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Relish the prospect of investors 1 — bigwigs 0
The issues around Steinhoff generally seem so incredible and the availability of information to date so slight, the whole story inevitably lends itself to urban legend
So the big question about Steinhoff’s foray into the Cape Town residential market is this: how did it pay for the block of super-luxurious flats it bought from former CEO Markus Jooste and his banking friend Bernard Kantor? Did it pay cash or did it use shares to fund the deal uncovered by Moneyweb? Steinhoff hasn’t responded to questions from Business Day, but for a few months there have been rumours that Steinhoff shares were used to pay for the Cape Town property — in which case, in an unusual break from recent developments, Steinhoff shareholders have scored from the deal. There’s no doubt the property has maintained its value far better than the Steinhoff shares. Of course, to the extent that Steinhoff shareholders are better off, Kantor and Jooste are worse off.That those two individuals might emerge on the wrong side of a deal hardly seems credible. So reports of a share payment might just be urban legend. The issues around Steinhoff generally seem so incredible and the avail...
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