Jooste sacked as Steinhoff CEO

rza said:
The shares is down 30% this morning already, on top of the 9% two days ago and 60% yesterday. It would take a very brave person to think there's a light at the of the tunnel. They are restating previous years' financial statements for goodness sake, so how do you know they are liquid when their current and previous financial statements are non-existent?

By the way, I majored in Accounting and did honours in Investment Management. What's your qualifications?
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So you majored in Accounting, Honours in Investment Management and you also did Law...

Wow dude, you are amazing...
 
rza said:
You only going to have tears coming from your eyes. You saw the SENS this morning? Wait until they present financial statements first then decide what to do.
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Or you could gamble on the hope that the rot can be contained and they survive. Of course it is just as likely the investigation finds out all of their results are fictitious ala Enron and them and the co. goes kaput. Given that German are said to be examining 1000s of documentation it'll be a while before anyone knows how they've engaged in Enronomics even if they do restate their results in the near future.
 
rza said:
The shares is down 30% this morning already, on top of the 9% two days ago and 60% yesterday. It would take a very brave person to think there's a light at the of the tunnel. They are restating previous years' financial statements for goodness sake, so how do you know they are liquid when their current and previous financial statements are non-existent?

By the way, I majored in Accounting and did honours in Investment Management. What's your qualifications?
Click to expand...

Big deal! Your comments and hysteria are all based in sentiment. Because all the sheep are panicking and selling, you feel that's good enough reason to sell? Pfft! So what if they have to restate some of their financials. So what if there are big fines to be paid. it doesn't alter the fact that the company remains financially solid to take this knock.

I say it again. Unless your qualification has taken you through their financial statements and has an inside track on the investigations, your recommendation to all and sundry to sell is based solely in sentiment.
 
rza said:
The shares is down 30% this morning already, on top of the 9% two days ago and 60% yesterday. It would take a very brave person to think there's a light at the of the tunnel. They are restating previous years' financial statements for goodness sake, so how do you know they are liquid when their current and previous financial statements are non-existent?

By the way, I majored in Accounting and did honours in Investment Management. What's your qualifications?
Click to expand...

Big deal! Your comments and hysteria are all based in sentiment. Because all the sheep are panicking and selling, you feel that's good enough reason to sell? Pfft! So what if they have to restate some of their financials. So what if there are big fines to be paid. it doesn't alter the fact that the company remains financially solid to take this knock.

I say it again. Unless your qualification has taken you through their financial statements and has an inside track on the investigations, your recommendation to all and sundry to sell is based solely in sentiment.
 
R13... said:
Or you could gamble on the hope that the rot can be contained and they survive. Of course it is just as likely the investigation finds out all of their results are fictitious ala Enron and them and the co. goes kaput. Given that German are said to be examining 1000s of documentation it'll be a while before anyone knows how they've engaged in Enronomics even if they do restate their results in the near future.
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Of course it presents a trading opportunity, I thought so as well yesterday, but a company that releases SENS two days in a row is worrying even for those who see trading opportunity. The problem with this share is that it was already over-priced based on good reputation, so nobody knows which price is the realistic price. I thought I was going to buy a few today and then boom we have a new SENS and 30% down. What's the chance that we will have a new SENS tomorrow? Exactly what is the impact of this Accounting Irregularity if even previous years' financial statement are affected? Its too risky even for trading opportunists. Ask those who bought this morning thinking the worst is over.
 
McT said:
Big deal! Your comments and hysteria are all based in sentiment. Because all the sheep are panicking and selling, you feel that's good enough reason to sell? Pfft! So what if they have to restate some of their financials. So what if there are big fines to be paid. it doesn't alter the fact that the company remains financially solid to take this knock.

I say it again. Unless your qualification has taken you through their financial statements and has an inside track on the investigations, your recommendation to all and sundry to sell is based solely in sentiment.
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I get that, but how do we know the company remains financially solid when there are no financial statements to back that statement up? They inflated their revenue, which means cash positions can't be as good as we think. They did not disclose two entities (probably because they were loss-making), which means their liabilities may be way understated. They are renegotiating liabilities with their subsidiary, which means they are probably illiquid. This like hunting a lion in the dark. You may just get lucky but its still a stupid thing to do.
 
Steinhoff has issued expensive loans to and booked interest revenue against Campion subsidiaries for the
purchase of loss-making Steinhoff subsidiaries. These revenues will never translate to cash.
▪ Steinhoff has moved two loss-making and predatory consumer loan providers to off-balance sheet entities:
JD Consumer Finance and Capfin.
▪ Steinhoff negotiated the re-purchase of the only profitable portions of JD and Capfin (loan administration
and debt collection facilities) while allowing losses to be incurred at off-balance sheet, related party entities
under Campion Capital.
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Trade at your own peril.
 
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