|STEINHOFF INTERNATIONAL HOLDINGS N.V. - Steinhoff International Holdings N.V. – Global Settlement Update
|24 January 2022 12:05
Steinhoff International Holdings N.V. – Global Settlement Update
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
STEINHOFF INTERNATIONAL HOLDINGS N.V. – Global Settlement Update
Steinhoff International Holdings N.V. (“SIHNV” or the “Company”, together with its subsidiaries,
“Steinhoff” or the “Steinhoff Group”) and the former South African holding company of the
Steinhoff Group, Steinhoff International Holdings Proprietary Limited (“SIHPL”), provide the
following update on Steinhoff’s settlement of pending litigation proceedings (“Global
SIHPL Sanction Order
SIHPL’s application for the approval and sanction of its section 155 proposal (“s155 Proposal”)
was heard today, 24 January 2022 by the Western Cape High Court. At the close of the
hearing the Court granted SIHPL’s request and granted an Order approving and sanctioning
the s155 Proposal. A copy of the Order will be made available on SIHNV's website
(www.steinhoffinternational.com) and on www.SteinhoffSettlement.com.
Update on Settlement Implementation
Following receipt of the Order, “Settlement Effective Date” (referred to under the s155 Proposal
and SIHNV’s Composition Plan) is expected to occur on or about 15 February 2022.
The implementation of the Global Settlement requires numerous steps to be taken and
payments to be made on and around the Settlement Effective Date.
SIHNV and SIHPL have undertaken preparations for the co-ordination of the steps required and
will separately contact those counterparties who need to take any action (for example, to
receive funds and/or PPH shares).
No actions are currently required by any party prior to the Settlement Effective Date unless
specifically requested by Steinhoff and/or its advisers.
As disclosed in Steinhoff’s announcement of 15 December 2021, formal withdrawal of the
various litigation that has been settled, including the withdrawal of the Liquidation Application
against SIHNV will occur immediately following Settlement Effective Date. Occurrence of
Settlement Effective Date is the remaining condition under SIHNV’s Composition Plan.
Further updates will be provided as and when appropriate.
Claimants are able to review additional information in relation to the Steinhoff Group global
settlement 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.
Stellenbosch, South Africa
24 January 2022
JSE Sponsor: PSG Capital
Date: 24-01-2022 12:05:00
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