There’s nothing quite like kicking a can down the road to boost trading sentiment. And so it seems that the prospect of getting creditors to sign up to a three-year standstill has seen the Steinhoff share price spike to a recent high of R2.90 on Thursday. The share price is now well over twice the level to which it had dropped in early June. Sadly, for long-term investors, it is still 97% off the level it was trading at ahead of the announcement about "accounting irregularities" in December 2017.Like most can-kicking, the lock-up agreement Steinhoff is hoping to put in place will provide it with the room needed to arrange an orderly restructuring of the group or an orderly dismemberment of it. Which it is to be will depend on the findings of the much-anticipated PwC report. But the lock-up agreement also comes with a hefty price tag. That it only has to be paid in three years’ time means traders, whose idea of long term is about five days, don’t pay too much attention to it. The pay...
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