Author Topic: Steinhoff  (Read 17200 times)

PlatinumWealth.co.za

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Re: Steinhoff
« Reply #60 on: February 25, 2017, 11:17:01 am »
I suspect Shoprite will continue to grow and produce spectacular results. There's an upside to this. Maybe they can buy or merge with one of the other supermarkets.

I love shoprite, been a happy shareholder since day 1, only regret is that I wish I owned them sooner.
www.PlatinumWealth.co.za <- South African Investment and Finance forum.

Moonraker

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Re: Steinhoff
« Reply #61 on: March 06, 2017, 05:12:42 pm »
Goldman Sachs reduces SNH target from €5.80 to €5.00 and from 'Buy' to 'Neutral' citing uncertainty regarding Mattress Firm.

(Why did I buy this crap?)  ;)

Moonraker

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Re: Steinhoff
« Reply #62 on: March 07, 2017, 06:22:01 pm »

STEINHOFF INTERNATIONAL HOLDINGS N.V.: ANNOUNCEMENT OF THE ZAR EXCHANGE RATE
APPLICABLE TO THE PROPOSED FINAL DIVIDEND OF 3 EURO CENTS PER ORDINARY SHARE


              <<<<<<<<<<<<<<<SNIP>>>>>>>>>>>>>>>>>>>>



 SALIENT DATES AND TIMES FOR SHARES TRADED ON THE JSE                                  2017


 Last day to trade in shares on the JSE in order to be eligible
                                                                         Tuesday, 14 March
 for the distribution


 Shares trade ex-entitlement on the JSE                                  Wednesday, 15 March


 Record Date                                                              Friday, 17 March


 Payment date                                                             Monday, 20 March

Note:
As a result of different settlement periods applied by the FSE (T+2) and JSE (T+3), the Last day to Trade in each jurisdiction falls
on different dates, but the Record Date is aligned. Between 13 March 2017 and the Payment Date (20 March 2017) there will be
an embargo on transfers between the two settlement systems, being Clearstream for the FSE and Strate for the JSE.

Dividends Withholding Tax (“DWT”)

The distribution will be payable in Euro. As the Company is a South African Tax Resident, the
Dividend will be subject to a South African dividends withholding tax at a dividend tax rate of
20%, resulting in a net cash Dividend of 2.4 Euro cents per share for shares held on the FSE and
32.976 ZAR cents per share for shares held on the JSE, unless the relevant shareholder is exempt
from South African dividend tax or is entitled to a reduced rate in terms of the applicable
double tax agreement. The Company’s South African income tax reference number is
9088/208/229. At the date of declaration of the Dividend the company had 4,296,551,251
ordinary shares in issue.
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

(Maybe as a rule of thumb, stay away from anything Christo Wiese like Brait, Steinhoff and some others).  :-X SNH dropping like a STONE

gcr

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Re: Steinhoff
« Reply #63 on: March 07, 2017, 10:33:31 pm »
Christo Wiese and the Moutons are considered the Stellenbosch mafia and at times behave like that. All these deals that they have tried to put together are in my opinion ego trips.
There are too many mergers and acquisitions in play or have been in play over the last 10 to 15 years and somewhere there needs to be some semblance of rationalization, but the people in charge seem hell bent on putting together deals which in the long run could fail.
I am not predicting anything but I am concerned that something is going to come unstuck within this framework of deals and also the driving force behind Checkers has retired so management behavior is going to change as the new guy will want to stamp his legacy.
I used to have holdings across PSG, Zeder, Curro, Checkers, Steinhoff but sold out because of the over ambitious direction the groupings were going and switched to Bidvest as they seem to have a handle on running conglomerates and just quietly manage their diverse holdings - can't see any ego's being stroked here
Just my opinion
Not everything that counts, can be counted, and, not everything that can be counted counts - Albert Einstein

Moonraker

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Re: Steinhoff
« Reply #64 on: March 08, 2017, 09:44:33 am »
Megalomania me thinks.

Moonraker

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Re: Steinhoff
« Reply #65 on: March 14, 2017, 10:21:13 am »
Reason for yesterday's 3,8%+ rise ..

Quote
HOUSTON and ATLANTA, March 13, 2017 /PRNewswire/ -- Mattress Firm, Inc., the nation's largest specialty bedding retailer, and Serta Simmons Bedding, LLC ("SSB"), the largest bedding manufacturer in the United States, today jointly announced that the companies have entered into an initial five-year strategic partnership agreement.

