STEINHOFF INTERNATIONAL HOLDINGS N.V. (NASDAQ:SNHFF) Steinhoff International Holdings N.V. : - GLOBAL SETTLEMENT UPDATE
Transparency directive : regulatory news
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DGAP-News: Steinhoff International Holdings N.V.
/ Key word(s): Miscellaneous
STEINHOFF INTERNATIONAL HOLDINGS N.V. - GLOBAL SETTLEMENT UPDATE Steinhoff International Holdings N.V. ("SIHNV" or the "Company", together with its subsidiaries, "Steinhoff" or the "Steinhoff Group") and the former South African holding company of the Steinhoff Group, Steinhoff International Holdings Proprietary Limited ("SIHPL"), provide the following update on Steinhoff's settlement of pending litigation proceedings pursuant to SIHNV's Dutch law composition plan ("Composition Plan"), SIHPL's South African law s155 scheme proposal ("S155 Proposal") and related contractual arrangements ("Global Settlement"). Steinhoff refers to its announcement earlier today that Settlement Effective Date for the purpose of the Global Settlement is 15 February 2022 and confirms that the following steps were taken today pursuant to the Global Settlement: - payment of the settlement funds required under the Composition Plan and the S155 Proposal to Stichting Steinhoff Recovery Foundation, which will hold the settlement funds for the benefit of Market Purchase Claimants and the SIHNV contractual claimants which will be distributed following the Bar Date; - payment or initiation of payment arrangements in respect of Steinhoff's contribution to the costs of the ACGs as required under the Composition Plan; - payment of EUR66m to the Hemisphere Facility Agent for application in discharge of an equivalent amount of indebtedness of Hemisphere International Properties BV; and - payments of cash and initiation of transfers of Pepkor Holdings Limited shares to the SIHPL contractual claimants that are required to be paid or transferred on or around Settlement Effective Date. Further steps will be taken in coming weeks and months in accordance with the terms of the Composition Plan, S155 Proposal and related contractual settlements. As a result of the occurrence of Settlement Effective Date, the pending legal proceedings against Steinhoff that have been compromised under the Global Settlement will now be withdrawn and discontinued. The South African liquidation petition against SIHNV brought by certain former owners of the Tekkie Town business has been withdrawn today. The Company has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the JSE Limited. Stellenbosch, South Africa 15 February 2022
15.02.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
| Language: | English |
| Company: | Steinhoff International Holdings N.V. |
| cnr Adam Tas and Devon Valley Road | |
| 7600 Stellenbosch | |
| South Africa | |
| Phone: | +27218080700 |
| Fax: | +27218080800 |
| E-mail: | investors@steinhoffinternational.com |
| Internet: | www.steinhoffinternational.com |
| ISIN: | NL0011375019 |
| WKN: | A14XB9 |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1280866 |
| End of News | DGAP News Service |
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1280866 15.02.2022