To view the PDF file, sign up for a MySharenet subscription.

STEINHOFF INTERNATIONAL HOLDINGS N.V. - Update On Steinhoff SARB Approval

Release Date: 01/12/2020 10:45
Code(s): SNH SHFF     PDF:  
Wrap Text
Update On Steinhoff SARB Approval

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 SARB APPROVAL

Steinhoff International Holdings N.V. (“SIHNV”) provides the following update further to the
announcements of 27 July 2020 (the “July Announcement”) and 9 October 2020 (the “October
Announcement”) by SIHNV (together with its subsidiaries, “Steinhoff”), in relation to the proposal
to settle various legacy litigation and claims against Steinhoff (the “Proposed Settlement”).

In the October Announcement we stated that:

“Steinhoff has recently applied to the Financial Surveillance Department of the South African
Reserve Bank (“Finsurv”) for consent to the cross-border payments to be made as part of the
Proposed Settlement. There is no fixed timetable for Finsurv to respond to the application, but
Steinhoff expects to remain in active discussions with Finsurv on its application.”

Steinhoff is pleased to announce that it has now received approval from Finsurv for the cross-
border transfers contemplated by the Proposed Settlement. The approval is valid for 12
months.

Louis du Preez, Chief Executive Officer and Management Board member of SIHNV, said:

“This approval is one more successful step in the process as announced in July 2020. Settlement
of the legacy legal claims against Steinhoff remains our top priority. We are confident that the
Proposed Settlement is in the best interests of all stakeholders and remain fully focused on
working towards its implementation.”

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.

Scheme Creditors under the SIHNV English law scheme of arrangement to approve certain
aspects of the Proposed Settlement are reminded that the creditors’ meetings will be held on
15 December 2020 and that those Scheme Creditors wishing to attend in person or by proxy
should follow the requirements set out in the recently issued Explanatory Statement.

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

1 December 2020

Date: 01-12-2020 10:45:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story