Mattress Firm And Serta Simmons Bedding Expand Strategic Partnership


Moonraker

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Re: Steinhoff
« Reply #66 on: May 17, 2017, 05:06:07 pm »
Steinhoff International Holdings N.v. - The Potential Listing Of Steinhoffs African Retail Assets On The Jse Limited And Cautionary Announcement

Release Date: 17/05/2017 17:00:00      Code(s): SNH     Email this JSE Sens Item to a Friend   Printer Friendly Version
The Potential Listing Of Steinhoff’s African Retail Assets On The JSE Limited And Cautionary Announcement

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

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES,
CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR
RELEASE WOULD BE UNLAWFUL.

THE POTENTIAL LISTING OF STEINHOFF’S AFRICAN RETAIL ASSETS ON THE JSE LIMITED AND
CAUTIONARY ANNOUNCEMENT

1.   Introduction

     Shareholders of Steinhoff are hereby advised that the Company is evaluating and initiating
     steps to establish the separate listing of its African retail businesses on the main board of the
     JSE Limited (“JSE”) (the “Listing”).

     Prior to the Listing, Steinhoff will consolidate its African retail businesses, with assets including
     Pepkor South Africa and rest of Africa, JD Group, Unitrans Automotive, Steinbuild, Poco South
     Africa and Tekkie Town (collectively, “Steinhoff Africa Retail Assets”), under a single holding
     company (“ListCo”).

     The Steinhoff Africa Retail Assets are comprised of highly recognisable retail brands that have
     an extensive retail footprint and impressive growth track-record, both in South Africa and the
     rest of Africa.


2.   Rationale

     Steinhoff will continue to own a controlling interest in ListCo and it is the vision of Steinhoff to
     create a diversified multi-format listed retail company of significant size and scale with its roots
     in Africa.

     The Listing will result in Steinhoff’s African retail exposure being held through a separately listed
     entity which can be independently valued as an emerging market, African-focused retail
     company. The establishment of a listed reference price for the Steinhoff Africa Retail Assets
     will avoid these assets being undervalued.
     A separation of Steinhoff’s emerging market retail business and developed market retail
     business will be a natural progression for the respective businesses given the divergent
     strategic focus in each market.

3.   Timing

     ListCo has appointed Citigroup Global Markets Limited, Investec Bank Limited, Morgan
     Stanley & Co International Plc and Rand Merchant Bank (a division of FirstRand Bank Limited)
     to advise on the proposed Listing.

     Any decision to proceed with the Listing will be subject to a number of factors, including, inter
     alia, market conditions and regulatory approvals. It is contemplated that the Listing will be
     completed in the third quarter of 2017.

     The Listing will include a capital raise to achieve the required public shareholder spread, with
     Steinhoff retaining control in ListCo.


4.   Cautionary Announcement

     The Listing may have a material effect on the price of the securities of Steinhoff. Accordingly,
     shareholders are required to exercise caution when dealing in the Company’s shares until a
     further announcement is made.

Stellenbosch

17 May 2017

Moonraker

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Re: Steinhoff
« Reply #67 on: May 26, 2017, 09:45:43 am »
Sherwood Bedding Co. Announces Strategic Investment by the Steinhoff International Holdings N.V. Group

Quote
Steinhoff had confirmed that they bought US bedding manufacturer, Sherwood Bedding, which according to the company is the 5th largest bedding manufacturer in the US. The move is part of their vertical integration plans in the US. Steinhoff’s share price has been coming up nicely since they disclosed that they are looking to list their African retails assets in a separate entity. The company is due to release their earnings on the 7th of June, any share pullback will be a good buying opportunity.
« Last Edit: May 26, 2017, 11:56:59 am by Moonraker »

Bundu

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Re: Steinhoff
« Reply #68 on: May 26, 2017, 11:07:03 am »
Sherwood Bedding Co. Announces Strategic Investment by the Steinhoff International Holdings N.V. Group

Steinhoff had confirmed that they bought US bedding manufacturer, Sherwood Bedding, which according to the company is the 5th largest bedding manufacturer in the US. The move is part of their vertical integration plans in the US. Steinhoff’s share price has been coming up nicely since they disclosed that they are looking to list their African retails assets in a separate entity. The company is due to release their earnings on the 7th of June, any share pullback will be a good buying opportunity.

let's hope the share picks up again now - it's down by about 25% from its highs  8)
« Last Edit: Tomorrow at 06:13:55 PM by Bundu »

Moonraker

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Re: Steinhoff
« Reply #69 on: May 26, 2017, 11:59:51 am »
I put the blurb in my post #68 in quotes because those are not my words and I am pretty sceptical. In favour is of course the relatively low P/E.

