Ann Crotty Writer-at-large

Jayendra Naidoo, Steinhoff Africa Retail (Star) chairman, told shareholders his board believes that there is little reasonable prospect of it being held liable for an earnout agreement between Tekkie Town and Steinhoff. He was commenting after the release of a Sens statement informing shareholders that Tekkie Town had served summons on Star on Monday relating to a claim in respect of the alleged earnout agreement. "Star confirms that it is still of the view that it is not a party to any such earnout agreement and Star further confirms that it has received advice from senior counsel that there is no reasonable prospect of it being held liable in this regard." The Star share price slumped 3.62% to close at R16.75 on Tuesday as shareholders became increasingly concerned about what one analyst described as "war talk" from Tekkie Town founder Braam van Huyssteen. In mid-May Tekkie Town lodged a claim relating to the earnout against Steinhoff. In his statement after the Sens was released ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.