Markt: Leg endlich die Karten auf den Tisch!
Sonn: Ich denke nicht daran. Die Zahlen kommen zum genannten Termin. Basta!!
Markt: OK, dann wird der Kurs weiter fallen.
Sonn: Dann fällt er eben. Ist mir sowas von egal!
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Pepkor name is back as Star tries to shed Steinhoff stain
Steinhoff Africa Retail (Star) is planning to distance itself from its scandal-ridden parent by changing its name back to the original Pepkor.
Star also said on Tuesday it was considering joining the long list of claimants suing Steinhoff Holdings as it sought to recoup costs associated with the R500m provision it had made to pay executives who were set to lose bonuses that were tied to the Steinhoff share price, which plunged more than 90% after it admitted "accounting irregularities" in December.
CEO Leon Lourens said the incentive scheme, which was set up in 2011 when the company was known as Pepkor, was forced to exchange its Pepkor shares for Steinhoff shares in 2015.
"We weren’t offered the opportunity to stick with Pepkor, we had to convert," Lourens said.
He said the conversion was decided by the major shareholder [Christo Wiese] and that Steinhoff had also wanted management to be invested in Steinhoff rather than Pepkor.
In an interview with Business Day on Tuesday, Lourens dismissed suggestions that Star should have disclosed the potential liability much earlier. The first disclosure was made last Friday after an audit committee meeting.
"It was always included as part of our total guarantees, but it wasn’t individually disclosed because the relative risk was almost zero.
"No one expected the Steinhoff share price to fall by 98%," Lourens said.
He said that in 2015 the value of the Pepkor shares in the scheme, called the Business Venture Incentive Scheme, was R2.5bn against debt of R500m.
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