Steinhoff International Holdings N.V. in liquidatie
Steinhoff International Holdings N.V. : DISPOSAL BY STEINHOFF, THROUGH ITS SUBSIDIARY STEINHOFF AFRICA HOLDINGS PROPRIETARY LIMITED (‘STEINHOFF AFRICA’), OF 74.9% OF THE SHARES OF UNITRANS MOTOR HOLDINGS PROPRIETARY LIMITED (‘UNITRANS’) AND 100% OF THE LOAN CLAIMS HELD BY STEINHOFF AFRICA AGAINST UNITRANS
DGAP-News: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous DISPOSAL BY STEINHOFF, THROUGH ITS SUBSIDIARY STEINHOFF AFRICA HOLDINGS PROPRIETARY LIMITED (“STEINHOFF AFRICA”), OF 74.9% OF THE SHARES OF UNITRANS MOTOR HOLDINGS PROPRIETARY LIMITED (“UNITRANS”) AND 100% OF THE LOAN CLAIMS HELD BY STEINHOFF AFRICA AGAINST UNITRANS 1. INTRODUCTION
Steinhoff is pleased to announce that it has reached in-principle agreement to dispose of 74.9% of Steinhoff Africa’s shares in Unitrans (and its subsidiaries), and 100% of the loan claims against Unitrans held by Steinhoff Africa, to CFAO Holdings South Africa Proprietary Limited (“CFAO HSA”) (“the Potential Transaction”). Under the terms of the Potential Transaction the parties will endeavour to dispose of Steinhoff’s remaining 25.1% interest in Unitrans at a later date, as part of a Broad-Based Black Economic Empowerment transaction. 2. OVERVIEW OF UNITRANS
Unitrans recorded revenue of ZAR23,434m in the financial year ended 30 September 2018. 3. OVERVIEW OF CFAO
4. RATIONALE FOR THE TRANSACTION
5. CONDITIONS PRECEDENT
– Negotiation and execution by Steinhoff and CFAO of definitive legal agreements on mutually acceptable terms and conditions; – To the extent required, approval of the requisite majorities of the Group’s European creditors pursuant to the lock-up agreement and/or other relevant documents in relation to the Group’s European financial restructuring; and – The receipt or clearance of any regulatory approvals and obtaining of any requisite third party consents. Shareholders and other investors in the Company are advised to exercise caution when dealing in the securities of the Group. Stellenbosch Financial advisor to Steinhoff Sponsor to Steinhoff
28.03.2019 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: | SDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 792763 |
End of News | DGAP News Service |