Steinhoff Says Loan Notes, Preference Shares Face Possible Suspension
By Carlo Martuscelli
Steinhoff International Holdings NV (SNH.JO) said Thursday that its shares will continue trading as normal on both the Frankfurt at Johannesburg stock exchanges, but that its loan notes and preference shares may be suspended.
The embattled South African retailer said that if its subsidiary, Steinhoff Services, doesn't publish its accounts by Feb. 28, trading in the notes will be suspended.
Steinhoff had previously said that it was looking to amend the maturity date of the issued notes so that it could pay them on Feb. 23, before the accounts are published with the consent of the noteholders. If this doesn't happen then trading of the loan notes will be suspended, said Steinhoff.
The company went on to say that, if another subsidiary, Steinhoff Investments, doesn't submit its accounts on or before Feb. 28 trading in the preference shares will be suspended.
In December, Steinhoff hired accountancy firm PricewaterhouseCoopers to conduct an independent investigation into the accounting irregularities. The company has since said that it needs to restate its 2015 and 2016 financial results, and has yet to release its 2017 results.
The Johannesburg Stock Exchange, South Africa's Financial Services Board, its Department of Trade and Industry and its Companies and Intellectual Property Commission are all investigating Steinhoff.
The company is also facing a probe in Germany, where it moved its primary listing to in late 2015, amid allegations management used off-balance-sheet entities to hide losses in its operations and artificially pump up its valuation.
Write to Carlo Martuscelli at email@example.com
(END) Dow Jones Newswires
February 01, 2018 02:15 ET (07:15 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.