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STEINHOFF INTERNATIONAL HOLDINGS N.V. - Financial Restructuring

Release Date: 30/05/2019 17:10
Code(s): SNH SHFF     PDF:  
 
Wrap Text
Financial 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

FINANCIAL RESTRUCTURING – APPROVAL OF CVA CONSENT REQUEST NO. 3 AND EXTENSION
OF LONG-STOP DATE UNDER THE SEAG CVA, THE SFHG CVA AND THE LOCK-UP AGREEMENT

Steinhoff International Holdings N.V. (the “Company” and with its subsidiaries, the “Group”)

Defined terms used but not otherwise defined in this announcement shall have the same
meaning as in the company voluntary arrangement proposed in relation to Steinhoff
Europe AG (“SEAG”) and approved by the CVA Creditors on 14 December 2018 as
amended from time to time (the "SEAG CVA") and/or the company voluntary arrangement
proposed in relation to Steinhoff Finance Holding GmbH (“SFHG”) and approved by the
SFHG Creditors on 14 December 2018 as amended from time to time (the "SFHG CVA") (as
applicable and as the context dictates). The documentation relating to the SEAG CVA and
SFHG CVA can be downloaded at www.lucid-is.com/steinhoff.

As previously announced, on 17 May 2019, SEAG and SFHG launched CVA Consent
Request No. 3, requesting consent for certain amendments and modifications to the SEAG
CVA and SFHG CVA (as applicable) and the relevant Restructuring Documents. CVA
Consent Request No. 3 also sought consent to amend the definition of CVA Long-Stop Date
and sought the approval of the relevant creditors to waive an Implementation Condition
relating to certain Australian tax clearances.

The requisite majorities of creditors of SEAG and SFHG have provided their consent to the
amendments and modifications and the waiver as set out in CVA Consent Request No. 3.

Accordingly, the amendments and modifications and the waiver have become effective,
including the extension of the CVA Long-Stop Date to 5:00pm (London time) on 30 June
2019. The approval of CVA Consent Request No. 3 will consequently extend the Long-Stop
Date as defined in and as applicable to the Lock-Up Agreement to 5:00pm (London time)
on 30 June 2019.

Further updates will be provided in due course as the Group continues with the
implementation of the Restructuring. It remains the objective of the Group to complete the
Restructuring as soon as possible.

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, 30 May 2019

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