THE G SPOT
20% or bust: the Steinhoff poser
If shareholders agree, Steinhoff as we know it will cease to exist, come July. But the vote on a new structure was probably not what formerly excitable punters had in mind
02 February 2023 - 05:00
Steinhoff this week will this week issue a circular to shareholders, who now need now to vote on whether they’ll accept just 20% in a new company, or give away their rights entirely to the bankers and funders who essentially hold the cards, — not to mention the retailer’s overwhelming €10.23bn borrowings. The FM spoke to CEO Louis du Preez.
What is Steinhoff likely to look like in a year’s time if the creditor deal does get approved?..
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