|Steinhoff - automatic termination of arrangements|
|15 December 2017 8:20|
|The company has today been informed that various banks that provided funding to an entity ultimately held and controlled by Dr Christo Wiese, have enforced their security rights over approximately 98.4 million shares in the company held by that entity and sold such shares (the “Share Sale”).|
The entity in question was a member of the voting pool which consisted of certain shareholders of the company. The parties to the voting pool had committed to certain arrangements with respect to their voting rights in the company, including an agreement to jointly exercise substantial control (gezamenlijke overwegende zeggenschap) over the company. The company has been informed that the voting pool arrangements (including the joint exercise of substantial control) have automatically and immediately terminated as a result of the combined voting interest falling below 30%, which happened as a result of the Share Sale.
Shareholders and other investors in Steinhoff are advised to exercise caution when dealing in the securities of the Group.
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