Steinhoff implements restructuring

All,

Steinhoff have announced the successful completion to the company’s financial restructuring - or at least the first phase until shareholder claims have been established.

The next mile stones should be the an orderly annual report per September 2019 and the spin-off of Pepkor Europe. The entity has seen phenomenal growth in what is otherwise a challenged retail market in Europe. Because Steinhoff will be unable to hold on to Pepkor management otherwise, a sale / IPO of the business is the best way to monetise the achievements to date.

The price Steinhoff receives for Pepkor Europe should be the single biggest driver for creditor recoveries.

Wolfgang