To view the PDF file, sign up for a MySharenet subscription.

STEINHOFF - ABRIDGED PROSPECTUS

Release Date: 09/09/1998 08:02
Code(s): SHF
Wrap Text
ABRIDGED PROSPECTUS
STEINHOFF INTERNATIONAL HOLDINGS LIMITED

(FORMERLY VENDIBLE PROPERTIES (PROPRIETARY) LIMITED) (INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA) (REGISTRATION NUMBER 98/03951/06) ("STEINHOFF" OR "THE COMPANY") ABRIDGED PROSPECTUS RELATING TO:
*A PREFERENTIAL OFFER FOR SALE TO ORDINARY SHAREHOLDERS IN UNISPIN HOLDINGS LIMITED ("UNISPIN") REGISTERED AS SUCH ON FRIDAY, 4 SEPTEMBER 1998 ("THE RECORD DATE"), OF 20 407 400 ORDINARY SHARES OF 0,5 CENT EACH IN THE
SHARE CAPITAL OF STEINHOFF ("SHARES") IN THE RATIO OF 4 SHARES FOR EVERY 100 UNISPIN SHARES HELD AT THE RECORD DATE AT A PRICE OF 400 CENTS PER SHARE ("THE UNISPIN OFFER"); AND
*A PREFERENTIAL OFFER FOR SALE TO BUSINESS ASSOCIATES, STAFF AND CLIENTS OF STEINHOFF OF 26 000 000 SHARES IN STEINHOFF AT A PRICE OF 400 CENTS PER SHARE ("THE PREFERENTIAL OFFER"), (COLLECTIVELY, "THE OFFERS").
OPENING DATE OF THE OFFERS (09:00) WEDNESDAY, 9 SEPTEMBER 1998 CLOSING DATE OF THE OFFERS (12:00) FRIDAY, 18 SEPTEMBER 1998 ANTICIPATED LISTING DATE (09:30) WEDNESDAY, 23 SEPTEMBER 1998 THE SHARES OFFERED FOR SALE IN TERMS OF THE PROSPECTUS RANK PARI PASSU IN ALL RESPECTS WITH THE EXISTING SHARES OF STEINHOFF IN ISSUE.
SUBJECT TO OBTAINING A SPREAD OF SHAREHOLDERS ACCEPTABLE TO THE JOHANNESBURG STOCK EXCHANGE ("JSE"), THE LISTING OF 650 000 000 STEINHOFF SHARES HAS BEEN GRANTED BY THE JSE IN THE INDUSTRIAL - "FURNITURE, HOUSEHOLD & ALLIED" SECTOR OF THE JSE LISTS, UNDER THE ABBREVIATED NAME "STEINHOFF".
AN ENGLISH COPY OF THE PROSPECTUS WAS REGISTERED BY THE REGISTRAR OF COMPANIES ON 1 SEPTEMBER 1998, IN TERMS OF SECTION 155(1) OF THE COMPANIES ACT, 1973 (ACT 61 OF 1973), AS AMENDED.
