Steinhoff International Holdings NV

10/17/2018 | Press release | Distributed by Public on 10/17/2018 10:14

SNH: STEINHOFF INVESTMENT HOLDINGS LIMITED - VEB / European Investors And Steinhoff Agree To A Standstill

SNH: STEINHOFF INVESTMENT HOLDINGS LIMITED - VEB / European Investors And Steinhoff Agree To A Standstill VEB / European Investors And Steinhoff Agree To A Standstill Steinhoff International Holdings N.V. (Incorporated in the Netherlands) (Registration number: 63570173) Share Code: SNH ISIN: NL0011375019 Steinhoff Investment Holdings Limited (Incorporated in the Republic of South Africa) (Registration number: 1954/001893/06) JSE Code: SHFF ISIN: ZAE000068367 VEB / European Investors and Steinhoff agree to a standstill Investment group VEB/European Investors and global retailer Steinhoff International Holdings N.V. ("Steinhoff") have agreed to suspend the collective action currently ongoing between them in The Netherlands until 3 April 2019. VEB/European Investors, as a collective representative, has sued Steinhoff in the Dutch court for certain financial statements, prospectuses and press releases, which according to VEB are incorrect and misleading. The suspension will grant Steinhoff time to continue the ongoing restructuring of its business and to make further progress with its investigations and the preparation of its financial statements. According to Danie van der Merwe, Steinhoff´s acting CEO, "Steinhoff is engaged in a complex reorganisation as it restructures its financial liabilities and finalises investigations and financial statements. This agreement allows us time to focus on completing these tasks in the interests of all stakeholders." VEB/European Investors have agreed to this important step as this will support the stabilisation of the company´s business, which is in the interest of both former and current Steinhoff shareholders. After the suspension, VEB/European Investors and Steinhoff are both free to continue the legal proceedings or to reach a settlement for affected shareholders through negotiations. 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, 17 October 2018 Date: 17/10/2018 05:50:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.