DGAP-Ad-hoc: Steinhoff International Holdings N.V. / Key word(s):
Miscellaneous
Steinhoff International Holdings N.V.: RESIGNATION OF HEATHER SONN
18-May-2020 / 07:59 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DISCLOSURE OF INSIDE INFORMATION PURSUANT TO ART. 17 OF THE EU MARKET ABUSE
REGULATION (EU 596/2014, MAR)
RESIGNATION OF HEATHER SONN
Ms. Heather Sonn, Chairperson of the Supervisory board of Steinhoff
International Holdings N.V. (the "Company"), has tendered her resignation
from all functions at the Steinhoff Group, and specifically as the
Chairperson of both the Company and Steinhoff Investment Holdings Ltd., as
of 18 May 2020.
In explaining her resignation, Heather has said:
"A company in which I am a shareholder, Gamiro Ventures (Pty) Limited
("Gamiro"), unwittingly completed a transaction with a company, Geros
Financial Services (Pty) Limited ("Geros"), that now appears may have been
associated with and (indirectly) funded by the Company. In December 2017 I
requested that this transaction be placed on the list for investigation by
PwC when a name in the shareholding structure of the shareholder of Geros
was recognised as a name that also appeared in the Viceroy Report.
Unfortunately, it has taken over 2 years to get to a conclusion as to the
nature of the relationship between the Company and Geros, but there were
multiple priorities for the Company at the time.
_Based on what is now known to me it would have required certain disclosures
which I would have made had I been aware thereof. _
_At the 2018 AGM I indicated that the Company and the Supervisory Board
would hold itself to the highest standards of governance, given the
heightened sensitivity specifically relating to compliance and the desire to
avoid any unnecessary challenges to the Company. It is therefore incumbent
upon me to apply this standard to myself."_
Ms. Sonn is a major shareholder in an investment company called Gamiro,
which is a controlling shareholder in a company called Blake and Associates
Holdings (Pty) Ltd ("Blake"). Blake includes amongst its clients the JD
Group, which is owned by Pepkor Holdings, a subsidiary of Steinhoff
Investment Holdings Ltd. Blake is one of a panel of external debt collectors
contracted at arm's length by the JD Group and is subject to the same terms
and conditions as other service providers. The service relationship between
the JD Group and Blake predates both the inclusion of the JD Group as part
of the Steinhoff Group and the date on which Gamiro acquired Blake.
In 2017 Gamiro procured an option to acquire an interest in Blake from (a
subsidiary of) Geros. Ms. Sonn served on the board of Blake from 15 May 2017
until 17 January 2018.
In September 2018 Blake bought back its shares from Geros, and Gamiro
subsequently acquired a direct interest in Blake.
Recently obtained information suggests that Geros may have been associated
with and (indirectly) funded by the Company, which would then make the Geros
transaction a related party transaction. Ms. Sonn has informed the Company
that she was not aware of this at the time.
Peter Wakkie, vice chairman of the Supervisory Board, commented that:
"_It is important to note that Ms Sonn has in no way been found to have
participated in the accounting irregularities at Steinhoff. Heather's strong
and calm leadership has been invaluable during the turbulent times that the
Group has faced since December 2017. On behalf of the Supervisory Board and
the Company, we thank her for her enormous commitment and dedication to the
Group and wish her all the best for the future. The Supervisory Board will
appoint a new chairperson shortly._"
Stellenbosch, 18 May 2020
18-May-2020 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.
cnr Adam Tas and Devon Valley Road
7600 Stellenbosch
South Africa
Phone: +27218080700
Fax: +27218080800
E-mail: investors@steinhoffinternational.com
Internet: www.steinhoffinternational.com
ISIN: NL0011375019
WKN: A14XB9
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1048817
End of Announcement DGAP News Service
1048817 18-May-2020 CET/CEST
(END) Dow Jones Newswires
May 18, 2020 01:59 ET (05:59 GMT)
