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“With so many lawyers and advisers involved, this was always going to be legalistic and complicated,” an evidently relieved Asief Mohamed tells the FM. Mohamed, CEO of Aeon Investment Management, is relieved because, as he never bought Steinhoff shares, he has been spared the Kafkaesque nightmare of claiming a refund for losses on those shares.

The market purchase claimants (MPCs), as those who apply for a refund are called, include collective investment schemes and individual shareholders. They have until May 15 to submit their claims for a share of the R13.5bn in the payout pot. Peter Armitage, CEO of Anchor Capital, estimates that 68% of the 4.3-billion Steinhoff shares in issue fall in the MPC category. The payout could be anything between R2 and R8 a share, Armitage says, but he warns that, given the complexity and lack of publicly available information, even that range is a “thumb-suck”...

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