PSG Group continued to suffer from Steinhoff contagion on Monday, despite its efforts to make clear its independence from Steinhoff.The investment company’s perception problem is easy to understand. Steinhoff owns more than a quarter of PSG’s issued shares, an influential stake (by any measure) even though the nonexecutive board representation seems fairly unobtrusive. PSG founder and chairman Jannie Mouton had 7-million Steinhoff shares at the end of September 2016, according to Steinhoff’s annual report, but appears, according to the latest share register, to have sold out. Steinhoff’s prime mover (and former CEO) Markus Jooste has been close to PSG, and often attends its annual general meetings. It’s worth remembering that many moons ago, Jooste rode to PSG’s rescue as a white knight, when Absa seemed on the verge of executing a hostile takeover. Thankfully, there was only a bit of collateral damage as Absa waltzed off with PSG Investment Bank. In truth, Steinhoff seemed to remai...
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