Steinhoff International Holdings N.V. (www.SteinhoffInternational.com) ("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 settlement of pending litigation proceedings ("Global Settlement").
SIHPL Sanction Order
SIHPL's application for the approval and sanction of its section 155 proposal ("s155 Proposal") was heard today, 24 January 2022 by the Western Cape High Court. At the close of the hearing the Court granted SIHPL's request and granted an Order approving and sanctioning the s155 Proposal. A copy of the Order will be made available on SIHNV's website (www.SteinhoffInternational.com) and on www.SteinhoffSettlement.com.
Update on Settlement Implementation
Following receipt of the Order, "Settlement Effective Date" (referred to under the s155 Proposal and SIHNV's Composition Plan) is expected to occur on or about 15 February 2022.
The implementation of the Global Settlement requires numerous steps to be taken and payments to be made on and around the Settlement Effective Date.
SIHNV and SIHPL have undertaken preparations for the co-ordination of the steps required and will separately contact those counterparties who need to take any action (for example, to receive funds and/or PPH shares).
No actions are currently required by any party prior to the Settlement Effective Date unless specifically requested by Steinhoff and/or its advisers.
Further Information
Further updates will be provided as and when appropriate.
Claimants are able to review additional information in relation to the Steinhoff Group global 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.
As disclosed in Steinhoff's announcement of 15 December 2021, formal withdrawal of the various litigation that has been settled, including the withdrawal of the Liquidation Application against SIHNV will occur immediately following Settlement Effective Date. Occurrence of Settlement Effective Date is the remaining condition under SIHNV's Composition Plan.
Distributed by APO Group on behalf of Steinhoff International Holdings N.V..Company: Steinhoff International Holdings N.V.cnr
Adam Tas and Devon Valley Road7600
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
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
