15225 replies to this topic

[Polla]

Even without the Trevo call option shares SNH will no longer own a majority in PEPKOR after GS because at present holding is 58,8% then you need to subtract the 9,3% share being given for the GS that leaves a holding of 49,5%.

DTD, the question still remains whether the 70mill Pepkor shares that SNH will receive for the SNH properties from PEPKOR, as announced on SENS 18/12/2020, are included in your calculation?  The SENS only indicated that there is several conditions to be fullfilled for the transaction to be concluded. That is an extra 1.9% of Pepkor shares.....

[Tiekkie]

I see SNH will receive the div from pep after the GS .

[DayTraderDad]

Can someone explain to me why creditors approval is needed for the Trevo call option deal?
My take on it is that Trevo will be favorably financed by the creditors to take up shares that was already earmarked to be sold with bookbuild once the GS is approved.
This will mean SNH still will hold majority shares in PEPKOR after GS. Creditors will have to budge from their original 100% return to approx 98% return. Trevo and Creditors will never need to divulge the terms of their agreement. SNH only had to mention that part of their settlement with Trevo is 120mill call options at R24.92 over three years…
Think about it! Clever deal by Pieter Erasmus and he will be returining to PEPKOR, which is a good thing…

Even without the Trevo call option shares SNH will no longer own a majority in PEPKOR after GS because at present holding is 58,8% then you need to subtract the 9,3% share being given for the GS that leaves a holding of 49,5%.

[Polla]

Can someone explain to me why creditors approval is needed for the Trevo call option deal?
My take on it is that Trevo will be favorably financed by the creditors to take up shares that was already earmarked to be sold with bookbuild once the GS is approved.
This will mean SNH still will hold majority shares in PEPKOR after GS. Creditors will have to budge from their original 100% return to approx 98% return. Trevo and Creditors will never need to divulge the terms of their agreement. SNH only had to mention that part of their settlement with Trevo is 120mill call options at R24.92 over three years…
Think about it! Clever deal by Pieter Erasmus and he will be returining to PEPKOR, which is a good thing…

[DayTraderDad]

I assume so.  As contained in the SENS issued on 15 December 


Mr Braam Van Huyssteen, on behalf of the Former Tekkie Town Owner Claimants, said:

“We are pleased to have reached terms with Steinhoff which will come into effect from the
Settlement Effective Date of the Steinhoff global settlement proposal. We will be supporting
Steinhoff to implement the settlement as soon as possible. We are satisfied with becoming a
shareholder of Pepkor, and we are looking forward to concentrating on our businesses.”

I don't think so because there is still outstanding creditors approval and Trevo some outstanding items until 11th January.

[Bushmanbob]

Does anyone think now that TT has agreed to the GS , Snh can lodge another urgent application to the High Court to get the settlement approved before January

I assume so.  As contained in the SENS issued on 15 December 


Mr Braam Van Huyssteen, on behalf of the Former Tekkie Town Owner Claimants, said:

“We are pleased to have reached terms with Steinhoff which will come into effect from the
Settlement Effective Date of the Steinhoff global settlement proposal. We will be supporting
Steinhoff to implement the settlement as soon as possible. We are satisfied with becoming a
shareholder of Pepkor, and we are looking forward to concentrating on our businesses.”

[Tiekkie]

Does anyone think now that TT has agreed to the GS , Snh can lodge another urgent application to the High Court to get the settlement approved before January

[DayTraderDad]

Will we see R5 before the new year? If this momentum continues with the volumes we seeing the last few days

Dont put too much in the volumes that is caused by the votality.

Traders are buying and selling a number of times in the day, So for example a trader trades in blocks of 50k shares everytime he buys and sells its a volume of 100k so if he has 5 blocks that means he traded 500k now say there are 20 trades doing the same then the volume for the day is 10 mil shares (only for one trade what happens if they trade two or three times the same block). Yet the holding of each trader remained the same.

Have you notice the day the price does not move much the volumes are low? We must not forget about the effect of the Algo trading

[DayTraderDad]

We know that markets are not rational and so I am thinking we will get to 9 bucks before it ever goes back to 1.

We got companies with nav in the negative but still trading at surprising ok share prices. Let's see though, if the business had such poor future prospects then why go through all this work securing deals , why not take down TT and Co with the ship - maybe LDP just needs to keep his image in tact

I hope you are correct. I am still very positive on the underlaying business which in time will deliver but the question one has to ask how much will be left after the settlements. The Pepkor holding already dropped from the 65% to 58,8% for the Hamiltons increase payout now drops another 3,2% not to forget the 9,3% that was included with the original settlement plans. This means Pepkor will now just be equity accounted so SNH will loose those assets in their balance sheet yet it does not take any debt with it. Then my question how much of the golden goose PEPCO has to be sold to bring the debts down to reasonable levels.

I still believe in the R12 but for me its now delayed by a few years due to reduced ownwership in the growing companies.

