Steinhoff International has spent an estimated R5bn repurchasing 78.4-million of its shares. The company did not reveal what it paid for the hefty repurchase but for the past week the share has been trading at about R61. At this level, it is close to the 12-month low of R59 and substantially off the 12-month high of R76. The share has failed to get back to the sort of levels enjoyed 18 months ago, when it traded close to R100. Concern about an aggressive and costly global acquisition spree appears to be holding back performance. More recently, investor sentiment was knocked by news that a Dutch court had been asked to investigate the group’s 2016 annual accounts. The request came from a former joint venture partner. The court is expected to announce its decision before the end of November. Steinhoff said it was confident the request would be rejected. On Tuesday, the company issued a Sens statement informing shareholders it had undertaken the share buy-backs, representing 1.8% of it...
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