Steinhoff - comment

The Western Cape High Court has today approved Steinhoff’s settlement proposal, which means it can begin paying out accordingly. The Settlement Effective Date has been set for February 15th. As regards the question of order of pay-outs, the next payments will therefore be made at SIHPL, but the majority of the value in South Africa still lies in the remaining majority holding of Pepkor, which is particularly relevant to the CPU, which is third in line. Overall, this second court approval - after the Dutch approval last year - is a great success for the Grand Settlement and for all Steinhoff creditors.