Steinhoff International Holdings N.V.

  • WKN: A14XB9
  • ISIN: NL0011375019
  • Land: Niederlande

Nachricht vom 27.07.2020 | 08:00

Steinhoff International Holdings N.V. : GLOBAL SETTLEMENT PROPOSAL

Steinhoff International Holdings N.V. / Key word(s): Miscellaneous
Steinhoff International Holdings N.V. : GLOBAL SETTLEMENT PROPOSAL

27-Jul-2020 / 08:00 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.



Steinhoff International Holdings N.V. (the "Company" and with its subsidiaries, the "Group") and the former South African holding company for such subsidiaries, Steinhoff International Holdings Proprietary Limited ("SIHPL"), are today announcing the terms of a proposed settlement to conclude the ongoing and disputed legal claims and pending litigation proceedings arising from the legacy accounting issues first announced in December 2017. The proposed settlement terms do not constitute an admission of liability by any member of the Group, or its directors, officers or employees in respect of any legal claims or litigation proceedings.

If the settlement proceeds it will result in:

- up to EUR266m being paid in settlement of market purchase claims against the Company and SIHPL;

- approximately EUR104m being paid in settlement of claims of contractual counterparties against the Company and approximately ZAR9.4bn being paid in settlement of such claims against SIHPL;

- a significant majority of claims are within the scope of the settlement however certain claims will not be settled and will be subject to ongoing dispute;

- settlement consideration will be paid in cash and delivery of shares in the South African subsidiary Pepkor Holdings Limited ("PPH") at a deemed price of ZAR15 per share. Separate arrangements are being proposed for claimants who are also PPH managers;

- the Company estimates that if the maximum PPH shares are applied in settlement, the remaining shares indirectly held by the Company in PPH will be in excess of 50 per cent of the total share capital of PPH; and

- a majority of the noted material contingent liabilities and related uncertainty being removed from the balance sheets of the Company and SIHPL. If no settlement is concluded the contingent liabilities will continue and if all such claims were ultimately established in the amounts asserted, the current net asset value of the Group would fall short of the amount required to satisfy them in full.

The settlement is subject to financial creditor and regulatory consents, as well as support from eligible claimants, and is subject to final implementation. There is no certainty that such consents or support will be obtained. One option for implementation of the settlement is by way of legal cram down processes in the relevant jurisdictions.

For full details of the proposed settlement terms see the press release in full at:

Shareholders and other investors in the Company are advised to exercise caution when dealing in the securities of the Group.

Stellenbosch, 27 July 2020

27-Jul-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at

show this

ESG-Whitepaper im Fokus

The Corporate ESG Guide: A 360 view on the current landscape and trends

Die ESG-Kriterien (Environmental, Social and Governance) werden auch für Emittenten immer wichtiger, wenn sie für Investoren attraktiv bleiben wollen. In dem Whitepaper “The Corporate ESG Guide: A 360 view on the current landscape and trends” beantworten die Experten von Investor Update grundlegende Fragen von Emittenten. Außerdem kommen Vermögensverwalter, Unternehmensberater Manager und ESG-Ratingagenturen zu wichtigen ESG-Themen zu Wort.


"GBC Best of m:access 2020": Neue vielversprechende Auswahl

Unsere letztjährige „GBC Best of m:access“-Auswahl hat sich mit einer Performance von über 50 % überdurchschnittlich stark entwickelt und alle relevanten Indizes hinter sich gelassen. Im Rahmen der vorliegenden aktualisierten Studie präsentieren wir Ihnen eine in Teilen neu zusammengesetzte Selektion, die weiterhin 15 Unternehmen umfasst. Die aktuellen Einschätzungen zu den Einzeltiteln und auch weitere Informationen zur Entwicklung des m:access sind in der vollständigen Studie „GBC Best of m:access 2020“ enthalten.

Aktuelle Research-Studie

EQS Group AG

Original-Research: EQS Group AG (von GSC Research GmbH): Verkaufen

27. November 2020