Moonraker

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Re: Steinhoff
« Reply #70 on: August 03, 2017, 10:15:15 am »
Goldman downgrades SNH from Neutral to Sell with target price reduced from €4.90 to €3.80
I could kick myself.


Bundu

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Re: Steinhoff
« Reply #71 on: August 03, 2017, 02:07:43 pm »
Goldman downgrades SNH from Neutral to Sell with target price reduced from €4.90 to €3.80
I could kick myself.

I hope they're wrong  :'(
« Last Edit: Tomorrow at 06:13:55 PM by Bundu »

Moonraker

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Re: Steinhoff
« Reply #72 on: August 04, 2017, 05:21:00 pm »
SNH 201708040050A
Update On The Proposed Listing Of Steinhoff’s African Retail Assets And Options To Acquire Interests In Shoprite

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

NOT FOR DISTRIBUTION, PUBLICATION OR RELEASE, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY,
IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN
WHICH THE DISTRIBUTION, PUBLICATION OR RELEASE WOULD BE UNLAWFUL.


STEINHOFF INTERNATIONAL HOLDINGS N.V. ("Steinhoff" or the “Company”) - UPDATE ON THE
PROPOSED LISTING OF STEINHOFF’S AFRICAN RETAIL ASSETS ON THE JSE LIMITED AND OPTIONS TO
ACQUIRE INTERESTS IN SHOPRITE HOLDINGS LIMITED



1.    Introduction
      Stellenbosch, 4 August 2017 – Shareholders of Steinhoff are referred to the announcement
      released on 17 May 2017 (“the Initial Announcement”), in which the Company announced
      that it had initiated steps to list its African retail businesses on the main board of the JSE Limited
      (the “JSE”) (the “Listing”). This announcement serves as an update on the progress of the
      Listing and other related matters.


2.    The Listing of Steinhoff Africa Retail Limited

     The listing process is progressing well and it is anticipated that it will complete by the end of
     September, subject to market conditions. A single holding company, Steinhoff Africa Retail
     Limited (“STAR”), has been established and, with effect from 1 July 2017, owns the African retail
     assets to be listed.

     The African retail brands included in the Listing will comprise Pep in South Africa and the rest
     of Africa, Ackermans, Speciality division (comprising Dunns, John Craig, Refinery and Shoe
     City), JD Group (comprising Russells, Bradlows, Rochester, Sleepmasters, Incredible
     Connection and Hi-Fi Corporation), Steinbuild (comprising Buco, Timbercity, Hardware
     Warehouse and The Tile House), Poco South Africa and Tekkie Town (the “African Assets”).
     These retail brands are highly recognisable, benefit from one of the biggest retail store
     footprints on the African continent and have an impressive growth track-record, both in South
     Africa and the rest of Africa. After careful consideration, the board of Steinhoff has decided
     to exclude the Unitrans Automotive business from the Listing due to its different characteristics
     and growth drivers. The Unitrans Automotive business will be retained by Steinhoff.

     STAR will remain a subsidiary of Steinhoff, one of the largest global discount retailers, and
     hence STAR will continue to benefit from the group sourcing, scale advantages, shared best
     practices and strategic direction, allowing STAR to effectively compete with both domestic
     and international retailers in Africa.

     The Listing will be accompanied by a capital raising in order to establish the public
     shareholding spread and liquidity required by the JSE. The net proceeds of the capital raise
     will be distributed to Steinhoff.

     Given the size and scale of the African Assets, and STAR’s anticipated market capitalisation,
     STAR is likely to be included in the JSE Top 40 Index and other relevant emerging market
     indices, such as the MSCI Emerging Market Index.



3.   STAR Management

     Each of STAR’s businesses will continue to be managed on a decentralised basis, under the
     leadership of their existing experienced and proven management teams.

     Similarly Steinhoff’s management board (consisting of Markus Jooste Chief Executive Officer
     (“CEO”), Danie van der Merwe Chief Operating Officer (“COO”)) and Ben la Grange Chief
     Financial Officer (“CFO”)) manages the decentralized global business in geographical
     clusters with Ben having been intimately involved in the African region and served on all
     divisional boards of STAR.

