UK Markets closed

Steinhoff International Holdings N.V. : PIC SETTLEMENT SUPPORT AND JURISDICTION RULING

  • Oops!
    Something went wrong.
    Please try again later.
·3-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

DGAP-News: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous
06.09.2021 / 17:30
The issuer is solely responsible for the content of this announcement.

 

PIC SETTLEMENT SUPPORT AND JURISDICTION RULING

Steinhoff International Holdings N.V. ("SIHNV" or the "Company" and together with its other subsidiaries, "Steinhoff" or the "Steinhoff Group provide the following updates.

PIC settlement support agreement

The Public Investment Corporation ("PIC") and SIHNV and Steinhoff International Holdings (Pty) Ltd ("SIHPL") have entered into a settlement support agreement under which the PIC on behalf of itself and its clients including the Government Employees Pension Fund, have agreed to support the Steinhoff global settlement proposal.

Jurisdiction ruling in Tekkie Town/SIHNV Liquidation Application

In respect of the liquidation application ("the application") launched by AJVH Holdings and 4 others ("the applicants") against SIHNV in the Cape Town High Court certain preliminary matters were set down for initial hearing over the period 1 to 3 September 2021 including -

1 an application by the parties described as SIHNV Financial Creditors to intervene in and oppose the provisional liquidation application launched by the applicants;

2 an application by the Dutch Court appointed joint administrators of SIHNV to be -

2.1 recognised as court appointed administrators of SIHNV by virtue of the orders of the Amsterdam District Court of 15 and 18 February 2021 and by virtue of such recognition to be granted such authority to institute and defend proceedings in the Republic of South Africa including the application;

2.2 granted leave to intervene in the application;

3 an application raised in limine that the Court does not have jurisdiction to wind up SIHNV by virtue of the fact that it is an external company

(collectively "the interlocutory and in limine matters").

The Court's Order with respect to the interlocutory and in limine matters was handed down today. The Court has dismissed the interlocutory and in limine matters with costs.

For the avoidance of doubt, the Court has made no finding on the merits of the application, and has issued no Order in that regard.

The main proceedings are set down to continue on 9, 14 and 15 September 2021.

The administrators have delivered a request for the Court's reasons.

SIHNV is considering its position following the order handed down this afternoon.

The Company has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the JSE Limited.

Stellenbosch, South Africa
6 September 2021
 


06.09.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Steinhoff International Holdings N.V.

cnr Adam Tas and Devon Valley Road

7600 Stellenbosch

South Africa

Phone:

+27218080700

Fax:

+27218080800

E-mail:

investors@steinhoffinternational.com

Internet:

www.steinhoffinternational.com

ISIN:

NL0011375019

WKN:

A14XB9

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1231551


 

End of News

DGAP News Service

show this
show this
Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting