. They are highly defensible, high margin and highly cash generative. They had no involvement in the Steinhoff fraud and the employees have been victimised by the fraud — hence the provision taken to help them out. Steinhoff threw in JD and Tekkie which contribute almost no earnings to the group. Implicitly, the market does not value those businesses. Steinhoff also burdened Pepkor a little too much debt but they can deleverage fairly quickly — the refinancing of the intercompany loan allowed Steinhoff to repay SA banks and in turn release Pepkore guarantees. The prior connection with Steinhoff and the associate paranoia is an opportunity investors should capitalise on. Pepkor will prosper again.
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godfreya 6 hours ago
Pepkor might well prosper again, but most probably from a lower share price
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boogieman 6 hours ago
To the writer, Adriaan.
Thank you for the insightful article. However, the fact remains that the “issues” referred are ALL the making of Markus Jooste and Christo Weise, NOT the current management team of Pepkor. In fact Jooste and Weise dismissed the previous CEO’s of Pepkor (prior to Steinhoff purchase) and Shoprite for their own personal and illegal activities solely because those individuals refused to join their Ponzi Scheme.
The Tekkie Town deal, done directly between Jooste and Van Hyssteen allegedly done on a scrap piece of paper and according to the article was actually only worth 400 million in real term and the 3 billion was “goodwill”…… another Jooste “trick”.
This is new news which obviously originates from Van Hyssteen who clearly can’t get over the fact that he was duped by his old friend (Jooste) and now believes he must “attack” Pepkor management, but in fact should be attacking Jooste.
Was Van Hyssteen not part of the Pepkor management team and party to the new incentive scheme but who resigned and who is now looking for media support at every turn…… how psychopathic just like Jooste.
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grahamcr 6 hours ago
Wonder where Christo Wiese was during these financial manipulations and was he privy to these decisions.
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John33 5 hours ago
If the government really want to stop South African money from leaking to the overseas, well then stop allowing the companies to offshore the projects to cheaper overseas companies, and stop giving work permits to cheaper labour from oversea companies.
It’s a well known practice that local companies will always look for any and ever excuse to get the government to issue work permits, so that the company can import cheaper labour from offshore companies (also called offshore branches).
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Mactheknife 3 hours ago
A story like this might drive down the share price making it cheaper for Naspers to pick up! I still believe that Naspers is thinking along the lines of Alibaba and getting into the traditional retail space to support its online businesses Takalot and Superbalist. Time will tell
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