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    SNH   NL0011375019

STEINHOFF INTERNATIONAL HOLDINGS N.V.

(SNH)
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Steinhoff International Holdings N.V. : - FINANCIAL CREDITOR CONSENT OBTAINED FOR CERTAIN SETTLEMENTS

12/28/2021 | 12:32am EDT

DGAP-News: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous
Steinhoff International Holdings N.V. : - FINANCIAL CREDITOR CONSENT OBTAINED FOR CERTAIN SETTLEMENTS

28.12.2021 / 06:30
The issuer is solely responsible for the content of this announcement.


STEINHOFF INTERNATIONAL HOLDINGS N.V. - FINANCIAL CREDITOR CONSENT OBTAINED FOR CERTAIN SETTLEMENTS

Steinhoff International Holdings N.V. ("SIHNV" or the "Company", together with its subsidiaries, "Steinhoff" or the "Steinhoff Group") and the former South African holding company of the Steinhoff Group, Steinhoff International Holdings Proprietary Limited ("SIHPL"), provide the following update on Steinhoff's global settlement of ongoing and pending litigation proceedings (the "Global Litigation Settlement").

Update on Financial Creditor Consent to Certain Settlements

Steinhoff refers to the public announcements made on 15 December 2021.

On 15 December 2021 Steinhoff announced that Trevo Capital Limited ("Trevo") and certain other SIHPL non-qualifying claimants had confirmed their conditional support for the S155 Proposal subject to the satisfaction of certain suspensive conditions on or before 11 January 2022, unless waived or extended by the parties ("SIHPL NQC Settlement"). One of the conditions to support was that Steinhoff obtained the requisite level of support from its financial creditors for the SIHPL NQC Settlement.

On 15 December 2021 Steinhoff separately announced that parties including the former owners of the Tekkie Town business had agreed, amongst other things, to withdraw their opposition to the S155 Proposal and to withdraw their liquidation application against SIHNV ("TT Settlement"), subject respectively to Steinhoff obtaining requisite financial creditor support for the TT Settlement and the implementation of the Global Litigation Settlement. Both the SIHPL NQC Settlement and the TT Settlement are subject to the Global Litigation Settlement being implemented by 30 June 2022.

As an update to the implementation of the conditions to those conditional settlements, Steinhoff reports that the threshold required to obtain the necessary financial creditor support for both the SIHPL NQC Settlement and the TT Settlement has been obtained. The formal financial creditor consent vote remains open until 30 December 2021.

Further Information

Further updates on the progress to satisfy the remaining conditions to the SIHPL NQC Settlement, on the hearing of SIHPL's application to the Western Cape High Court in South Africa for sanction of its section 155 proposal which is listed to commence on 24 January 2022 and on implementation of the Global Litigation Settlement will be provided in due course.

Claimants are able to review additional information in relation to the Global Litigation Settlement on the following website: www.SteinhoffSettlement.com.

The Company has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the JSE Limited.

Stellenbosch, South Africa

28 December 2021

 



28.12.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: Steinhoff International Holdings N.V.
cnr Adam Tas and Devon Valley Road
7600 Stellenbosch
South Africa
Phone: +27218080700
Fax: +27218080800
E-mail: investors@steinhoffinternational.com
Internet: www.steinhoffinternational.com
ISIN: NL0011375019
WKN: A14XB9
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1262570

 
End of News DGAP News Service

1262570  28.12.2021 

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© EQS 2021
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Sales 2021 9 193 M 9 698 M 9 698 M
Net income 2021 -974 M -1 028 M -1 028 M
Net Debt 2021 10 288 M 10 853 M 10 853 M
P/E ratio 2021 -13,0x
Yield 2021 -
Capitalization 657 M 693 M 693 M
EV / Sales 2020 1,45x
EV / Sales 2021 1,20x
Nbr of Employees 90 731
Free-Float 97,0%
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Managers and Directors
Louis J. du Preez Chief Executive Officer
Theodore Le Roux de Klerk Chief Financial Officer & Operations Director
Moira Moses Chairman-Supervisory Board
Louis Strydom Chief Compliance & Risk Officer
David Pauker Independent Member-Supervisory Board
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