     Accordingly, given his extensive involvement in STAR, Ben la Grange will be appointed as CEO
     of STAR. He will also retain his role as CFO of Steinhoff, but will delegate several of his current
     responsibilities in Steinhoff within the wider Steinhoff group. Riaan Hanekom, the Pepkor CFO,
     will be appointed as CFO of STAR. The experienced executive committee and non-executive
     board members will be led by Jayendra Naidoo as Chairman. Further details will be
     contained in the pre-listing statement of STAR (“PLS”). Pieter Erasmus (current CEO of the
     Pepkor Group) will join Steinhoff International NV to strengthen the global retail management
     team and will continue to support the STAR board and management team in this capacity.

     The executive committee will consist of the following additional members: Leon Lourens (COO
     Retail Operations), Jaap Hamman (Pep South Africa divisional CEO), Charles Cronje
     (Ackermans CEO), Garth Napier (Pep Africa divisional CEO), Peter Griffiths (JD Group CEO),
     Eugene Beneke (Steinbuild CEO), Bernard Mostert (Speciality CEO) and Braam van Huyssteen
     (Property Committee Chairperson).



4.   STAR Vision


     STAR will continue to focus on being the preferred and most convenient destination for the
     African consumer, by providing everyday essential products at affordable prices.


     In furthering this vision, STAR management, supported by Steinhoff, remain of the opinion that
     a strategic investment in a leading African food and grocery retailer should support its ability
     to further enhance its relevance to the growing African consumer base, and better protect
     its ability to compete against international retailers. In this regard, Steinhoff and STAR have
     secured options which, if exercised will result in STAR acquiring a strategic investment in
     Shoprite Holdings Limited (“Shoprite”), one of Africa’s leading food and grocery retailers with
     a track record of successful growth and expansion in South Africa and across the continent.


5.   The Shoprite Call Options

     Steinhoff and STAR have entered into call option agreements with the Public Investment
     Corporation SOC Limited (the “PIC”), Lancaster Group Proprietary Limited (“Lancaster”), Titan
     Premier Investments Proprietary Limited (“Titan”) (a company ultimately controlled by a family
     trust of Dr. Christo Wiese, the Chairman of Steinhoff) and one of its subsidiaries in terms of
     which STAR could acquire economic and voting interests in Thibault Square Financial Services
     (Pty) Ltd (“Thibault”) and Shoprite (the “Call Options”). After implementation of the Call
     Options, STAR will hold approximately 22.7% of the economic interest and 50% of the voting
     rights in Shoprite.

     STAR will, subject to the terms and conditions of the Call Options, exercise the Call Options
     following the implementation of the Listing. It should be noted that Steinhoff will continue with
     the Listing regardless of whether the Call Options are implemented, and Shoprite will in any
     event continue to maintain its separate listing on the JSE after the implementation of the Call
     Options.

     The consideration payable for the exercise of the Call Options has been determined based
     on, inter alia, a share price of R215 per share for the approximately 128.2 million underlying
     Shoprite ordinary shares, an amount of R4.0 billion attributable to the deferred voting shares
     and an additional c. R4.0 billion for cash and cash equivalents held by Thibault. STAR will settle
     the consideration payable by the issuance of a fixed number of ordinary shares in STAR
     (representing a c.33.6% interest in the ordinary share capital of STAR after implementation of
      the Listing and the Call Options). The implementation of the Call Options remains subject to
     certain conditions precedent including regulatory approvals such as Competition Authorities’
     approval.

       The exercise and implementation of the Call Options will not require STAR to extend a
       mandatory offer to the remaining Shoprite shareholders in terms of the South African
       Companies Act, No 71 of 2008 (“Act”)and the Takeover Regulations as defined in the Act.

       Full details of the Call Options will be included in the PLS.



5.1.    Management commentary on the strategic investment

        Pieter Engelbrecht, the Shoprite CEO, commented: “Shoprite management and all of its
        shareholders have, since its listing, been accustomed to a supportive controlling shareholder
        structure. We are excited that this structure and support will in future rest within another
        successful African based retailer that shares our passion and growth objectives. While there
        is significant potential for the underlying operating assets to work closely together, Shoprite’s
        management and operations will continue to operate independently to drive its own
        focused strategic vision to create value for all shareholders.”

