Jooste sacked as Steinhoff CEO

f2wohf said:
https://www.fin24.com/Companies/Ret...inst-jooste-wants-wiese-to-step-down-20171214
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A Johannesburg fund manager has laid criminal charges against former Steinhoff CEO Markus Jooste at the Sandton police station.

Benguela Global Fund Manager's chief investment officer Zwelakhe Mnguni told Fin24 by phone on Thursday that he lodged the criminal complaint with police on Tuesday.
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So now we wait and see if the Hawks-DPCI and NPA-Asset Forfeiture Unit have any bite...
 
According to EWN, Wiese would apparently have stepped down as chairman.

Not sure if he stepped down as interim
CEO too.

#Steinhoff Retail group Steinhoff says Christo Wiese has stepped down as chairman. SZ
 
Did Wiese sell his shares?

DEALING IN SECURITIES BY A DIRECTOR


NAME OF DIRECTOR : Christoffel Hendrik Wiese


STATUS : Supervisory Board Chairman

COMPANY : Steinhoff International Holdings NV

TYPE OF SECURITIES : Ordinary Shares

DATE OF TRANSACTION : 14 December 2017

CURRENCY : EUR

CENTS PER SHARE : Average: 0.4935

NUMBER OF SECURITIES TRANSACTED : 98,447,130

: Involuntary sale of shares by funders
NATURE OF TRANSACTION
under security arrangements

NATURE AND EXTENT OF DIRECTOR'S :
Indirect beneficial
INTEREST IN THE TRANSACTION


By Order of the Board
STEINHOFF SECRETARIAL SERVICES (PTY) LIMITED
COMPANY SECRETARY

14 December 2017

Sponsor – PSG Capital Proprietary Limited
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Forget I said anything, the bank came for their surety. The writing is on the wall, only a foolish bank will extend their credit arrangements and not call in their loans:

Steinhoff – Automatic Termination Of Voting Pool Arrangements

Steinhoff International Holdings N.V.
(Incorporated in the Netherlands)
(Registration number: 63570173)
Share Code: SNH
ISIN: NL0011375019

Steinhoff – Automatic termination of voting pool arrangements

Steinhoff International Holdings N.V. (the “Company”)

The Company has today been informed that various banks that provided funding to an
entity ultimately held and controlled by Dr Christo Wiese, have enforced their security rights
over approximately 98.4 million shares in the Company held by that entity and sold such
shares (the “Share Sale”).

The entity in question was a member of the voting pool which consisted of certain
shareholders of the Company. The parties to the voting pool had committed to certain
arrangements with respect to their voting rights in the Company, including an agreement
to jointly exercise substantial control (gezamenlijke overwegende zeggenschap) over the
Company. The Company has been informed that the voting pool arrangements (including
the joint exercise of substantial control) have automatically and immediately terminated
as a result of the combined voting interest falling below 30%, which happened as a result
of the Share Sale.

Shareholders and other investors in Steinhoff are advised to exercise caution when dealing
in the securities of the Group.

Sponsor: PSG Capital

Stellenbosch, 14 December 2017
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surface said:
Dude, you need to be sophisticated. Use euphemisms like highly skilled peeps/traditional DA voters just as blacks are frequently referred as Anc voters/dem dumb voters/illiterates etc..

#justsaying ;-)
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Objects to generalizations, by using a generalization. Not sure if serious.
 
f2wohf said:
Jooste is allowed by ABSA to sell his horses over time one by one instead of a fire sale.
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The problem we faced was that ABSA blocked every attempt at trying to liquidate the assets since they wanted "market" value prices for the assets.

Eventually we had to go the legal route
 
saturnz said:
The problem we faced was that ABSA blocked every attempt at trying to liquidate the assets since they wanted "market" value prices for the assets.

Eventually we had to go the legal route
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Here, ABSA is asking for the liquidation but the judge delayed it to February (which also makes sense since Steinhoff probably will have claims against Jooste and the same assets than ABSA).
 
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