Friday will be another day of drama for Steinhoff’s shares on the Frankfurt and Johannesburg stock exchanges as the market reacts to statements it issued on Thursday night.At about 8.30pm Steinhoff issued a statement saying Christo Wiese had resigned as executive chairman.This was followed by a statement at 9.45pm saying various banks had sold 98.4-million Steinhoff shares they had held on behalf of Wiese to "enforce their security rights".It appears that the forced sale resulted in Wiese losing 30% voting rights of Steinhoff, which was done via a "voting pool" agreement.Steinhoff said the voting pool agreement was automatically terminated once the members’ combined shareholding fell under the 30% threshold.Before the announcements were made, Steinhoff’s share price closed 13.4% lower in Frankfurt at €0.58 and 9% lower on the JSE at R8.92.Steinhoff said its supervisory board had accepted Wiese’s resignation, along with his son Jacob’s, to address any possible conflict of interest th...
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