STEINHOFF INTERNATIONAL HOLDINGS N.V. - Steinhoff Receives Scheme Sanction Order And Elects SOP For Implementation Of SIHNV Settlement

Steinhoff Receives Scheme Sanction Order And Elects SOP For Implementation Of SIHNV Settlement

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

DISCLOSURE OF INSIDE INFORMATION PURSUANT TO ART. 17 OF THE EU MARKET ABUSE
REGULATION (EU 596/2014, MAR)

STEINHOFF RECEIVES SCHEME SANCTION ORDER AND ELECTS SOP FOR IMPLEMENTATION OF
SIHNV SETTLEMENT

Update on English SIHNV Scheme

Steinhoff International Holdings N.V. (“SIHNV” or the “Company”, together with its
subsidiaries, the “Steinhoff Group”) announces that the English High Court has today
delivered a judgment in the SIHNV scheme of arrangement proceedings (“SIHNV Scheme”)
granting the sanction order in the terms sought by the Company.

Following the fulfilment of the SIHNV Scheme conditions, which are expected to be satisfied
shortly, the SIHNV Scheme in relation to the Company’s “SEAG Contingent Payment
Undertaking” will come into effect and will provide a further approval required from the
Company’s financial creditors to proceed with the proposed global settlement.

Update on implementation options

The boards of SIHNV have been giving further consideration to the implementation options
available to SIHNV and, following careful consideration of the options, the boards of SIHNV
have concluded that SIHNV will seek a “suspension of payments” process (surseance van
betaling) in the Netherlands to assist with the implementation of the Steinhoff global
settlement. Accordingly, it will oppose the application due to be heard in the Amsterdam
District Court on Monday 8 February 2021 for the appointment of a restructuring expert in
under the Dutch Wet Homologatie Onderhands Akkoord ter voorkoming van faillissement
procedure.

Further updates will be provided in due course in relation to any application for a
“suspension of payments” process and in relation to the implementation of the global
settlement more generally.

The “suspension of payments” process will not directly affect any of the other entities in the
Steinhoff Group nor any of its operating businesses.

The Company has a primary listing on the Frankfurt Stock Exchange and a secondary listing
on the JSE Limited.

JSE Sponsor: PSG Capital

Stellenbosch, South Africa

5 February 2021

Date: 05-02-2021 03:00:00
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