STEINHOFF INTERNATIONAL HOLDINGS N.V. - Update On Steinhoff Global Settlement
14 January 2021 17:15
Update On Steinhoff Global Settlement

Steinhoff International Holdings N.V.
(Incorporated in the Netherlands)
(Registration number: 63570173)
Share Code: SNH
ISIN: NL0011375019

Steinhoff Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1954/001893/06)
ISIN: ZAE000068367


Steinhoff International Holdings N.V. (“SIHNV”) announces the following update on the
implementation of its proposal to resolve the various multi-jurisdictional legacy litigation and
claims against SIHNV (together with its subsidiaries, “Steinhoff”) including those against the
former South African holding company Steinhoff International Holdings Proprietary Limited

SIHNV first announced its proposed global settlement in July 2020, at which stage it indicated
that prior to launch of any implementation proceedings Steinhoff would, amongst other things,
need the approval of its financial creditors.

Following the July announcement SIHNV launched a financial creditor consent process in
October 2020 (“October Consent Request”) and provided further public updates in November
and December 2020.

In addition, on 1 December 2020 SIHNV announced that it had satisfied another key condition
after it received approval from the South African Reserve Bank (“Finsurv”) for the cross-border
transfers contemplated by the Proposed Settlement. The approval is valid for 12 months from
the date of grant.

Next Steps

As previously announced, implementation of the proposed global settlement requires a co-
ordinated series of steps to be taken in the relevant jurisdictions. The key short-term next steps
are expected to be as follows:

   •   English Scheme sanction hearing to take place on 26-27 January 2021: Following the
       approvals given at the creditors meetings on 15 December 2020 the sanction hearing
       in the English scheme proceedings, to approve the amendments to the SEAG CPU in
       line with those sought from financial creditors under the October Consent Request, is
       listed to take place on 26/27 January 2021. If the Scheme is sanctioned SIHNV will have
       the necessary consents in place to proceed to implement the proposed settlement.
        SIHNV has been notified by Conservatorium Holdings LLC (together with its affiliates)
        that it intends to oppose the request for sanctioning of the scheme at that hearing.

    •   Approval of the final form finance documents: Under the October Consent Request
        the final forms of the amendments to the relevant Steinhoff finance documents are
        required to be approved by the Simple Majority Settlement Creditors (being more than
        50 per cent in value of the SIHNV creditors) alongside additional consent rights reserved
        for certain financial creditor constituencies as provided in the October Consent
        Request. A consent request to approve the final form relevant documents by the
        financial creditors is expected to be launched shortly.

    •   South African directions hearing in respect of SIPHL section 155 scheme: An ex parte
        hearing is scheduled for 21 January 2021 in the Western Cape High Court, at which
        SIHPL will seek certain procedural directions prior to a decision to launch a scheme of
        arrangement under s155 of the South African Companies Act to implement the global
        settlement proposal as it relates to SIHPL (“S155 Proposal”). An application to the South
        African High Court has been filed by Hamilton B.V. and Hamilton 2 B.V. contesting
        SIHPL’s approach to the proposed class composition under the S155 Proposal. No date
        for a hearing of that application has been set.

By way of further update, a hearing has been scheduled for 8 February 2020 in the Amsterdam
District Court following a recent request by Conservatorium Holdings LLC to appoint a
restructuring expert to SIHNV pursuant to Article 371 of the Dutch Bankruptcy Act (enacting
elements of the recently enacted pre-insolvency proceedings “Wet Homologatie Onderhands
Akkoord”). SIHNV will respond to the request in due course.

Steinhoff’s view remains that the global settlement, as proposed, provides the means to
substantially resolve the historical claims against it and remains firmly in the best interests of all

Further Information

Further information on the Proposed Settlement, including a Frequently Asked Questions
document,          is       available        on          the        following website:

On this website, claimants may submit their contact and claim details, inform Steinhoff of their
intention to support the Proposed Settlement and register for updates. Alternatively, Steinhoff’s
investor relations team can be contacted by email at

Further updates will be provided following the various processes and court hearings identified

The Company has a primary listing on the Frankfurt Stock Exchange and a secondary listing on
the JSE Limited.

JSE Sponsor: PSG Capital
Stellenbosch, South Africa

14 January 2021

Date: 14-01-2021 05:15:00
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