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MarketScreener Homepage  >  Equities  >  Johannesburg Stock Exchange  >  Pepkor Holdings Limited    PPH   ZAE000259479

PEPKOR HOLDINGS LIMITED

(PPH)
  Report
End-of-day quote. End-of-day quote Johannesburg Stock Exchange - 11/26
14.29 ZAR   +0.35%
11/25PEPKOR HOLDINGS LIMITED : annual earnings release
11/23S.Africa's Pepkor Holdings reports 34.4% decline in annual profit
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11/19South Africa's Pepkor chair Jayendra Naidoo to step down
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SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

South Africa's Steinhoff offers $1 billion to settle global lawsuits

07/27/2020 | 08:20pm EST

South Africa's Steinhoff has proposed to pay around $1 billion to settle outstanding legal claims totalling over 9 billion euros ($10.5 billion) after a massive accounting fraud.

The announcement sent its shares up over 10% on Monday.

The retailer, more than 50 years old, has faced a stream of lawsuits since revealing holes in its accounts in December 2017, the first sign of a fraud estimated to total $7 billion, and is still battling to recover.

Chief Executive Louis du Preez said Steinhoff had been working for 12 months to put together the settlement, and urged all claimants to support it.

"Although there is no certainty yet that we will be able to conclude this settlement, in our view these terms are firmly in the best interests of all stakeholders," he said in a statement.

If creditors, regulators and claimants approve the proposal, it will remove a huge question mark over the company's survival.

Steinhoff has said it would have to liquidate if it was required to pay the more than 90 separate legal claims in full.

The chief executive of the Dutch shareholder group VEB, Paul Koster, recommended that all VEB's partners, members and other constituents support the proposal and said VEB had agreed to withdraw its collective legal claim against Steinhoff in the Netherlands with immediate effect.

"It is a positive proposal for injured shareholders, which shows Steinhoff's commitment to resolve those issues in very challenging circumstances," Koster said in a statement.

Other claimants, including South African businessman Christo Wiese, either did not immediately respond to requests for comment or could not be reached.

The claims against Steinhoff totalled over 9 billion euros in 2019, according to the firm's annual report.

Steinhoff said not all the claims would be covered by the settlement, which would be paid in cash and in shares in the South African retailer Pepkor, a Steinhoff subsidiary. ($1 = 16.5507 rand)

($1 = 0.8542 euros)

(Additional reporting by Nqobile Dludla; Editing by Olivia Kumwenda-Mtambo and Kevin Liffey)

By Emma Rumney


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
PEPKOR HOLDINGS LIMITED 0.35% 14.29 End-of-day quote.-20.92%
SHOPRITE HOLDINGS LIMITED 0.46% 131.42 End-of-day quote.4.37%
STEINHOFF INTERNATIONAL HOLDINGS N.V. 2.44% 0.84 End-of-day quote.0.00%
All news about PEPKOR HOLDINGS LIMITED
11/25PEPKOR HOLDINGS LIMITED : annual earnings release
11/23S.Africa's Pepkor Holdings reports 34.4% decline in annual profit
RE
11/19South Africa's Pepkor chair Jayendra Naidoo to step down
RE
10/15South Africa's Pepkor flags 20% drop in annual earnings as pandemic weighs
RE
08/28Steinhoff nine-month sales fall 6% as COVID-19 restrictions hit
RE
08/04South Africa's Cashbuild to buy Pepkor's Building Company
RE
07/27South Africa's Steinhoff offers $1 billion to settle global lawsuits
RE
07/27STEINHOFF INTERNATIONAL N : European Investors VEB support Steinhoff's $1 billio..
RE
07/27South Africa's Steinhoff offers $1 billion to settle global lawsuits
RE
07/27STEINHOFF INTERNATIONAL N : S.Africa's Steinhoff offers $1 bln to settle global ..
RE
More news
Financials
Sales 2020 67 132 M 4 400 M 4 400 M
Net income 2020 2 039 M 134 M 134 M
Net Debt 2020 14 704 M 964 M 964 M
P/E ratio 2020 24,0x
Yield 2020 -
Capitalization 50 110 M 3 285 M 3 284 M
EV / Sales 2020 0,97x
EV / Sales 2021 0,84x
Nbr of Employees -
Free-Float 24,0%
Chart PEPKOR HOLDINGS LIMITED
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Technical analysis trends PEPKOR HOLDINGS LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 6
Average target price 14,53 ZAR
Last Close Price 13,69 ZAR
Spread / Highest target 35,1%
Spread / Average Target 6,16%
Spread / Lowest Target -18,9%
EPS Revisions
Managers
NameTitle
Leon Marius Lourens Chief Executive & Operating Officer, Director
Jayendra Naidoo Independent Non-Executive Chairman
Riaan Gustav Hanekom Chief Financial Officer & Executive Director
Jacob Daniel Wiese Non-Executive Director
Johann Bernard Cilliers Lead Independent Non-Executive Director
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