        Ben La Grange, the CEO of STAR, commented:” My management team and I are excited
        about the opportunities and focus that the new structure and independent JSE listing will
        provide to the STAR group. Furthermore, the proposed investment in Shoprite will strengthen
        STAR’s ability to offer a unique value proposition to all of its stakeholders. The group’s
        diversified African multi-format discount retail brands will operate across various stable and
        growing sectors that are highly cash generative, including fast moving consumer goods and
        now food. Both Shoprite and STAR will have a credible shareholder of reference that will
        support the STAR group’s growth ambitions. There is significant potential for the underlying
        operating assets to work closely together both in current operations and in expanding into
        new regions.”

6.     Renewal of Cautionary Announcement

       Shareholders are advised to continue to exercise caution when dealing in the Company’s
       shares until a further announcement is made.

Stellenbosch

4 August 2017

Transaction and Corporate sponsor to Steinhoff and STAR
PSG Capital (Pty) Ltd

Legal Advisers to Steinhoff
Cliffe Dekker Hofmeyr Incorporated
Linklaters LLP
Girard Hayward Inc

Important Notice

The information contained in this announcement is restricted and not for release, publication or
distribution, directly or indirectly, in whole or in part in, into or from the United States of America
(including its territories and possessions, any state of the United States of America and the District
of Columbia, collectively the “United States”), Australia, Canada, Japan or any other jurisdiction
in respect of which the release, publication or distribution, directly or indirectly, of this
announcement would constitute a violation of the relevant laws of such jurisdiction.
The securities mentioned herein have not been and will not be registered under the United States
Securities Act of 1933 (the “Securities Act”) or the securities laws of any other jurisdiction, and may
not be offered, sold or transferred, directly or indirectly, in the United States absent registration
under the Securities Act or an available exemption from, or except in a transaction not subject to,
the registration requirements of the Securities Act and the securities laws of any other jurisdiction.
There will be no public offering of securities in the United States, Canada, Australia and Japan.
In South Africa, the offer of shares in STAR as part of the capital raising will be effected by way of
a private placement and as such will not constitute an “offer to the public” as defined in the
Companies Act. Investors will accordingly only be permitted to apply for shares if the applicant is
a person who or which falls within one of the specified categories of persons listed in section
96(1)(a) of the Companies Act or, in accordance with s96(1)(b) of the Companies Act, if the
application is for a minimum total acquisition cost, per single addressee acting as principal, of
greater than or equal to ZAR1 000 000.
Certain forward-looking statements

This announcement contains certain forward-looking statements with respect to certain of the
Company’s, STAR’s and Shoprite’s current expectations and projections about future events.
These statements, which sometimes use words such as “will”, “aim”, “anticipate”, “believe”,
“envisage”. “intend”, “plan”, “estimate”, “expect” or, in each case, their negative and words of
similar meaning, reflect the directors’ beliefs and expectations and involve a number of risks,
uncertainties and assumptions that could cause actual results and performance to differ
materially from any expected future results or performance express or implied by the forward-
looking statement. Forward-looking statements speak only as of the date they are made.
Statements contained in this announcement regarding past trends or activities should not be
taken as a representation that such trends or activities will continue in the future. The information
contained in this announcement is subject to change without notice and, except as required by
applicable law, neither the Company, STAR nor Shoprite assume any responsibility or obligation to
update publicly or review any of the forward-looking statements contained herein.

Bundu

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Re: Steinhoff
« Reply #73 on: August 04, 2017, 07:46:56 pm »
market seemed to like it

I wonder how the listing of STAR will work?
Will existing SNH holders get shares? or options?
« Last Edit: Tomorrow at 06:13:55 PM by Bundu »

Moonraker

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Re: Steinhoff
« Reply #74 on: August 05, 2017, 12:16:42 pm »
Not sure, Bundu, but it doesn't look like we will get STAR shares. STAR will remain a subsidiary of SNH which it already is. Shoprite will retain its listing.

     
Quote
STAR will remain a subsidiary of Steinhoff, one of the largest global discount retailers, and
     hence STAR will continue to benefit from the group sourcing, scale advantages, shared best
     practices and strategic direction, allowing STAR to effectively compete with both domestic
     and international retailers in Africa

Quote
STAR is expected to list by the end of September, subject to market conditions. It will list by way of a capital raising in order to establish the public shareholding spread and liquidity required by the JSE. The proceeds will be distributed to Steinhoff.

Quote
The exercise and implementation of the call options will not require STAR to extend a mandatory offer to the remaining Shoprite shareholders

Anybody else have comments on this?