Jooste sacked as Steinhoff CEO

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milomak

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Steinhoff:

* DGAP-ADHOC: STEINHOFF INTERNATIONAL HOLDINGS N.V. : STEINHOFF ANNOUNCES INVESTIGATION INTO ACCOUNTING IRREGULARITIES AND RESIGNATION OF CEO

* ANNOUNCES INVESTIGATION INTO ACCOUNTING IRREGULARITIES AND RESIGNATION OF CEO​

* *NEW INFORMATION HAS COME TO LIGHT TODAY WHICH RELATES TO ACCOUNTING IRREGULARITIES REQUIRING FURTHER INVESTIGATION​

* *MARKUS JOOSTE, CEO OF STEINHOFF HAS TODAY TENDERED HIS RESIGNATION WITH IMMEDIATE EFFECT AND BOARD HAS ACCEPTED RESIGNATION​

* *COMPANY WILL PUBLISH AUDITED 2017 CONSOLIDATED FINANCIAL STATEMENTS WHEN IT IS IN A POSITION TO DO SO​

* *COMPANY WILL DETERMINE WHETHER ANY PRIOR YEARS' FINANCIAL STATEMENTS WILL NEED TO BE RESTATED​

* *SUPERVISORY BOARD HAS TODAY APPOINTED ITS CHAIRMAN, CHRISTO WIESE, AS EXECUTIVE CHAIRMAN ON AN INTERIM BASIS​

* *PIETER ERASMUS, PREVIOUS CEO OF PEPKOR GROUP, HAS AGREED TO JOIN DR. WIESE IN AN EXECUTIVE ADVISORY CAPACITY​

* *SHAREHOLDERS AND OTHER INVESTORS IN STEINHOFF ARE ADVISED TO EXERCISE CAUTION WHEN DEALING IN SECURITIES OF GROUP​

* *SUPERVISORY BOARD, IN CONSULTATION WITH STATUTORY AUDITORS OF COMPANY, HAS APPROACHED PWC TO PERFORM AN INDEPENDENT INVESTIGATION​ Source text for Eikon: Further company coverage:
 
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So is it a good time to buy then? What is a reasonable timeline for recovery?
 
Steinhoff International Holdings Ltd :

* STEINHOFF INTERNATIONAL HOLDINGS LTD - STEINHOFF INTERNATIONAL RESULTS ANNOUNCEMENT CANCELLED

* STEINHOFF INTERNATIONAL HOLDINGS N.V. FINANCIAL RESULTS ANNOUNCEMENT AND WEBCAST SCHEDULED FOR TODAY HAS BEEN POSTPONED UNTIL FURTHER NOTICE Source text for Eikon: Further company coverage:
 
Coasti said:
So is it a good time to buy then? What is a reasonable timeline for recovery?
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Gordon_R said:
So does this mean the annual results released yesterday were mis-stated? I saw the 25% profit increase on a news poster while driving yesterday: https://www.iol.co.za/business-report/revenue-rises-to-r586bn-at-star-12264527
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uhm. This allegation is regarding Steinhoff international(listed offshore). The 25% rise in profit is for African business. Jooste as per the Steinhoff Africa retail website is a Non-exec. Do not think these allegations has baring on the local accounting and stock prices.

Looking at the last 6 week stock price for local Steinhoff africa retail listing the price is about avarage.
 
Share price down over 60% this morning. It is now trading at below R20 per share - all the value over the last decade destroyed.
 
rpm said:
Share price down over 60% this morning. It is now trading at below R20 per share - all the value over the last decade destroyed.
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Good time to buy some. I'll wait for clarification before I make a call.
 
terencej said:
I just transfered some money to my EE account. Waiting for it to show up so I can buy.
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But I don't know what would be good news at this stage. I'll wait for them to publish their audited financial statements first. Although the share will rebound at some stage today, 60% down was too drastic. As I'm writing it has recovered to 52%, so that's 8% profit.
 
Dont think the fallout has settled yet. Apparently down 63% and more skeletons tumbling out with investigations continuing. Wiped over 160bn off JSE
 
R13... said:
Dont think the fallout has settled yet. Apparently down 63% and more skeletons tumbling out with investigations continuing. Wiped over 160bn off JSE
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I think the reputation of the share will take a very long time to recover. It was one of those shares that was always outperforming the All-share for no other reason but its reputation.
 
rza said:
I think the reputation of the share will take a very long time to recover. It was one of those shares that was always outperforming the All-share for no other reason but its reputation.
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They may not survive never mind recover.
 
Wow, some people at looking forward to orange overalls, if this story is true: https://www.ft.com/content/ea50383c-da64-11e7-a039-c64b1c09b482

Prosecutors in the federal state of Lower Saxony said on Wednesday: “The suspicion is that inflated revenue numbers made their way into the accounts. This may have led to an inflated book value of the group.”

The investigators are probing whether Steinhoff flattered its numbers by selling intangible assets and partnership shares without disclosing that it had close connections to the buyers. The suspicious sales were in “three-digit million” euros territory each, according to the prosecutors.
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The departure of Mr Jooste, who trained as an accountant, comes four months after the prosecutor’s office publicly confirmed it was investigating four current and former Steinhoff executives on suspicion of giving incorrect representations in accounts.*

On Tuesday night Steinhoff announced the hiring of PwC and that it was delaying the release of its financial statements until “it is in a position to do so”. It also raised the possibility that it might have to restate financial statements from past years.

Markit, the data provider, said 40 per cent of Steinhoff’s Johannesburg-listed shares were out on loan before Tuesday’s announcement, indicating that a large number of investors were short selling the stock — in effect betting the price will fall. More than a quarter of Steinhoff’s Frankfurt-listed shares were also out on loan, Markit said.
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