|STEINHOFF INVESTMENT HOLDINGS LIMITED - ACGS Support Settlement Offers Of Steinhoff, Deloitte And D&O Insurers
|31 March 2021 8:00
ACGS Support Settlement Offers Of Steinhoff, Deloitte And D&O Insurers
Steinhoff International Holdings N.V.
(Incorporated in the Netherlands)
(Registration number: 63570173)
Share Code: SNH
Steinhoff Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1954/001893/06)
JSE Code: SHFF
ACGS SUPPORT SETTLEMENT OFFERS OF STEINHOFF, DELOITTE AND D&O INSURERS
Steinhoff International Holdings N.V. (“SIHNV” or the “Company”, together with its subsidiaries,
“Steinhoff” or the “Steinhoff Group”) announces the following important step in the
implementation of its proposal to resolve the various multi-jurisdictional legacy litigation and
claims against the Steinhoff Group, including those against former South African holding
company Steinhoff International Holdings Proprietary Limited (“SIHPL”), on the terms
announced on 27 July 2020 as subsequently revised the (“Steinhoff Global Settlement”).
Four large active claimant groups ("ACGs") who represent market purchase claimants (“MPC
Claimants”) based in South Africa and elsewhere, have confirmed their support for, and will
recommend that their respective constituents support, the Steinhoff Global Settlement and its
implementation by way of the Dutch suspension of payments commenced on 15 February
2021 (the "Dutch SoP") and the S155 proposal under South African law (the "S155 Proposal").
Any litigation initiated by these ACGs against Steinhoff and its former directors and officers will
be suspended immediately. After the successful implementation of the Dutch SoP and the
S155 Proposal, this litigation will be terminated.
The four ACGs include: Burford Capital LLC (“Burford”), Deminor Recovery Services
(Luxembourg) SA/DRS Belgium SC (“Deminor”) and DRRT/Therium (Stichting Steinhoff
International Compensation Claims) (“DRRT”).
The confirmations of support from the four ACGs are in addition to the support confirmed by
European Investors-VEB announced in July 2020.
Steinhoff previously announced that Deloitte Accountants B.V. and Deloitte & Touche South
Africa (together: "Deloitte") and certain insurance companies underwriting Steinhoff’s (primary
and excess) Directors and Officers insurance policy (the “D&O Insurers”) had respectively
made offers to six ACGs in respect of MPC Claimants, and four of these ACG’s have now
agreed to recommend that their respective constituents accept those offers. The Deloitte and
D&O Insurers offers to MPC claimants will become effective if 5 out of 6 ACGs accept those
offers or if Deloitte and the D&O Insurers otherwise agree. Deloitte and D&O Insurers are
continuing to engage with the remaining 2 ACGs.
The terms and conditions of the Deloitte and D&O Insurers’ offers to all eligible MPC Claimants
will shortly become available on the Steinhoff Settlement website:
The Steinhoff Group will provide updates in respect of implementation of the global settlement
in due course.
Claimants will be able to review additional information and submit their claim details on the
following website: www.SteinhoffSettlement.com.
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
31 March 2021
Date: 31-03-2021 08:00:00
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