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[Burnt as well]

Steinhoff Seeks to Appoint Insolvency Expert Copley to Board

(Bloomberg) -- Steinhoff International Holdings NV is seeking to appoint insolvency practitioner Paul Copley to its supervisory board as the troubled global retailer adds expertise following an accounting scandal.

Copley is a former partner at PwC and worked as an administrator of Lehman Brothers, which collapsed during the financial crisis of 2008. He’s currently chief executive officer of Reykjavik-based Kaupthing EHF, the restructured successor of Icelandic Bank.

Steinhoff shares plunged more than 95 percent after the owner of Conforama in France and Matress Firm in the U.S. reported a hole in its accounts and said CEO Markus Jooste had quit. The retailer has since agreed to a debt restructuring with creditors and has sold off assets as it battles for survival. PwC is investigating its finances and is expected to report back by the end of the year.

Copely has been nominated to join the supervisory board and will act as an adviser until he is put up for approval at Steinhoff’s next annual general meeting, the South African company said in a statement Wednesday.

 

 

[Investment novice]

POUNDLAND is launching a £1 skincare range as the budget retailer looks to tap into what is tipped to be a £26.7billion beauty market.

PUBLISHED: 12:21, Tue, Aug 14, 2018UPDATED: 12:33, Tue, Aug 14, 2018

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The group said that its £6, six-piece skincare range will “inject some everyday luxury” into beauty routines. Products will include micellar cleansing water, day and night anti-ageing creams, collagen filler, eye cream and derma serum.
Research by Global Data shows annual spend per head on skincare is set to rise by £73 to £487 over the next five years, with the market to be worth £26.7billion by 2022.
Poundland, owned by South Africa’s Steinhoff, has been diversifying rapidly over the past few years.
To this end, the retailer is accelerating the rollout of Pep&Co fashion outlets within its stores as it ramps up competition with rival Primark.

The engines running..... All businesses are in survival mode.....
Good management... Good international footprint... Fantastic integrated supply chain......
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[Ms Jet]

https://www.iol.co.z...utcast-16522258 more or less what we know except i wasnt aware parliament datec29 aug...this isnt good as right before figures released on 31 august..

[LarryK]

Nice to see higher volumes at frankfurt compared to SA... Sustained for the past month

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IN why do see this as a positive?

Also, shouldnt we see more SNH JSE movement due to weaker ZAR?

[Investment novice]

Nice to see higher volumes at frankfurt compared to SA... Sustained for the past month

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[LarryK]

Looks like the market is waking up... 

[Investment novice]

Snh are doing exactly that....it just does make media... They working with moerlis and Co.... Spending big money on top notch restructuring and turnaround experts. They have analyzed all cash flows....established systems to fast track integration and are optimizing stores and merchandising. The only benefit of this crappy situation.... Was that integration was sped up.... Strategy is on survival making money reducing costs... There is no better stress to fight survive..
Storws have been closed.. And new ones open... Mf management struggling with leases and exiting some constrained relationships.....

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[Lionelza1]

In time sale of austrian company should start paying off..if they move quickly getting rid of dead wood could keep operating long term..by 2 year s time max..im out cause we all know likely we have 3 years in this..but could stay on longer depending on how it plays out

snh needs to make tough hard decisions and implement them as a matter or urgency.....close up shops/businesses that are non profitable. They signed a 3yr deal but need to focus on repaying debt within 2-2.5yrs to drive invester confidence and they need a team of management (ethical) with balls made of steel to move this company out of kak. Unfortunately jobs will be lost.

 

Repay % of losses to stakeholders as sign of good faith. Lawyers (vultures) are the ones who will score outta this deal.

 

Deloitte could suffer the similar fate of that of KPMG for blowing the whistle so late and must suffer the consequences

 

Achieve this and who knows.....R25 might be the new high in the next 5-10yrs

[Ms Jet]

In time sale of austrian company should start paying off..if they move quickly getting rid of dead wood could keep operating long term..by 2 year s time max..im out cause we all know likely we have 3 years in this..but could stay on longer depending on how it plays out

[Ms Jet]

Lets see re results..i think possibly an up there and down when.mf files bankruptcy cause it is a bit of a dirty word whatever the purpose..if steinhoff hasnt been sent court papers yet there could be dome positivity..initally veb was holding absa Deloitte etc responsible..

[Lionelza1]

I'm hoping it goes below R2.00.....would super pump this share....no wayz is snh a sunken ship...brought down to its knees hell yes....hard work and a long road ahead....recover it will...but long road for that

In my opinion the Aug results, will show some truth, and is not going to look good at all and we might even see a further drop. I feel those that are shorting this stock will make money in the short run....snh needs to cut down heavily on costs, improve profit margin,,,,and me sitting in thahiti sipping on martinis could still be realised haha

[Lionelza1]

Hope you disappointed and recovery is sustained

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I'm hoping it goes below R2.00.....would super pump this share....no wayz is snh a sunken ship...brought down to its knees hell yes....hard work and a long road ahead....recover it will...but long road for that

[Investment novice]

If you're a trader focus on the trends.
If you're an investor.. Understand this is high risk.. But you can buy salvage value.
The rest Is noise..

I feel for the shareholders and hope that they get money from settlement but more Importantly that the company survives.. In this way shareholders recoup more... Lawyers make money... Tax man makes money.. Jobs created and jobs saved... Oh tax man makes money again.... Cycle of money flows...
No condoning the transgressions... Snh trying to do what is right.. Maybe a little too late... But worthy of my money.... I write and I continue to invest... Not trade..

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[Ms Jet]

I hear you but given what you saying it gives traders/ investors about 3 years to transact...I feel for people who lost their money however soncr december we are all trying to personally make some money..

[Polly]

now to add salt to the wounds, the company is virtually insolvent. So chance of me getting anything today is NIL or at most R5000.00

 

However the company is in a restructuring process , selling off assets, asking creditors and bondholders for time extension etc.

 

This actually suits me fine as instead of suing now and getting a few pennies, i rather wait and let company restructure. A few months later restructuring actually helps the company  and at last is looking like a viable business model but still worth a coupla million rand. Ok if i sue now i may get back R20000.00.

 

Do i then go for  the R20000.00 or still wait for the company to battle along and 3 years down the line start making better profits in which case i may get back my full R150000.000.

 

 

Now how many creditors sitting in sidelines waiting for that opportunity. Impossible to quantity how much fraud happened here and the more stable outlook in future that the company has, the higher are going to be the claims... Just my opinion on a sunken ship.

[Polly]

Oh yeah forgot to add the person i did the deal with is the CEO who now skipped/absconded.

[Polly]

i sell a company  my car worth R150000  for 10 one oz kruger rands worthR150000

 

The company writes the car off in course of doing business within 3 months

 

After 6 months i take the coins to bank to cash up and told it were fake coins worth only R1000.00

 

Who do i sue or try to recover mu money from?

 

The auditors, the company, the Ceo of company or the insurance company?

[Investment novice]

Some interesting Information...

1.
 spokesman for Steinhoff said the company hasn’t received any court papers in the matter. A Commerzbank spokesman said the lender doesn’t comment on current or potential client relationships

2. Most likely avenue for shareholders to get back value would be from deloitte... Insurers and directors....




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[Ms Jet]

Our share holding up nicely for this going long..

[Bubble]

Squeeze those shorts!

 

Polly, technically, what happens if testing the R2 level succeeds and are sustained? 

 

My view, more of no mans land around R2.50 until positive news.