THIS ANNOUNCEMENT CONTAINS THE SALIENT INFORMATION IN RESPECT OF THE UNISPIN OFFER AND THE PREFERENTIAL OFFER OF SHARES IN STEINHOFF, WHICH ARE MORE FULLY DESCRIBED IN THE PROSPECTUS TO BE ISSUED TODAY. FOR A FULL APPRECIATION THEREOF, THE COMPLETE PROSPECTUS, WHICH IS AVAILABLE ON REQUEST AS DETAILED IN PARAGRAPH 8 BELOW, SHOULD BE READ IN ITS ENTIRETY. 1. DETAILS OF THE OFFERS
OFFER PRICE PER SHARE (CENTS) 400
FORWARD PRICE: EARNINGS MULTIPLE (TIMES) 13,0 STEINHOFF SHARES OFFERED FOR SALE:
*IN TERMS OF THE UNISPIN OFFER 20 407 400 *IN TERMS OF THE PREFERENTIAL OFFER 26 000 000 PRIOR TO THE ISSUE OF THE PROSPECTUS, 130 000 000 SHARES WERE PLACED WITH INSTITUTIONS AT 400 CENTS PER SHARE ("THE PRIVATE PLACEMENT"). THESE
INSTITUTIONS HAVE SUBSCRIBED FOR THE FULL 130 000 000 SHARES, THEREBY RAISING R520 000 000. OF THESE SHARES, 46 407 400 SHARES ARE BEING PREFERENTIALLY OFFERED FOR SALE IN TERMS OF THE UNISPIN OFFER AND THE PREFERENTIAL OFFER. 2. IMPORTANT TIMES AND DATES
1998
RECORD DATE IN RESPECT OF THE UNISPIN OFFER FRIDAY, 4 SEPTEMBER OPENING DATE OF THE OFFERS (09:00) WEDNESDAY, 9 SEPTEMBER CLOSING DATE OF THE OFFERS (12:00) FRIDAY, 18 SEPTEMBER LAST DATE FOR LATE POSTAL ACCEPTANCES
IN RESPECT OF THE UNISPIN OFFER (12:00) TUESDAY, 22 SEPTEMBER ANTICIPATED LISTING DATE UNDER THE NAME STEINHOFF IN THE INDUSTRIAL - FURNITURE, HOUSEHOLD & ALLIED
SECTOR OF THE JSE LISTS WEDNESDAY, 23 SEPTEMBER REFUND CHEQUES IN RESPECT OF THE UNISPIN OFFER MAILED FRIDAY, 25 SEPTEMBER SHARE CERTIFICATES MAILED FRIDAY, 25 SEPTEMBER 3. HISTORY AND NATURE OF BUSINESS
STEINHOFF IS AN INVESTMENT HOLDING COMPANY WHICH WAS INCORPORATED AS VENDIBLE PROPERTIES (PROPRIETARY) LIMITED ON 3 MARCH 1998. ON 28 MAY 1998, THE COMPANY CHANGED ITS NAME TO STEINHOFF INTERNATIONAL HOLDINGS (PROPRIETARY) LIMITED, AND ON 25 JUNE 1998, IT WAS CONVERTED TO A PUBLIC COMPANY. WITH EFFECT FROM 31 AUGUST 1998, STEINHOFF ACQUIRED THE ENTIRE ISSUED SHARE CAPITAL AND LOAN ACCOUNTS OF STEINHOFF AFRICA HOLDINGS (PROPRIETARY) LIMITED ("STEINHOFF AFRICA"), STEINHOFF EUROPE AG ("STEINHOFF EUROPE") AND STEINHOFF GERMANY GMBH ("STEINHOFF GERMANY") (COLLECTIVELY, "THE STEINHOFF GROUP") ("THE MERGER"). STEINHOFF AFRICA, STEINHOFF EUROPE AND STEINHOFF GERMANY ARE INVESTMENT HOLDING COMPANIES, HOUSING THE STEINHOFF GROUP'S OPERATING COMPANIES IN THEIR
RESPECTIVE GEOGRAPHICAL AREAS AND WERE INCORPORATED FOR THE PURPOSES OF FACILITATING THE MERGER AND THE PROSPECTIVE LISTING ON THE JSE.
STEINHOFF IS AN INTEGRATED LIFESTYLE SUPPLIER THAT MANUFACTURES, WAREHOUSES AND DISTRIBUTES FURNITURE, BEDDING AND CASE GOODS. STEINHOFF'S CORE COMPETENCY IS THE ESTABLISHMENT OF FACTORIES IN EMERGING ECONOMIES WITH SIGNIFICANT COST ADVANTAGES, THE INTRODUCTION OF A COMPETENT CORE MANAGEMENT TEAM, AND THE SUPPLYING OF PRODUCTS INTO DEVELOPED ECONOMIES. STEINHOFF IS AMONGST THE TOP FIVE FURNITURE GROUPS IN EUROPE AND THE SECOND LARGEST FURNITURE GROUP IN AFRICA.
