Steinhoff - Update

All,

Just as it was getting interesting… the company has released an update:

Steinhoff and LSW have filed a Consent Order, to withdrawing LSW’s application. 

Presumably this means that Steinhoff have made concessions to Mr. Seifert. The company will be requesting further consents in the near future to amendments incorporating the details and consequences of that deal. 

There will be further technical amendments (the Omnibus Amendments), which will also require consent. 

In short, however, this removes the optionality from Steinhoff’s bonds and thus any trade ideas around a potentially successful challenge from LSW. 

Further news:

The company today received the necessary consents today for SEAG and SFHG to term out the long-stop date of the LOA.

We will also soon hear of the appointment of a compliance officer as well as directors to the new interim holdings.

The KAP shares have been successfully placed and settlement is due to take place on April 1st.

Finally, Pepkor Europe is becoming sufficiently bankable to have launched a financing. Proceeds will be used to refinance its ~E270m existing subsidiary debt as well as retire certain "intragroup loans". The latter is an odd statement, given we have not been informed of Pepkor owing any sums to other group companies.

Wolfgang