The KAP team are not impressed. For 12 months now they have been caught up in the Steinhoff swirl. No matter what they do, the media keeps describing this muscular industrial group as a "Steinhoff subsidiary" or "Steinhoff associate"; the 20,000 employees cringe, investors look a little wary and the share price remains trapped on a rather miserly p:e of seven. At the group’s AGM — held this year at Spier wine farm instead of (Steinhoff-linked) Lanzerac — CEO Gary Chaplin informed shareholders of what has been done to ensure there are no longer any links with Steinhoff. Strangely, the encouraging information had to be prompted by a shareholder’s question. This sombre industrial company doesn’t believe in shouting from rooftops. Chaplin tells the FM they informed shareholders of the moves at the results presentations during the year and issued two Sens announcements. Not quite rooftop stuff. Immediately after the fateful December 5 2017 announcement of "accounting irregularities" at S...

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