|STEINHOFF INTERNATIONAL HOLDINGS N.V. - Ad Hoc: Steinhoff Update On Market Concerns Following Delay In Audited Results Due To Further Investigations Require
|7 December 2017 7:05
Ad Hoc: Steinhoff Update On Market Concerns Following Delay In Audited Results Due To Further Investigations Require
Steinhoff International Holdings N.V.
(Incorporated in the Netherlands)
(Registration number: 63570173)
Share Code: SNH
AD HOC: STEINHOFF UPDATE ON MARKET CONCERNS FOLLOWING DELAY IN AUDITED RESULTS
DUE TO FURTHER INVESTIGATIONS REQUIRED
Shareholders are referred to the AD HOC announcement released on 5 December 2017 in
which the Company advised the market that the Company’s audited results will be delayed
pending further investigation.
The Supervisory Board has today given further consideration to the issues subject to the
investigation and to the validity and recoverability of certain non-South African assets of the
Company which amount to circa €6bn.
The Company wishes to provide additional comfort on the Company’s liquidity. In this regard,
the Company has today received expressions of interest in certain non-core assets that will
release a minimum of €1bn of liquidity. In addition, the Company’s subsidiary Steinhoff Africa
Retail Limited (STAR) will today formally commit to the refinancing of its long-term liabilities
due to the company. It is expected that the STAR refinancing will be concluded on better
terms than those applicable to STAR’s current liabilities due to Steinhoff, given the strong
cash flow inherent in its business. The additional liquidity of circa €2bn expected to be
achieved through these measures will strengthen the Company’s balance sheet and should
provide additional comfort to stakeholders of the Company’s ability to be able to fund its
existing operations and reduce debt.
Furthermore, based on the current information at the Board’ disposal there is no evidence to
suggest that the CFO had any involvement in the matters under investigation. Therefore, the
Company wishes to confirm that its CFO, Ben La Grange, remains in his position. Ben La
Grange has resigned from his position as CEO of STAR in order to focus solely on his role as
CFO of the Company at this time.
Shareholders and other investors in the Company are advised to exercise caution when
dealing in the securities of the Group.
6 December 2017
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