STEINHOFF INTERNATIONAL HOLDINGS N.V.
DGAP-News: Steinhoff International Holdings N.V. / Key word(s): Change of Personnel/Miscellaneous Steinhoff - Liquidity update and Management Board changes Steinhoff International Holdings N.V. (the "Company" and with its subsidiaries, the "Group")
Liquidity update The interaction with Steinhoff's global banking and financing partners following the meetings with lenders in London on 19 December 2017 and with South African lenders on the 21st of December are ongoing. While the Group has achieved some degree of stabilisation in its operating businesses, significant near-term liquidity is still required in certain of the business units. The Supervisory and Management Boards of the Company remain committed to work with its lenders and other finance providers in finding solutions and to return liquidity to the Group in order to stabilise the affected underlying operations and will update the market in due course.
Management changes Further to the Company's announcement of 19 December 2017 confirming the strengthening of the Management Board through the designation of Danie van der Merwe as acting Chief Executive Officer (CEO) and the nominations of Alexandre Nodale as Deputy CEO and Louis Du Preez as Commercial Director, further changes to the management of the Company have been made. - Current CFO, Ben la Grange has today stepped down as CFO and as a member of the Management Board to focus on the preservation and procurement of liquidity in the Group, in addition to the finalisation of the Company's audited 2017 consolidated financial statements and comparative statements. - Philip Dieperink will replace Ben as acting CFO pending formal appointment to the Management Board of the Company. Philip has been with the Group in various CFO positions since 2001, and will remain as the CFO of Steinhoff UK. The nomination of Philip Dieperink will be submitted to the general meeting of the Company for appointment in due course. - It is further intended that an external independent debt restructuring expert (a Chief Restructuring Officer) will be contracted to assist with these matters and a process to identify such person is underway. - Johan Geldenhuys will join the executive committee as head of treasury, Johan has been with the Group since 2010, following a 24 year career with Absa Bank. The Supervisory Board will continue to keep the governance of the Group under review and a number of candidates are being approached to strengthen the independence of the Supervisory Board.
The road ahead In the immediate term, the Supervisory and Management Boards are focused on stabilising the business following the events of late last year. The boards thus start the year with three main priorities: - Preserving and procuring liquidity, to stabilise the relevant underlying businesses and to ensure that the intrinsic value of assets can be protected; - Completing the 2017 (and restated prior years) audited consolidated financial statements as soon as possible; and - Finalising the independent forensic investigation into accounting irregularities as a matter of urgency. Shareholders and other investors in the Company are advised to exercise caution when dealing in the securities of the Group. JSE Sponsor: PSG Capital Stellenbosch, 4 January 2018
04.01.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
| Language: | English |
| Company: | Steinhoff International Holdings N.V. |
| Herengracht 466 | |
| 1017 CA Amsterdam | |
| Netherlands | |
| Phone: | +27218080700 |
| Fax: | +27218080800 |
| E-mail: | investors@steinhoffinternational.com |
| Internet: | www.steinhoffinternational.com |
| ISIN: | NL0011375019 |
| WKN: | A14XB9 |
| Indices: | MDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| End of News | DGAP News Service |
643091 04.01.2018
