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WTF SNH?

The bastards!

From Sharechat site DividendTycoon

A translation from a German magazine below:
 
The public prosecutor's office in Oldenburg is investigating the chairman of the furniture manufacturer Steinhoff, Markus Jooste, because of the suspicion of the balance sheet forgery. This is reported by the manager magazine in its new edition, which will be available on Friday, August 25th. In addition, another high-ranking group manager as well as two other men from the MDax Group, the second largest European furniture manufacturer behind Ikea and the "Poco" furniture market, were accused.
The public prosecutor's office, which has been established since 2015, has the suspicion that "excessive revenues have been included in the balance sheets of group-owned companies". The background is contracts for the sale of intangible assets and / or company shares. Sellers and buyers were companies that were to come from Steinhoff. According to the public prosecutor's office, the various transactions are "three-digit millions". She rejected a comment on the names of the accused.
During raids in the offices of the Steinhoff-Europa headquarters in Westerstede as well as in the private homes of two Steinhoff confidants, the investigators ensured documents, which are supposed to have been signed by Andreas Seifert, co-managing director of the XXXLutz furniture chain.Seifert told the manager magazine that he had "never seen the papers before and had not signed them". He filed a criminal complaint for counterfeiting.
 
The Steinhoff Group, which also includes the German Möbeldiscounter Poco, employs more than 130,000 people on five continents. In the first six months of the current financial year, the company's financial position has deteriorated. The operating profit margin fell from 11.6 to 8.8 percent. Net debt fell from 2.9 to 6.5 billion euros.

Sorry, thought it was the mafiosi. I have had it with these chaps. Wiese is a wealth destroyer (Brait as well) and together with Marcus they can only mess up even more.
https://heft.manager-magazin.de/MM/2017/9/152773870/index.html

Currently down ± 9½% in Frankfurt, from ±14% earlier.
But I must say I have lost faith.

Certain companies in the group are involved in disputes where the outcomes are uncertain.
However, the directors are confident that they will be able to defend these actions successfully
and that the potential impact on the group will not be material.

Any Idea whats happening with SNH the last 2 days ?  :laugh:

 

Thanks

I see one of the directors of SNH just bought R4m worth of shares

anybody know what the SNH SENS this afternoon means in noob language?


"DEALING IN SECURITIES BY A DIRECTOR

 NAME OF DIRECTOR                           :   Christoffel Hendrik Wiese

 STATUS                                     :   Supervisory Board Director

 COMPANY                                    :   Steinhoff International Holdings NV

 TYPE OF SECURITIES                         :   Single Stock Futures

 DATE OF TRANSACTION                        :   3 November 2017

 CURRENCY                                   :   ZAR

 CENTS PER SHARE                            :   6146,394

 NUMBER OF SECURITIES TRANSACTED            :   20,000 contracts representing
 
                                                                           2,000,000 ordinary shares

 NATURE OF TRANSACTION                      :   Purchase of shares on market

 NATURE AND EXTENT OF DIRECTOR'S            :   Indirect beneficial
 INTEREST IN THE TRANSACTION                                             
 
 CONFIRMATION THAT CLEARANCE HAS            :   Yes
 BEEN GOVEN FOR THE TRADE                                               
 
 DATE OF CONFIRMATION                       :   3 November 2017"