Steinhoff - Lost and Found
All,
Please refer to our unchanged analysis, here.
As events unfold by the hour, Christo Wiese has just provided clarity. The near octogenarian former shareholder and chairman stated that he is supportive of the settlement. “Some matters needed greater certainty”, as well as: “A workable solution was reached.”.
The last cat:
Earlier today the company announced it received the support of the first two creditor classes (financial and market purchase). This should mean that the final hurdle towards reaching the Grand Settlement will indeed be taken on Thursday and Steinhoff can open a new chapter.
Positioning:
As per earlier mail, we remain long both Luxfinco 1 A1s and A2s with a view to benefiting from the implelmentation of this settlement as well as capturing the fundamental upside from a set of very strongly performing businesses.
Wolfgang
E: wfelix@sarria.co.uk
T: +44 203 744 7003