[Tiekkie]

Will we see R5 before the new year? If this momentum continues with the volumes we seeing the last few days

[DeltaHedge]

Yes I agree however if the holding gets to the 46% of Pepkor before paying down debt, then there will be very little left in Pepkor because they will have to sell a considerable amount to pay off the debt.

Further they will have to sell much more of PEPCO (which for me is the future growth of SNH and not Pepkor) which at present I thing it will end up below the 50% which my estimates below was around the 55% but now not sure.

We must not loose sight that there is Eur 9,7 bil to be paid not to mention the Eur 900k a year in interest.

Also remember the only income SNH gets from Pepkor and Pepco is dividends so if their holding gets to below 20% the dividend pay out will be very little.

I am now finding it difficult to see a good way forward after the restructure. My share price target after restructure is about Eur 0.06 at present or R1,08.

It is going to take much longer to get back to the R10 levels.

I hope that I am wrong!!!!

We know that markets are not rational and so I am thinking we will get to 9 bucks before it ever goes back to 1.

We got companies with nav in the negative but still trading at surprising ok share prices. Let's see though, if the business had such poor future prospects then why go through all this work securing deals , why not take down TT and Co with the ship - maybe LDP just needs to keep his image in tact

[DeltaHedge]

After this recent agreements I think SNH going to find it tough for a few years because if the PEPCO share price does not rise soon they virtually have a ezro NAV.

Its going to be all about when this equity bubble pops. They need to IPO ASAP and sort their debt out ASAP so when the market does reset they have done the prerequisites.

[DayTraderDad]

so what about greenlit and the IPO of matressfirm this will also bring capital

Yes my take the SNH value of MF at IPO would be around R1,85 bil and Greenlit about Eur 600 mil  to 800 mil

Edited by DayTraderDad, 17 December 2021 - 06:54 PM.

[Tiekkie]

Yes I agree however if the holding gets to the 46% of Pepkor before paying down debt, then there will be very little left in Pepkor because they will have to sell a considerable amount to pay off the debt.

Further they will have to sell much more of PEPCO (which for me is the future growth of SNH and not Pepkor) which at present I thing it will end up below the 50% which my estimates below was around the 55% but now not sure.

We must not loose sight that there is Eur 9,7 bil to be paid not to mention the Eur 900k a year in interest.

Also remember the only income SNH gets from Pepkor and Pepco is dividends so if their holding gets to below 20% the dividend pay out will be very little.

I am now finding it difficult to see a good way forward after the restructure. My share price target after restructure is about Eur 0.06 at present or R1,08.

It is going to take much longer to get back to the R10 levels.

I hope that I am wrong!!!!

so what about greenlit and the IPO of matressfirm this will also bring capital

[DayTraderDad]

well if pepkor appreciate and pay dividends then SNH will organically grow with it. After debt is sorted. Just my reasoning

Yes I agree however if the holding gets to the 46% of Pepkor before paying down debt, then there will be very little left in Pepkor because they will have to sell a considerable amount to pay off the debt.

 

Further they will have to sell much more of PEPCO (which for me is the future growth of SNH and not Pepkor) which at present I thing it will end up below the 50% which my estimates below was around the 55% but now not sure.

 

We must not loose sight that there is Eur 9,7 bil to be paid not to mention the Eur 900k a year in interest.

 

Also remember the only income SNH gets from Pepkor and Pepco is dividends so if their holding gets to below 20% the dividend pay out will be very little.

 

I am now finding it difficult to see a good way forward after the restructure. My share price target after restructure is about Eur 0.06 at present or R1,08.

 

It is going to take much longer to get back to the R10 levels.

 

I hope that I am wrong!!!!

[Tiekkie]

He is certainly not talking for me. I feel ripped off!!! They got overpaid for their business one more time!!! I am sure Zanme would have done a better job on this settlement!!!

I agree because we suffered because of there stubbornness fuckin *******

[DayTraderDad]

Tekkietown's Bernard Mostert: Explaining settlement that delighted Steinhoff shareholders @ https://iono.fm/e/1138288

He is certainly not talking for me. I feel ripped off!!! They got overpaid for their business one more time!!! I am sure Zanme would have done a better job on this settlement!!!

[Tiekkie]

I don't think what ever happens to SNH will matter to him or any claimant with exception of PIC and the Hamilton claimants if they still have shares.

Have you guys noted all claimant getting Pepkor share and not one wants SNH. Further CW sold his holding in SNH that should tell a story.

I think he sees that Pepkor is the future and not SNH.

well if pepkor appreciate and pay dividends then SNH will organically grow with it. After debt is sorted. Just my reasoning

[DayTraderDad]

Penelope M. is back from holidays...https://www.news24.c...ement-20211217  

link does not work!!!

[DayTraderDad]

Do you guys think Steinhoff wil pay dividends soon +- 4 years or rather focus on restructure and paying its debts?

After this recent agreements I think SNH going to find it tough for a few years because if the PEPCO share price does not rise soon they virtually have a ezro NAV.