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DGAP-News: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous
SIHPL SECTION 155 - SANCTION HEARING UPDATE
Steinhoff International Holdings N.V. ("SIHNV" or the "Company" and together with its subsidiaries, "Steinhoff" or the "Steinhoff Group") informs market participants that the sanction hearing to approve Steinhoff International Holdings (Pty) Limited's ("SIHPL") settlement proposal under Section 155 of the South African Companies Act 2008 (the "Proposal") has been deferred from 30 September 2021 to a date still to be confirmed by the Western Cape High Court (the "Court") as a result of recent filings of certain intervention and opposition applications.
Following the overwhelming support in the creditors' meetings held on 6th and 10th September 2021 in which over 8,500 claimants representing approximately ZAR 91.7bn of claims voted in favour of the Proposal, with no votes against, SIHPL had applied for the sanction hearing for the Proposal to be heard as a matter of urgency by the Court on 30 September 2021.
The Court has in the recent days received intervention and opposing applications from the following:
(1) a party who under the Proposal is a Non-Qualifying Claimant and that will continue to be disputed following the implementation of the Settlement Effective Date, being: Trevo Capital Limited, a Mauritian entity associated with the former CEO of Pepkor Holdings Limited, Mr Erasmus; with the support of six individuals, Messrs Morris, Potter, Berry, Botha, Malan and Steyn (who are also all Non-Qualifying Claimants); and
(2) parties purporting to be Market Purchase Claimants under the Proposal, being: the trustees of Sport City Trust and AJVH Holdings (Pty) Limited, both of which are associated with the former owners of Tekkie Town, and an individual, Mr Lamprecht.
In addition, an intervention application in support of SIHPL's sanction application has been received from Deloitte SA.
SIHPL will oppose certain of the interventions and all of the opposing applications as it continues to work towards implementing the Proposal that has achieved the overwhelming support of so many claimants and so that those claimants can receive the settlement consideration as soon as possible under the terms of the Proposal.
In view of the recent filings, the Court concluded today that the Section 155 sanction application could no longer be heard within the timetable of the Court's urgent schedule. The Court granted an Order removing the application from the urgent roll, and directing the parties to approach the case managing Judge next week. Given the continuing urgency to have the Proposal sanctioned, SIHPL will request that the Court set an expedited timetable for the hearing of the sanction application. The Company will provide an update once the date for the hearing is known.
The Company has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the JSE Limited.
Stellenbosch, South Africa
30 September 2021
30.09.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
Steinhoff International Holdings N.V.
cnr Adam Tas and Devon Valley Road
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID:
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