Author Topic: Steinhoff  (Read 19138 times)

Moonraker

  • Hero Member
  • *****
  • Posts: 1075
  • Karma: +30/-0
    • View Profile
Re: Steinhoff
« Reply #105 on: December 04, 2017, 04:10:43 pm »
Sanlam Private Wealth Stock Picks for 2018

Bundu, SNH is there. Why is anybody's guess.

Bundu

  • Full Member
  • ***
  • Posts: 162
  • Karma: +2/-0
    • View Profile
Re: Steinhoff
« Reply #106 on: December 04, 2017, 05:05:03 pm »
Sanlam Private Wealth Stock Picks for 2018

Bundu, SNH is there. Why is anybody's guess.

thanks for the info - maybe I should just buy some more? but I'm pretty deep in already  :(
« Last Edit: Tomorrow at 06:13:55 PM by Bundu »

Maurice

  • Jr. Member
  • **
  • Posts: 59
  • Karma: +2/-0
    • View Profile
Re: Steinhoff
« Reply #107 on: December 06, 2017, 07:39:25 am »
This is bad news for SNH shareholders https://www.businesslive.co.za/bd/companies/retail-and-consumer/2017-12-06-markus-jooste-quits-as-steinhoff-ceo/

"Steinhoff International CEO Marcus Jooste resigned on Tuesday night, ahead of the furniture retailer’s results scheduled for release on Wednesday.

The group’s chairman, retail tycoon Christo Wiese, alongside former Pepkor CEO Pieter Erasmus, will run Steinhoff until a new CEO is appointed, a statement issued at 10.45pm on Tuesday night said.

“The supervisory board of Steinhoff wishes to advise shareholders that new information has come to light today which relates to accounting irregularities requiring further investigation,” the statement said.

“The supervisory board, in consultation with the statutory auditors of the company, has approached PwC to perform an independent investigation.”

Jooste had tendered his resignation with immediate effect, and the board had accepted it, Tuesday night’s statement said."

Or maybe good news shareholders in for one hell of a ride.

Moonraker

  • Hero Member
  • *****
  • Posts: 1075
  • Karma: +30/-0
    • View Profile
Re: Steinhoff
« Reply #108 on: December 06, 2017, 02:26:27 pm »
From Reuters..

TAX RATE QUESTIONS

Analysts have long questioned how Steinhoff managed to achieve such a low tax rate. Its tax rate has averaged 12 percent over the past five years -- half the headline corporate tax rate in its main markets and less than half the rates paid by listed competitors including France's Casino, Germany's Metro AG and South Africa's Woolworths.

Experts say such low tax rates can be the result of complex corporate structures which stretch accounting rules and such arrangements are occasionally challenged by courts as unlawful.

"The company recorded a very unusual tax rate of c. 15 percent and also guided that this would be the rate going forward," Juergen Kolb, an analyst at Kepler Cheuvreux, said in a note, adding that if this tax rate was at risk it could also hit Steinhoff's cashflow.

Kolb also raised the possibility that as chairman, Wiese's role could now come under scrutiny too.

Steinhoff did not respond to requests for information about what, if anything, Wiese knew about the accounting problems now being investigated before Tuesday.

Investors also told Reuters they are concerned Wiese may be forced to sell shares he bought last year with borrowed money.

Wiese borrowed 1.6 billion euros ($1.9 billion) to buy additional Steinhoff shares through a family trust in September 2016, pledging 3.2 billion euros of his existing holding as security to the investment banks that lent the money.

With the share price plunge taking the security below the value of the loan, Wiese may be required by the financing banks -- Citi, Goldman, HSBC and Nomura -- to post more shares as collateral, or sell part of his holding. ($1 = 0.8459 euros)


(Reporting by TJ Strydom; additional reporting by Tanisha Heiberg, Tom Bergin and Alasdair Pal; writing by Alexander Smith; editing by Tom Pfeiffer and Keith Weir)

Moneypenny

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 1677
  • Karma: +35/-0
    • View Profile
Re: Steinhoff
« Reply #109 on: December 06, 2017, 05:33:29 pm »
SNH into auction -61.31%, closing -61.42%, SHFF into auction -37,41%, closing -35,35%, SRR into auction -22.52%, closing -23.78%.
Veni, vidi, vici

