The Steinhoff share price continues its helter-skelter ride. After making some good gains on Tuesday following finalisation of the sale of most of the remainder of its PSG shares, the share slid back almost 5% on Wednesday. It seems on a few more hours of reflection investors weren’t that impressed with the R240 a share at which it offloaded 29.5-million PSG shares. After the placement was finalised, the PSG shares promptly bounced up to R275. By Wednesday, traders were talking about Steinhoff’s generous R1.1bn PSG gift to the market. "Why did they rush it? There’s huge demand for this sort of quality SA stock," said one bemused trader. Investors say Steinhoff’s poor handling of the transaction reflects how desperate it is to liquidate assets. Whether or not that’s true, the fact is once it announced it was investigating "accounting irregularities" it was open season for speculation. The group is to be commended for its regular updates and the prompt manner in which media queries ar...
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