STELLENBOSCH, SOUTH AFRICA - EQS Newswire - 24 January 2022 - 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 ("Global Settlement").
SIHPL Sanction Order
SIHPL's application for the approval and sanction of its section 155 proposal ("s155 Proposal") was heard today, 24 January 2022 by the Western Cape High Court. At the close of the hearing the Court granted SIHPL's request and granted an Order approving and sanctioning the s155 Proposal. A copy of the Order will be made available on SIHNV's website (www.steinhoffinternational.com) and on www.SteinhoffSettlement.com.
Update on Settlement Implementation
Following receipt of the Order, "Settlement Effective Date" (referred to under the s155 Proposal and SIHNV's Composition Plan) is expected to occur on or about 15 February 2022.
The implementation of the Global Settlement requires numerous steps to be taken and payments to be made on and around the Settlement Effective Date.
SIHNV and SIHPL have undertaken preparations for the co-ordination of the steps required and will separately contact those counterparties who need to take any action (for example, to receive funds and/or PPH shares).
No actions are currently required by any party prior to the Settlement Effective Date unless specifically requested by Steinhoff and/or its advisers.
As disclosed in Steinhoff's announcement of 15 December 2021, formal withdrawal of the various litigation that has been settled, including the withdrawal of the Liquidation Application against SIHNV will occur immediately following Settlement Effective Date. Occurrence of Settlement Effective Date is the remaining condition under SIHNV's Composition Plan.
Further updates will be provided as and when appropriate.
Claimants are able to review additional information in relation to the Steinhoff Group global settlement on the following website: www.SteinhoffSettlement.com.
The Company has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the JSE Limited.