STOCK MARKET
Fears send Steinhoff shares close to record low
The Steinhoff share price plummeted 12% on Thursday to R5.10 as media reports fuelled fear that a revitalised board would struggle to recover value in the troubled group. Reports by Moneyweb and German media describe a web of complex and contrived transactions designed to disguise the group’s true financial position. They also indicate the accounting irregularities stretched back to before 2015, which was thought to be the starting point for PwC’s extensive investigation into the matter. Thursday’s slump in the share price took it to within 50c of Steinhoff’s record low, hit in December. And in another blow for the besieged company on Thursday the JSE suspended trading in Steinhoff notes with a face value of R1.5bn because the company has failed to publish its financial statements for the year to end-September 2017. The notes are part of the R7.6bn issued by Steinhoff under its domestic medium term note programme, which comprised 12 issues with maturities varying between April 2018 ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.