WATCH: Steinhoff optimistic settlement offer will be well received
Steinhoff International is optimistic a settlement plan unveiled on Monday will be well received as a fair offer, CEO Louis du Preez says.
Du Preez told Business Day TV on Monday that Steinhoff had been interacting with a number of claimants over the past year. This includes Christo Wiese, who has welcomed Steinhoff's attempt to settle the claims.
Du Preez said that should Wiese accept the settlement offer of cash and Pepkor shares, he would own about 7% of Pepkor.
Steinhoff International is looking to settle some of the lawsuits against the embattled retailer by offering claimants cash and Pepkor shares. About 90 separate lawsuits have been filed against Steinhoff, with combined claims of more than R136bn. Business Day TV caught up with the group's CEO Louis du Preez for more detail on the proposed settlements.
Steinhoff on Monday proposed settling some of the dozens of lawsuits against the group through payment in cash and Pepkor shares.
About 90 separate lawsuits have been filed against Steinhoff, with combined claims of more than R136bn, after the group uncovered a €6.5bn (about R120bn) hole in its accounts in 2017.
The group said on Monday that settlement would help cover as much as €266m of market-purchase claims, €104m of contractual-party claims and about R9.4bn of claims against Steinhoff International Holdings.
The settlements would be paid through cash and Pepkor shares, at a deemed price of R15 a share.
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