General SENS Submitter Company - Gen- General - Steinhoff Investment Holdings Ltd -Censure imposed by the JSE on Steinhoff Investment Holdings Ltd

Gen- General - Steinhoff Investment Holdings Ltd -Censure imposed by the JSE on Steinhoff Investment Holdings Ltd

GEN – General – Steinhoff Investment Holdings Limited
Censure imposed by the JSE on Steinhoff Investment Holdings Limited (“SIH” or “Issuer”)


The JSE Limited (“JSE”) hereby informs stakeholders of the following findings in respect of the Issuer:


1. SIH has a primary listing on the JSE and is listed as a hybrid issuer with preference shares in
    issue.


2. Paragraph 3.4(a) of the JSE Listings Requirements requires an issuer to release, without delay,
    an announcement providing details relating, directly or indirectly, to such issuer that constitutes
    price sensitive information, unless the information is kept confidential for a limited period of
    time.


3. Furthermore, General Principle (iii) requires an issuer to ensure that full, equal and timeous
    public disclosure is made to all holders of securities and the general public at large regarding
    the activities of an issuer that are price sensitive.


4. On 7 December 2017, Moody’s Investor Service (“Moody’s”) published on its website, inter alia,
    that it had downgraded the issuer rating of SIH by four notches from Baa3 to B1. At the same
    time, SIH’s national scale long-term issuer rating was downgraded to Baa3.za from Aa1.za. The
    ratings were simultaneously put under review for further downgrade.


5. According to SIH, it was informed by Moody’s of the publication of the rating downgrade on 8
    December 2017 at 00h29 (SA time). SIH failed to publish an announcement on SENS on 8
    December 2017 to inform stakeholders of Moody’s rating action in accordance with the
    aforementioned Listings Requirements.


6. On 28 December 2017, Moody’s published on its website, inter alia, that it had further
    downgraded the ratings of SIH by assigning a Caa1 Corporate Family Rating to it and a B3.za
    national scale Corporate Family Rating to SIH. Moody’s also assigned a Caa1-PD probability of
    default rating to SIH.


7. According to SIH, it was informed by Moody’s of the publication of the further rating
    downgrade on 28 December 2017 at 12h03 (SA time). SIH only published an announcement on
    SENS at 17h33, after market close on that day, to inform stakeholders of Moody’s further rating
    action in accordance with the aforementioned Listings Requirements.


8. Accordingly the Issuer was found to be in breach of paragraph 3.4(a) and General Principle (iii)
    of the Listings Requirements for failing to publish an announcement on SENS in respect of
    Moody’s rating action of 7 December 2017 as well as for the late announcement of Moody’s
    further rating action on 28 December 2017.



The JSE has decided to impose this public censure against the Issuer as well as a fine in the amount
of R1 000 000 (one million rand) in relation to the above mentioned breaches of the Listings
Requirements.




21 August 2018

Date: 21/08/2018 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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