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VEB / European Investors And Steinhoff Agree To A Standstill
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
VEB / European Investors and Steinhoff agree to a standstill
Investment group VEB/European Investors and global retailer Steinhoff International
Holdings N.V. (“Steinhoff”) have agreed to suspend the collective action currently ongoing
between them in The Netherlands until 3 April 2019.
VEB/European Investors, as a collective representative, has sued Steinhoff in the Dutch
court for certain financial statements, prospectuses and press releases, which according
to VEB are incorrect and misleading.
The suspension will grant Steinhoff time to continue the ongoing restructuring of its
business and to make further progress with its investigations and the preparation of its
financial statements. According to Danie van der Merwe, Steinhoff’s acting CEO, “Steinhoff
is engaged in a complex reorganisation as it restructures its financial liabilities and finalises
investigations and financial statements. This agreement allows us time to focus on
completing these tasks in the interests of all stakeholders.” VEB/European Investors have
agreed to this important step as this will support the stabilisation of the company’s business,
which is in the interest of both former and current Steinhoff shareholders.
After the suspension, VEB/European Investors and Steinhoff are both free to continue the
legal proceedings or to reach a settlement for affected shareholders through negotiations.
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, 17 October 2018
Date: 17/10/2018 05:50:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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