DGAP-Ad-hoc: Steinhoff International Holdings N.V. / Key word(s):
Miscellaneous
Steinhoff International Holdings N.V.: AD HOC: STEINHOFF UPDATE ON MARKET
CONCERNS FOLLOWING DELAY IN AUDITED RESULTS DUE TO FURTHER INVESTIGATIONS
REQUIRED
06-Dec-2017 / 18:28 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR, transmitted by
DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
*AD HOC: STEINHOFF UPDATE ON MARKET CONCERNS FOLLOWING DELAY IN AUDITED
RESULTS DUE TO FURTHER INVESTIGATIONS REQUIRED *
Shareholders are referred to the AD HOC announcement released on 5 December
2017 in which the Company advised the market that the Company's audited
results will be delayed pending further investigation.
*Accounting*
The Supervisory Board has today given further consideration to the issues
subject to the investigation and to the validity and recoverability of
certain non-South African assets of the Company which amount to circa
EUR6bn.
*Liquidity*
The Company wishes to provide additional comfort on the Company's liquidity.
In this regard, the Company has today received expressions of interest in
certain non-core assets that will release a minimum of EUR1bn of liquidity.
In addition, the Company's subsidiary Steinhoff Africa Retail Limited (STAR)
will today formally commit to the refinancing of its long-term liabilities
due to the company. It is expected that the STAR refinancing will be
concluded on better terms than those applicable to STAR's current
liabilities due to Steinhoff, given the strong cash flow inherent in its
business. The additional liquidity of circa EUR2bn expected to be achieved
through these measures will strengthen the Company's balance sheet and
should provide additional comfort to stakeholders of the Company's ability
to be able to fund its existing operations and reduce debt.
*CFO*
Furthermore, based on the current information at the Board' disposal there
is no evidence to suggest that the CFO had any involvement in the matters
under investigation. Therefore, the Company wishes to confirm that its CFO,
Ben La Grange, remains in his position. Ben La Grange has resigned from his
position as CEO of STAR in order to focus solely on his role as CFO of the
Company at this time.
*Caution*
Shareholders and other investors in the Company are advised to exercise
caution when dealing in the securities of the Group.
06-Dec-2017 CET/CEST The DGAP Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: Steinhoff International Holdings N.V.
Herengracht 466
1017 CA Amsterdam
Netherlands
Phone: +27218080700
Fax: +27218080800
E-mail: investors@steinhoffinternational.com
Internet: www.steinhoffinternational.com
ISIN: NL0011375019
WKN: A14XB9
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich,
Stuttgart, Tradegate Exchange
End of Announcement DGAP News Service
636523 06-Dec-2017 CET/CEST
(END) Dow Jones Newswires
December 06, 2017 12:28 ET (17:28 GMT)
