Friday , July 30 2021

All Steinhoff's eyes as shares continue to trade with the JSE after the state holiday

Shares in Steinhof [JSE:SHN] will continue trading on JSE on Thursday, after the trade conglomerate Stellenbosch announced its delayed profit from 2017 late Tuesday.

The group's actions were last cited in the R2.01 share near the trade on Tuesday. The local stock exchange was closed on Wednesday for elections.

In its annual report of 2018, Steinhoff announced a net loss of 4.03 billion euros for the financial year ended 30 September 2017 and a loss of 279 million euros for the 15 months ending on September 30, 2016. Steinhoff published his results in euros because he is based in the Netherlands and has a prime listing on the Frankfurt Stock Exchange.

According to the annual report, former Marcus Josthe in the group received millions of bonuses without approval in 2017.

This includes the payment of a bonus of 500,000 euros (R8m at current exchange rates) in March 2017, made without board approval, and a special bonus of 1.57m euros (R25.2m at current exchange rates), which was approved by the board of the group , but was paid to Joost before the due date.

Jost resigned from Steinhof in early December 2017, after Deloitte's auditors marked book irregularities in their books.

Acting in Parliament in September 2018, the former CEO protested his innocence, saying he was not aware of Steinhof staff members who deliberately violated their code of conduct.

At that time, he attributed the massive decline in the stock price of the group to the postponement of the release of earnings reports, which he said created uncertainty. He also heavily tried to blame the group's problems for a decision to enter a joint venture with German businessman Andreas Seifert in 2007.

Steinhoff's shares fell by more than 95% since December 2017, which reduced the market capitalization of the group with approximately R200bn.

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