THE STEINHOFF GROUP HAS MANUFACTURING OPERATIONS IN GERMANY, POLAND, HUNGARY, THE UKRAINE AND SOUTH AFRICA AND OPERATES ITS OWN DISTRIBUTION NETWORKS IN AUSTRIA, THE BENELUX COUNTRIES, FRANCE, THE UNITED KINGDOM, RUSSIA, CHINA (INCLUDING HONG KONG), MALAYSIA, SCANDINAVIA, SOUTH AFRICA AND TURKEY. ITS SOUTH AFRICAN BRAND NAMES INCLUDE STEINHOFF, GOMMAGOMMA, BAKKER & STEYGER, VICTORIA LEWIS, BEECHFURN, LOUNGEFURN, BEDFURN AND SIMMONS. TODAY, STEINHOFF COMPRISES A GLOBAL FURNITURE MANUFACTURING GROUP WITH 43 FACTORIES SPREAD ACROSS EUROPE AND SOUTH AFRICA EMPLOYING IN EXCESS OF 10 800 PEOPLE AND, INCLUDING ITS ASSOCIATES, GENERATING SALES IN EXCESS OF R3 BILLION.
COMPETITIVE ADVANTAGES OF THE STEINHOFF GROUP INCLUDE:
3.1 STEINHOFF MANUFACTURES A FULL RANGE OF FURNITURE PRODUCTS OF HIGH AESTHETIC VALUE AND TECHNICAL VARIABILITY. UPHOLSTERED PRODUCTS INCLUDE LEATHER AND FABRIC. PRODUCT RANGES INCLUDE MODERN AND CLASSIC DESIGNS. PRICE POINTS COVER THE FULL SPECTRUM OF CONSUMER TASTES AND INCOME LEVELS.
3.2 STEINHOFF HAS ACCESS TO CHEAP RAW MATERIALS SUCH AS HIGH QUALITY
PARTICLEBOARD, PINE AND TIMBER SOURCED FROM SOUTH AFRICA, ESTONIA, RUSSIA AND POLAND. IN VIEW OF THE CLOSE PROXIMITY OF THE MAJORITY OF STEINHOFF'S PLANTS TO THESE SOURCES, TRANSPORT COSTS ARE RELATIVELY LOW AND RELIABILITY OF SUPPLIES IS GOOD.
3.3 STEINHOFF WILL COMMENCE ITS LISTING WITH LITTLE DEBT. GIVEN THE CASH GENERATIVE CAPACITY OF ITS SUBSIDIARIES, FUTURE GROWTH WILL BE FUNDED FROM INTERNALLY-GENERATED CASH, LEAVING ONLY FACTORY EXPANSION AND ACQUISITIONS TO BE FUNDED FROM LIMITED DEBT. 4. PROSPECTS OF THE STEINHOFF GROUP
4.1 STEINHOFF IS EXPERIENCING A GROWING MARKET SHARE IN THE EUROPEAN FURNITURE MARKET, PARTICULARLY IN UPHOLSTERED PRODUCTS, WHERE GROWTH HAS BEEN IN EXCESS OF 20% PER ANNUM OVER THE PAST 11 YEARS. THIS GROWTH IS EXPECTED TO CONTINUE, GIVEN STEINHOFF'S SUPERIOR DESIGNS AND ABILITY TO DEVELOP PRODUCTS TO MATCH THE CHANGING NEEDS OF CONSUMERS.
4.2 BEING ONE OF THE LARGEST FURNITURE MANUFACTURERS IN GERMANY, STEINHOFF'S SUCCESSES IN THAT COUNTRY SUGGEST THAT THE STEINHOFF GROUP IS WELL PLACED TO REPLICATE THESE SUCCESSES IN THE OTHER PRINCIPAL EUROPEAN NATIONS, SUCH AS FRANCE, ITALY AND THE UNITED KINGDOM.
4.3 STEINHOFF IS IDEALLY POSITIONED TO PENETRATE THE NEW EURO-DENOMINATED SINGLE CURRENCY MARKET. THE IMPLICATIONS OF A SINGLE CURRENCY COMMUNITY INCLUDE COMMON PRICING, FAVOURING LOW COST PRODUCERS SUCH AS STEINHOFF, MORE EFFECTIVE DISTRIBUTION AND NO DUTY STRUCTURES. STEINHOFF'S GEOGRAPHIC SPREAD ALSO PROVIDES IT WITH ADVANTAGES IN TERMS OF EASE OF DISTRIBUTION THROUGHOUT EUROPE AND INTO THE EMERGING EUROPEAN MARKETS.
4.4 STEINHOFF IS CURRENTLY THE THIRD LARGEST MANUFACTURER OF UPHOLSTERED PRODUCTS IN EUROPE. THE STEINHOFF GROUP RECENTLY ENTERED THE CASE GOODS MARKET AND INTENDS TO GROW ITS POSITION IN THIS MARKET AGGRESSIVELY.
