STEINHOFF INTERNATIONAL HOLDINGS N.V. - Sale Of Interests In The Poco Furniture Group

Release Date: 04/09/2018 10:00
Code(s): SNH SHFF
 
Wrap Text
Sale Of Interests In The Poco Furniture Group

Steinhoff International Holdings N.V.
(Incorporated in the Netherlands)
(Registration number: 63570173)
Share Code: SNH
ISIN: NL0011375019

Steinhoff Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1954/001893/06)
JSE Code: SHFF
ISIN: ZAE000068367

SALE OF INTERESTS IN THE POCO FURNITURE GROUP
Steinhoff International Holdings N.V. (the “Company” and with its subsidiaries, the “Group”)

On 26 April 2018 the Group announced that it had agreed in principle a settlement of the
German litigation proceedings between the Group and entities controlled by Dr Andreas
Seifert (the “Seifert Entities”). It was noted in the 26 April 2018 announcement that the Seifert
Entities had offered to acquire the Group’s remaining 50% interest in the POCO furniture group
(“POCO”).

The Group’s subsidiary LiVest GmbH (“LiVest”) holds the Group’s shares in POCO and has today
entered into a sale agreement with the Seifert Entities by which the Seifert Entities will acquire
LiVest’s shares in POCO and certain related properties for a total consideration of €270.685
million (the “POCO Sale”). In addition, the POCO business will retain debt of approximately
€140 million, with no recourse to the Group. The closing of the POCO Sale is subject to typical
conditions precedent including German and Austrian competition and merger control
provisions. Closing of the POCO Sale shall bring the German litigation proceedings with the
Seifert Entities to an end.

As noted in the Company’s Q3 2018 trading update, following the declaration of a dispute by
the Pohlmann family regarding the 2015 sale of their interest in LiVest to Steinhoff, any proceeds
from the sale by LiVest of its 50% share in POCO will be held in escrow while the Pohlmann
dispute is finalised.

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

JSE Sponsor: PSG Capital

Stellenbosch, 4 September 2018

Date: 04/09/2018 10:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Share This Story