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STEINHOFF INTERNATIONAL HOLDINGS N.V. - SEAG And Finance Holding Lock-Up Agreement Effective And Update On Hemisphere Restructuring

Release Date: 20/07/2018 10:20
Code(s): SNH SHFF     PDF:  
Wrap Text
SEAG And Finance Holding Lock-Up Agreement Effective And Update On Hemisphere Restructuring

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
(“Steinhoff Investments” or the “Issuer”)

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

SEAG AND FINANCE HOLDING LOCK-UP AGREEMENT EFFECTIVE AND UPDATE ON HEMISPHERE
RESTRUCTURING
Steinhoff International Holdings N.V. (the “Company” and with its subsidiaries, the “Group”)

The Company is pleased to announce that the lock-up agreement (the “LUA”) in connection
with the restructuring of the financial indebtedness of the Company, Steinhoff Europe AG
(“SEAG”), Steinhoff Finance Holding GmbH (“Finance Holding”) and Stripes US Holding
Incorporated (“SUSHI”) (the “Restructuring”) has today become effective in accordance with
its terms.

The parties to the LUA will now seek to implement the Restructuring within three months (subject
to any agreed extension). Once the Restructuring has been implemented, the terms of the
Restructuring (as set out in the term sheet included in the LUA) will remain in place for three
years (subject to a maturity long stop date of 31 December 2021).

Following an agreement being reached between Hemisphere International Properties B.V.
(“Hemisphere”) and advisors representing the third-party creditors of Hemisphere (the
“Hemisphere Lenders”) on the commercial terms for the restructuring of the financial
indebtedness of Hemisphere (the “Hemisphere Restructuring”), the Company is pleased to
announce that approximately 91% approval has been obtained from the Hemisphere Lenders
to the terms of the Hemisphere Restructuring, subject to final documentation being agreed.
The Company can also confirm that the requisite levels of support have been obtained to
those terms of the Hemisphere Restructuring requiring approval under the terms of the LUA
from the creditors of SEAG, SUSHI and Finance Holding. The next step with respect to the
Hemisphere Restructuring will be for Hemisphere to negotiate with the Hemisphere Lenders the
terms of a lock-up agreement with respect to the implementation of the Hemisphere
Restructuring.

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, 20 July 2018

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