4.5 STEINHOFF IS CURRENTLY INVOLVED IN SIGNIFICANT PRODUCTION EXPANSION, PRIMARILY IN POLAND. THE NEW FACILITIES ARE BEING ESTABLISHED IN SPECIAL TAX-FREE DESIGNATED ZONES IN SOUTHERN POLAND, CLOSE TO THE GERMAN BORDER, AND WILL NOT BE LIABLE FOR TAXATION FOR 10 YEARS FROM DATE OF ESTABLISHMENT, WITH A FURTHER 10 YEARS THEREAFTER AT 50% OF THE NORMAL TAX RATE. AS THESE FACILITIES COME ON STREAM, THEY WILL FURTHER INCREASE THE STEINHOFF GROUP'S PROFITABILITY. 4.6 STEINHOFF'S STRATEGY OF DEVELOPING A SIGNIFICANT MANUFACTURING STRUCTURE IN POLAND AND HUNGARY IS DESIGNED TO ENABLE THE STEINHOFF GROUP'S COST BASE TO BECOME SUBSTANTIALLY LOWER THAN THAT OF ITS COMPETITORS. LABOUR COSTS IN POLAND AVERAGE AROUND 10% WITH HUNGARY'S AVERAGE BEING AROUND 14% OF THOSE PAYABLE IN GERMANY. SUCH LOWER COSTS HAVE ENABLED STEINHOFF TO MAINTAIN EXCEPTIONALLY COMPETITIVE PRICING STRUCTURES IN EUROPE, WITHOUT COMPROMISING ON QUALITY AND DESIGN. WITH FURTHER INCREASES IN PRODUCTION SCHEDULED FOR POLAND, THE STEINHOFF GROUP'S PRICING ADVANTAGES ARE EXPECTED TO IMPROVE.
4.7 STEINHOFF'S EXISTING POLISH OPERATIONS ARE EXPECTED TO DELIVER SIGNIFICANT EFFICIENCY IMPROVEMENTS, DUE TO THEIR CONTINUOUS TRAINING PROGRAMMES, AS WELL AS THE INTRODUCTION OF MODERN MANUFACTURING EQUIPMENT. IT IS EXPECTED THAT THESE EFFICIENCY ENHANCEMENTS WILL ENABLE POLISH FACTORIES TO DELIVER THE SAME LEVELS OF OUTPUT AND EFFICIENCY AS THEIR GERMAN COUNTERPARTS, ALBEIT AT MUCH LOWER LABOUR COSTS. THIS COMBINATION SHOULD PLACE THE STEINHOFF GROUP IN A STRONG POSITION FOR ONGOING PROFIT GROWTH IN FUTURE YEARS.
4.8 STEINHOFF IS IDEALLY SITUATED TO EXPAND INTO THE PRINCIPAL EASTERN EUROPEAN ECONOMIES OF POLAND, HUNGARY AND THE CZECH REPUBLIC WHERE ECONOMIC INDICATORS POINT TOWARDS SIGNIFICANT GROWTH. IN ADDITION, IT IS EXPECTED THAT OTHER EASTERN EUROPEAN ECONOMIES COULD ALSO BE POSITIVELY INFLUENCED BY THIS GROWTH. STEINHOFF INTENDS TO MARKET AND DISTRIBUTE INCREASED PROPORTIONS OF ITS EASTERN EUROPEAN OUTPUT IN THE COUNTRIES OF MANUFACTURE (I.E. POLAND AND HUNGARY) AND APPROPRIATE MARKETING STRUCTURES ARE CURRENTLY BEING ESTABLISHED. EASTERN EUROPE (EXCLUDING RUSSIA) BOASTS A 40% LARGER POPULATION THAN WESTERN EUROPE BUT HAS A FURNITURE MARKET 20% THE SIZE OF THE WESTERN EUROPEAN MARKET IN VALUE, WHICH INDICATES THE POTENTIAL FOR GROWTH. STEINHOFF'S EXPERIENCE IN OPERATING IN TWO OF EASTERN EUROPE'S LARGEST MARKETS PLACES IT IN A STRONG POSITION TO BENEFIT FROM FUTURE GROWTH.
