STEINHOFF AFRICA RETAIL LIMITED - Update On Tekkie Town

Release Date: 06/07/2018 15:10
Code(s): SRR
 
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Update On Tekkie Town

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 TEKKIE TOWN

STAR has today obtained from the Western Cape High Court a court order on an urgent basis
against four senior members of the previous Tekkie Town management team interdicting the
respondents from conducting certain actions against STAR which include interference with
the Tekkie Town Information Technology System and destabilising operations.

CEO Leon Lourens commented: “It is regrettable that we have had to take such legal action.
We remain focussed on the continued success of STAR and Tekkie Town with our determined
and committed team and will focus on continued growth. Our ethics and values have never
changed and never will. We will continue to use the necessary legal process available to
protect our business.”

“The interim management and support team, together with staff members who have remained
in the business, continue to operate Tekkie Town in a stable manner. The supply chain is
operational, all stores are trading and performance is in line with targeted levels. The
performance of all other STAR businesses remains unaffected”.

Tekkie Town continues to be an important part of STAR, operating more than 380 stores, and
providing employment to more than 3 000 employees.

Parow

6 July 2018

Sponsor:
PSG Capital

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