| DGAP-Ad-hoc: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous Steinhoff International Holdings N.V. : FURTHER INCREASED SIHPL SETTLEMENT OFFER 11-Aug-2021 / 10:20 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. DISCLOSURE OF INSIDE INFORMATION PURSUANT TO ART. 17 OF THE EU MARKET ABUSE REGULATION (EU 596/2014, MAR) STEINHOFF INTERNATIONAL HOLDINGS N.V. - FURTHER INCREASED SIHPL SETTLEMENT OFFER Steinhoff International Holdings N.V. ("SIHNV" or the "Company", together with its subsidiaries, "Steinhoff" or the "Steinhoff Group") provides the following updates on the global litigation settlement proposal. As announced previously, the former South African holding company of the Steinhoff Group, Steinhoff International Holdings Proprietary Limited ("SIHPL"), is subject to various legal disputes arising from the 2019 financial restructuring process and the settlement implementation arrangements in addition to those disputes arising from the earlier legacy accounting issues. Recognising that the recent disputes focus on the proposed SIHPL settlement arrangements, Steinhoff has given consideration to whether a further and final increase to the SIHPL settlement offer to the SIHPL market purchase claimants ("SIHPL MPCs") can be made in order to achieve the necessary levels of support for the global litigation settlement proposal. Therefore, Steinhoff now proposes that SIHPL make an additional contribution to the SIHPL MPC settlement consideration of ZAR 3,214 million. Steinhoff has received confirmation that the Active Claimant Group, Hamilton, supports in principle the Steinhoff global settlement based on this increased contribution by SIHPL. SIHPL has also received confirmation that four large Steinhoff financial creditors will support the revised proposal. Separately, SIHPL has concluded to amend the SIHPL Section 155 Proposal to provide that Trevo will be treated as a Non-Qualifying Claimant, instead of as a SIHPL Market Purchase Claimant as previously proposed. Steinhoff believes that this approach removes Trevo's legal standing in the Section 155 proposal, and provides a basis for the discontinuance of Trevo's further participation in the class composition application that has been brought in the Cape Town High Court, the hearing of which is currently adjourned to 13 August 2021. More information about the foregoing can be found in a further announcement that will be issued by the Company today. As previously, this revised offer is subject to necessary regulatory approvals and financial creditor approvals and does not constitute an admission of liability by any member of the Steinhoff Group, or its directors, officers or employees in respect of any legal claims or litigation proceedings. The Company has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the JSE Limited. Stellenbosch, South Africa 11 August 2021 Contact: Steinhoff International Holdings N.V. Investor Relations Phone: +27 21 808 0700 E-mail: investors@steinhoffinternational.com 11-Aug-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de |
| Language: | English |
| Company: | Steinhoff International Holdings N.V. |
| cnr Adam Tas and Devon Valley Road | |
| 7600 Stellenbosch | |
| South Africa | |
| Phone: | +27218080700 |
| Fax: | +27218080800 |
| E-mail: | investors@steinhoffinternational.com |
| Internet: | www.steinhoffinternational.com |
| ISIN: | NL0011375019 |
| WKN: | A14XB9 |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1225530 |
| End of Announcement | DGAP News Service |
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1225530 11-Aug-2021 CET/CEST
