High noon for Steinhoff on Friday
Steinhoff International chairwoman Heather Sonn faces the furniture retailer’s angry shareholders at the Sheraton Amsterdam Airport Hotel and Conference Center on Friday.
Steinhoff’s annual general meeting (AGM) is scheduled to commence at 1pm South African and Netherlands time.
African Rainbow Capital co-CEO Johan van Zyl resigned from Steinhoff’s board on Wednesday, leaving Sonn and Steve Booysen to face shareholder wrath.
The trio angered Steinhoff shareholders by not only failing to police former CEO Markus Jooste, but then asking for €200,000 pay for Sonn and Booysen, and €100,000 for Van Zyl, for the work required since the accounting scandal was admitted on December 6 because they did not do their jobs properly in the first place.
The outcry following this request prompted Sonn to postpone the vote on this resolution until next year’s AGM.
Since reaching a low of R2.01 on Tuesday, Steinhoff’s share price has rebounded 21% to R2.44 in the three days leading up to the AGM. But this still leaves its share price 96% lower than a year ago.
Asian markets were generally weaker ahead of the JSE’s opening on Friday morning, with Naspers’s 31%-owned Hong Kong-listed associate Tencent falling 0.64% to HK$403.20.
In Sydney, South32 was up 0.4% to A$3.90, but BHP was down 0.36% to A$30.81.
The rand was trading at R11.97 to the dollar, R14.77 to the euro and R16.85 to the pound at 7am.