4.9 GIVEN THAT FURNITURE RETAILING IN EASTERN EUROPE IS CURRENTLY IN AN EMBRYONIC STAGE, AND, GIVEN STEINHOFF'S EXTENSIVE EXPERIENCE IN THIRD WORLD MARKETS, SUBSTANTIAL POTENTIAL EXISTS FOR THE STEINHOFF GROUP TO RETAIL ITS MANUFACTURED FURNITURE PRODUCTS THROUGH ITS OWN RETAIL OUTLETS.
4.10 INCREASED EXPORTS FROM POLAND AND HUNGARY OF PRODUCTS SOLD IN DEUTSCHE MARKS OFFER FURTHER POTENTIAL CURRENCY GAINS.
4.11 CURRENT AND FUTURE DEVELOPMENTS IN SOUTH AFRICA POINT TOWARDS SIGNIFICANT GROWTH IN THE DEMAND FOR FURNITURE, PRIMARILY AS A RESULT OF MASS HOUSING AND ELECTRIFICATION PROJECTS AND DEMUTUALISATION. IN ADDITION, DEVELOPMENTS IN AFRICA POINT TOWARDS THE CREATION OF A VIBRANT EXPORT MARKET INTO THE CONTINENT SPEARHEADED BY LOCAL RETAILERS ESTABLISHING NEW BASES NORTH OF THE LIMPOPO. STEINHOFF'S SOUTH AFRICAN SUBSIDIARIES ARE WELL PLACED TO MEET EXPECTED FUTURE DEMAND IN AFRICA.
4.12 THE STEINHOFF GROUP'S RECENT ACQUISITION OF CONTROL IN MEGACOR HOLDINGS LIMITED WILL CREATE A SIZEABLE LOW COST EXPORTER OF KNOCKED-DOWN PINE
FURNITURE. STEINHOFF'S ALREADY STRONG POSITION IN THIS MARKET WILL PROVIDE A STRONG MARKETING ORGANISATION TO DRIVE THESE SALES EVEN FURTHER, THUS EFFECTING IMPROVEMENTS IN MEGACOR HOLDINGS LIMITED'S PROFITABILITY.
4.13 APPROXIMATELY 70% OF THE STEINHOFF GROUP'S EARNINGS ARE DERIVED FROM ITS OPERATIONS IN EUROPE. IN ADDITION, THE SOUTH AFRICAN OPERATION WILL, DUE TO ITS INTERNATIONAL LINKS, INCREASE ITS EXPORTS INTO EUROPE. THE DEPRECIATION IN THE VALUE OF THE RAND WILL FURTHER ENHANCE EXPORTS IN THE FUTURE, MAKING STEINHOFF AN ATTRACTIVE RAND HEDGE INVESTMENT.
4.14 IN TERMS OF STEINHOFF'S VISION TO BECOME A FULLY INTEGRATED FURNITURE MANUFACTURER, THE STEINHOFF GROUP'S ANTICIPATED LISTING ON THE JSE IS EXPECTED TO PROVIDE A USEFUL MECHANISM TO ACCELERATE STEINHOFF'S GROWTH THROUGH STRATEGIC ACQUISITIONS. 5. PRO FORMA PROFIT HISTORY AND FORECAST
THE INFORMATION SET OUT BELOW SHOULD BE READ IN CONJUNCTION WITH THE
INDEPENDENT REPORTING ACCOUNTANTS' REPORT ON THE STEINHOFF GROUP AND THE PROFIT FORECAST OF THE STEINHOFF GROUP AS SET OUT IN THE PROSPECTUS. 5.1 PROFIT HISTORY AND FORECAST FORECAST
ANNUALISED YEAR ENDING / YEARS ENDED 30 JUNE 31 DECEMBER
1999 1997 1996 1995 R'000 R'000 R'000 R'000 REVENUE 2 795 508 1 980 996 1 828 070 264 916 OPERATING INCOME BEFORE FINANCE
