Steinhoff statement

[rpm]

Can anyone explain what Steinhoff is trying to say?

Notice of the availability of the second addendum to the proposal and the amended proposal

Further to the notice released on 16 February 2021 pursuant to which (i) a Proposal, (ii) a first addendum to and amendment of the Proposal ("First Addendum") and (iii) the Proposal as amended by the First Addendum ("First Amended Proposal") were made available, notice is hereby given to inter alia certain creditors ("Scheme Creditors") of Steinhoff International Holdings Proprietary Limited (the "Company"), of a second addendum to and amendment of the First Amended Proposal (the "Second Addendum") and of the availability of (i) the Second Addendum and (ii) the First Amended Proposal as amended by the Second Addendum, together with the annexures thereto (the "Amended Proposal").

 

[Rkootknir]

Can anyone explain what Steinhoff is trying to say?

Notice of the availability of the second addendum to the proposal and the amended proposal

Further to the notice released on 16 February 2021 pursuant to which (i) a Proposal, (ii) a first addendum to and amendment of the Proposal ("First Addendum") and (iii) the Proposal as amended by the First Addendum ("First Amended Proposal") were made available, notice is hereby given to inter alia certain creditors ("Scheme Creditors") of Steinhoff International Holdings Proprietary Limited (the "Company"), of a second addendum to and amendment of the First Amended Proposal (the "Second Addendum") and of the availability of (i) the Second Addendum and (ii) the First Amended Proposal as amended by the Second Addendum, together with the annexures thereto (the "Amended Proposal").

It's a convoluted way of saying that they've issued a second amendment to the original Section 155 proposal (the compromise between the company and the creditors). Going by the timeline they issued the original proposal on 19 Jan 2021, amended it first on 15 Feb 2021 using the "First Addendum" to give the "First Amended Proposal". Now on 23 Mar 2021 they've issued the "Second Addendum" to amend the First Amended Proposal and called the resulting document the "Amended Proposal". So:

Original proposal + First Addendum = First Amended Proposal
First Amended Proposal + Second Addendum = Amended Proposal

As far as I can see this PDF from their settlement website contains the Amended Proposal incorporating all the changes made by both the addendums.