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Update On Steinhoff Lender Consent Request
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
UPDATE ON STEINHOFF LENDER CONSENT REQUEST
Further to the announcement on 4 November 2020 (the “4 November Announcement”) by
Steinhoff International Holdings N.V. (“SIHNV” and together with its subsidiaries, “Steinhoff”),
SIHNV has been made aware of an administrative error in respect of the lender vote count
received for the Consent Request referred to in the 4 November Announcement.
SIHNV has been informed by the respective Agents under the SEAG First Lien Facilities
Agreement and under the SFHG 21/22 Facilities Agreement that a vote of one financial
creditor was incorrectly recorded as a consent whereas it was in fact a rejection of the
requests under the Consent Request.
The relevant vote is not material and does not change the overall effect of the approvals
received. The final votes in respect of the Consent Request, adjusted to reflect the updated
vote count, are set out below (with the variance from the vote levels reported in the 4
November Announcement also shown):
Lender Approval Levels Rejection Levels Approval Levels after
groupings “Snooze”
SFH 21/22 • 88.16% Total • 3.83% Total • 95.84% Total
Commitments Commitments Commitments
(variance of -0.05%) (variance of (variance of -0.05%)
• 88.25% Facility A1 +0.05%) • 95.92% Facility A1
(variance of -0.06%) • 3.75% Facility (variance of -
A1(variance of 0.06%)
+0.05%)
SFH 23 • 86.40% Total • 5.16% Total • 94.3% Total
Commitments Commitments Commitments
• 86.36% Facility A2 • 5.17% Facility A2 • 94.35% Facility A2
Lender Approval Levels Rejection Levels Approval Levels after
groupings “Snooze”
SEAG First • 88.60% Total • 0.19% Total • 99.78% Total
Lien Commitments Commitments Commitments
(variance of -0.19%) (variance of (variance of -0.22%)
• 88.88% Facility A1 +0.19%) • 99.94% Facility A1
(variance of -0.06%) • 0.05% Facility A1 (variance of -
(variance of 0.06%)
+0.05%)
SEAG • 90.40% Total • 5.50% Total • 94% Total
Second Commitments Commitments Commitments
Lien • 88.57% Facility A2 • 6.60% Facility A2 • 93% Facility A2
Hemisphere • 96.79% Total • 0% Total • 100% Total
Commitments Commitments Commitments
As a result of the update, SIHNV also notes:
• two financial creditors voted against the Consent Request;
• Steinhoff did not achieve the required support of 100% of the “SEAG Facility A1
Creditors” and the “SEAG Facility A2 Creditors” which in any event will be the subject
of the proposed UK scheme of arrangement.
Further Information
Further information on the Proposed Settlement, including a Frequently Asked Questions
document, is available on the following website:
https://www.steinhoffinternational.com/settlement-litigation-claims.php.
On this website, claimants may submit their contact and claim details, inform Steinhoff of their
intention to support the Proposed Settlement and register for updates. Alternatively, Steinhoff’s
investor relations team can be contacted by email at settlement@steinhoff.co.za.
As usual, further updates will be provided in due course as the Group continues with the
implementation of the Proposed Settlement.
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
6 November 2020
Date: 06-11-2020 12:15:00
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