COSTS 230 641 89 814 34 755 16 586 NET FINANCE INCOME/(COSTS) 26 252 20 108 22 638 (11 114) INCOME BEFORE TAXATION 256 893 109 922 57 393 5 472 TAXATION (57 781) (28 181) (16 371) (1 779) NET INCOME AFTER TAXATION 199 112 81 741 41 022 3 693 ABNORMAL ITEMS - (12 221) 4 620 1 000 SHARE OF ASSOCIATED COMPANIES'
RETAINED INCOME 1 690 13 439 12 305 -
ATTRIBUTABLE TO OUTSIDE SHAREHOLDERS (1 039) (1 093) 685 -
ATTRIBUTABLE INCOME 199 763 81 866 58 632 4 693 IT WAS DEEMED MEANINGFUL TO COMPILE PRO FORMA RESULTS BEFORE 1995, DUE TO THE EXTENT OF STRUCTURAL CHANGES IN THE STEINHOFF GROUP. IT MUST ALSO BE NOTED THAT THE 1995 RESULTS DO NOT TAKE ACCOUNT OF INTERNATIONAL ACTIVITIES, DUE TO THE NATURE OF THE BUSINESSES' OWNERSHIP STRUCTURES AT THAT TIME. 5.2 FINANCIAL STATISTICS
FORECAST HISTORIC ANNUALISED YEAR ENDING YEAR ENDED 30 JUNE 1999 31 DECEMBER 1997 ATTRIBUTABLE INCOME (R'000) 199 763 81 866 HEADLINE EARNINGS (R'000) 199 763 94 087 NUMBER OF SHARES IN ISSUE ('000) 650 000 650 000 EARNINGS PER SHARE (CENTS) 30,7 12,6 HEADLINE EARNINGS PER SHARE (CENTS) 30,7 14,5 PRICE: EARNINGS RATIO ON OFFER PRICE (TIMES) 13,0 27,6 EARNINGS YIELD ON OFFER PRICE (%) 7,7 3,6 SUBSEQUENT TO THE PRIVATE PLACEMENT, STEINHOFF'S PRO FORMA TANGIBLE NET ASSET VALUE PER SHARE IS 169,4 CENTS AND THE RATIO OF INTEREST BEARING DEBT TO TOTAL ORDINARY SHAREHOLDERS' FUNDS IS 5,8%.
6. PURPOSES OF THE PRIVATE PLACEMENT, THE OFFERS AND THE LISTING
THE MAIN PURPOSES OF THE PRIVATE PLACEMENT, THE OFFERS AND THE LISTING ARE: *TO INCREASE THE CAPITAL BASE OF STEINHOFF;
*TO AFFORD STEINHOFF MANAGEMENT AND EMPLOYEES, MEMBERS OF THE GENERAL PUBLIC, FINANCIAL INSTITUTIONS AND ASSOCIATES OF STEINHOFF, THE OPPORTUNITY TO PARTICIPATE DIRECTLY IN THE EQUITY OF STEINHOFF;
*TO PROVIDE STEINHOFF WITH A FURTHER SOURCE FROM WHICH PERMANENT CAPITAL CAN BE OBTAINED TO FACILITATE FUTURE GROWTH;
*TO ENHANCE INVESTOR AND GENERAL PUBLIC AWARENESS OF STEINHOFF;
*TO ASSIST STEINHOFF IN ATTRACTING AND RETAINING HIGHLY SKILLED STAFF; AND *TO OBTAIN THE NECESSARY SPREAD OF SHAREHOLDERS TO ENABLE THE LISTING OF STEINHOFF SHARES ON THE JSE.
THE PRIMARY RATIONALE FOR LISTING ON THE JSE IS AS FOLLOWS:
GIVEN THE LONG STANDING RELATIONSHIP BETWEEN MESSRS STEINHOFF AND DAUN, A WELL-KNOWN GERMAN INDUSTRIALIST, AND THE LATTER'S PROVEN TRACK RECORD AS A HIGHLY SUCCESSFUL FOREIGN INVESTOR IN SOUTH AFRICA, STEINHOFF'S MANAGEMENT BECAME ACQUAINTED WITH THE SOUTH AFRICAN TRADING ENVIRONMENT AND MARKETS IN GENERAL.
