Steinhoff - comment

Trevor Masters has resigned out of the blue and with immediate effect. We know of no reason for the move yet and stunned as we are by the rocky move, we are disappointed. The retailer at the heart of Steinhoff also lowered its FY23 guidance slightly, but so much was expected after a previous revision towards the bottom of initial guidance. We don’t believe there is anything fundamental to worry about and think it’s more likely to do with compensation - but again, we have no information and don’t think anyone has right now.