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Steinhoff’s eagerly awaited presentation to a group of its bankers was met with dismay on Tuesday, as the global furniture retailer said that it could still not quantify the magnitude of the “accounting irregularities” that had led to the bombshell resignation of its charismatic CEO Markus Jooste two weeks ago. Its stock, which has lost most of its value since Jooste’s abrupt departure, had recently recovered from its lows of R6 a share, but plunged afresh, closing 17.45% weaker at R7. Steinhoff said its credit lines were being cancelled or withdrawn and the company was still unable to announce when its 2017 financial results would be available. Steinhoff could also not say when its restated 2016 financials would be released. However, the owner of Pep, Conforama, Poundland and Mattress Firm has clarified the extent of its outstanding debt at December 14 — €10.7bn, or about R161bn. Most of that debt sits within Steinhoff Europe, followed by SA and the US. One analyst, who asked not t...

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