THE PROCEEDS OF THE PRIVATE PLACEMENT WILL BE UTILISED TO REDUCE BANK
BORROWINGS, TO FUND WORKING CAPITAL REQUIREMENTS AND FOR FUTURE ACQUISITION AND EXPANSION OPPORTUNITIES WHICH ARE EXPECTED TO ARISE. 7. DIRECTORS
THE FULL NAMES, NATIONALITIES (IF NOT SOUTH AFRICAN), AGES AND OCCUPATIONS OF THE DIRECTORS OF STEINHOFF ARE SET OUT BELOW:
NAME (NATIONALITY) (AGE) OCCUPATION EXECUTIVE DIRECTORS
BRUNO STEINHOFF (GERMAN) (60) EXECUTIVE CHAIRMAN: STEINHOFF NORBERT WALTER STEINHOFF (GERMAN) (50) MANAGING DIRECTOR: STEINHOFF EUROPE AND EXECUTIVE DIRECTOR: STEINHOFF MARKUS JOHANNES JOOSTE (37) EXECUTIVE CHAIRMAN: STEINHOFF AFRICA AND FINANCE DIRECTOR: STEINHOFF NON-EXECUTIVE DIRECTORS
CLAAS EDMUND DAUN (GERMAN) (55) DIRECTOR OF COMPANIES AND NON- EXECUTIVE DIRECTOR: STEINHOFF DIRK EMIL ACKERMAN (63) DIRECTOR: ARMSCOR LIMITED AND NON- EXECUTIVE DIRECTOR: STEINHOFF DR DEENADAYALEN KONAR (44) INDEPENDENT CONSULTANT, DIRECTOR OF COMPANIES AND NON-EXECUTIVE
DIRECTOR: STEINHOFF
THE DIRECTORS OF STEINHOFF HAVE UNDERTAKEN TO COMPLY WITH THE KING CODE ON CORPORATE GOVERNANCE. 8. FURTHER COPIES OF THE PROSPECTUS
FURTHER COPIES OF THE PROSPECTUS MAY BE OBTAINED DURING BUSINESS HOURS FROM TODAY TO WEDNESDAY, 23 SEPTEMBER 1998 FROM:
*STANDARD CORPORATE AND MERCHANT BANK, GROUND FLOOR, 3 SIMMONDS STREET, JOHANNESBURG, 2001;
*THE BUSINESS BANK LIMITED, THE BUSINESS BANK BUILDING, WOODMEAD ESTATE, 1 WOODMEAD DRIVE, WOODMEAD, SANDTON, 2199;
*PSG SECURITIES LIMITED, 6TH FLOOR, FIRST NATIONAL HOUSE, 11 DIAGONAL STREET, JOHANNESBURG, 2001;
*BOE SECURITIES (PROPRIETARY) LIMITED, 187 RIVONIA ROAD, MORNINGSIDE, 2057; *STANDARD EQUITIES (PROPRIETARY) LIMITED, 4TH FLOOR, 3 SIMMONDS STREET, JOHANNESBURG, 2001;
*DYASON INC., 2ND FLOOR, LEOPONT BUILDING, CORNER NELSON MANDELA DRIVE AND CHURCH STREET EAST, PRETORIA, 0002;
*DELOITTE & TOUCHE, 221 WATERKLOOF ROAD, WATERKLOOF, 0028;
*MERCANTILE REGISTRARS LIMITED, 5TH FLOOR, MERCANTILE BUILDING, 94 PRESIDENT STREET, JOHANNESBURG, 2001; AND *ALL BROKING MEMBERS OF THE JSE. PRETORIA 8 SEPTEMBER 1998 MERCHANT BANKS SCMB STANDARD CORPORATE AND MERCHANT BANK
(A DIVISION OF THE STANDARD BANK OF SOUTH AFRICA LIMITED) (REGISTRATION NUMBER 62/00738/06) TBB THE BUSINESS BANK A NEW FORCE IN BUSINESS BANKING SPONSORING BROKERS PSG SECURITIES LIMITED (REGISTRATION NUMBER 96/00509/06) MEMBER OF THE JOHANNESBURG STOCK EXCHANGE BOE SECURITIES (PTY) LIMITED REGISTRATION NUMBER 96/15589/07 MEMBER OF THE JOHANNESBURG STOCK EXCHANGE STANDARD EQUITIES (PROPRIETARY) LIMITED (REGISTRATION NUMBER 72/08305/07) (MEMBER OF THE JOHANNESBURG STOCK EXCHANGE) ATTORNEYS DAYSON REPORTING ACCOUNTANTS AND AUDITORS DELOITTE & TOUCHE CHARTERED ACCOUNTANTS (SA) REGISTERED ACCOUNTANTS AND AUDITORS

Share This Story