Bundu

  • Full Member
  • ***
  • Posts: 162
  • Karma: +2/-0
    • View Profile
Re: Steinhoff
« Reply #110 on: December 06, 2017, 06:07:31 pm »
I'm considering buying some SNH tomorrow...... wonder if I've maybe lost my mind  :D
« Last Edit: Tomorrow at 06:13:55 PM by Bundu »

gcr

  • Hero Member
  • *****
  • Posts: 813
  • Karma: +25/-1
    • View Profile
Re: Steinhoff
« Reply #111 on: December 06, 2017, 08:40:11 pm »
I'm considering buying some SNH tomorrow...... wonder if I've maybe lost my mind  :D
Maybe not your mind - but you will lose your money :'(
Not everything that counts, can be counted, and, not everything that can be counted counts - Albert Einstein

gcr

  • Hero Member
  • *****
  • Posts: 813
  • Karma: +25/-1
    • View Profile
Re: Steinhoff
« Reply #112 on: December 06, 2017, 08:59:46 pm »
I see Kap and SHF have 2 common directors in DM van der Merwe and SH Muller
Not everything that counts, can be counted, and, not everything that can be counted counts - Albert Einstein

Moonraker

  • Hero Member
  • *****
  • Posts: 1075
  • Karma: +30/-0
    • View Profile
Re: Steinhoff
« Reply #113 on: December 08, 2017, 09:17:00 am »
The Shoprite related call options have been exercised, we all know that, but will this actually come about? The options were exercised before the brown stuff hit the fan.

Quote
The implementation of the investment in Shoprite is subject to a number of conditions
precedent as set out in the Pre-listing Statement, which include, inter alia, merger filings
with
various African Competition Authorities. To this end, the filings are being completed and will
be submitted to the relevant authorities in the foreseeable future.

Shareholders will be informed once all the conditions precedent for the implementation of the
transaction have been met.

rjthomas

  • Jr. Member
  • **
  • Posts: 54
  • Karma: +1/-0
  • Looking for the Yin to my Yang
    • View Profile
    • Ramon Thomas Blog
Buying more Steinhoff at "all time low"
« Reply #114 on: December 10, 2017, 10:46:25 am »
Quote
thanks for the info - maybe I should just buy some more? but I'm pretty deep in already  :(

Simon Brown from JustOneLap said this on Twitter, "Everybody wants to buy SNH .. Sure it does seem to have found a bottom, for now. That can change in a moment as we get new news and it's unlikely to be good news, I think they're still hiding things. I am not buying and do not recommend anybody else buy."

Follow him directly on Twitter, https://twitter.com/SimonPB
South African living in China

Moonraker

  • Hero Member
  • *****
  • Posts: 1075
  • Karma: +30/-0
    • View Profile
Re: Steinhoff
« Reply #115 on: December 10, 2017, 12:26:16 pm »
Let's hope that C. Wiese is not going to be forced to sell his personal share holdings in Brait, PSG, Tradehold, KAP etc. as intimated is possible in the interview.
Mentioned at ± 6:10

« Last Edit: December 10, 2017, 12:28:06 pm by Moonraker »

Moonraker

  • Hero Member
  • *****
  • Posts: 1075
  • Karma: +30/-0
    • View Profile
Re: Steinhoff
« Reply #116 on: Today at 02:48:43 pm »
The Shoprite related call options have been exercised, we all know that, but will this actually come about? The options were exercised before the brown stuff hit the fan.

Quote
The implementation of the investment in Shoprite is subject to a number of conditions
precedent as set out in the Pre-listing Statement, which include, inter alia, merger filings
with
various African Competition Authorities. To this end, the filings are being completed and will
be submitted to the relevant authorities in the foreseeable future.

Shareholders will be informed once all the conditions precedent for the implementation of the
transaction have been met.




Steinhoff Africa Retail Limited - Update On Shoprite Call Options

Release Date: 15/12/2017 14:20:00      Code(s): SRR     Email this JSE Sens Item to a Friend   Printer Friendly Version
Update On Shoprite Call Options

Steinhoff Africa Retail Limited
(Previously K2017221869 (South Africa) Proprietary Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 2017/221869/06)
Share Code: SRR
ISIN: ZAE000247995
(“STAR” or the “Company”)

UPDATE ON SHOPRITE CALL OPTIONS

Shareholders are referred to STAR’s previous announcement dated 30 November 2017
pertaining to the exercise of call option agreements with PIC, Lancaster, Titan and Lavender
Sky (“call options”) to acquire approximately 23.1% economic interest in, and approximately
50.6% voting control of Shoprite, which call option agreements are subject to certain
conditions precedent.

The STAR board received confirmation from Titan which confirms that the call option
agreement with Titan will not be capable of implementation and will not become
unconditional. This means that the Lavender Sky call option agreement will also terminate.

As a result, the STAR board will therefore not be able to implement the call options pertaining
to Titan and Lavender Sky.

The STAR board will enter into discussions with the remaining parties in respect of their call
option agreements to assess the way forward.

Stellenbosch

15 December 2017

Maurice

  • Jr. Member
  • **
  • Posts: 59
  • Karma: +2/-0
    • View Profile
Re: Steinhoff
« Reply #117 on: Today at 04:58:30 pm »
Why have Shoprite shares fallen? I would think Shoprite not being in STAR is an advantage! ::)