Steinhoff International Holdings N.V.
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Ich merke schon, das Trollunwesen schafft eine Menge Misstrauen untereinander ;-)
Thats my 20 % of Pepco IPO ;-)
20% of the total proposed scope of Pepkor Europe's (Pepco) IPO offering was agreed as "Cornerstone Investment Participation".
01 - Project Orange - SEAG - 1L Facility Agreement - Comparison.pdf, S. 164
""Lender Cornerstone Investment" means a cornerstone investment in a Pepkor Europe IPO (Pepco) at the bookbuilt offer price and otherwise on customary terms including a post-IPO lock-up and orderly marketing arrangements, in each case on market standard terms as advised at the relevant time by the underwriting banks."
See page 165 for the Cornerstone Investments Regulations within a Pepco IPO.
https://www.lucid-is.com/steinhoff/
SEAG CVA - Amended Documents
Later, I will write something about Pepkor HL and their 20 %.
Hinter dem Account des Captain verbirgt sich tatsächlich der Captain aus dem Forum in ZA, der Captain hatte Dirty vor ein paar Tagen bereits per BM kontaktiert und Dirty hatte mir die Nachricht zwecks Diskussion weiter geleitet und alleine vom fachlichen Inhalt der BM gewertet, steckt da schon viel "Steinhoff" Kompetenz hinter diesem Account.
Einfach mal durchatmen & jedem mal eine faire Chance geben.
Schon mal ausgerechnet, wie viele Aktien möglicherweise infolge der Scrip-Dividende ausgabefähig wären?
Anbei mal der Berchnungsmodus.
Das Maximum wäre, wenn sich alle für die Aktienausgabe der SD.
Ainsley Holding hält 2,45 Mrd Pepkor HL Aktien und wieviel wären es dann zusätzlich?
The following regulations from the Umbrella Agreement of SIHNV refer to my 20% of Pepkor HL ;-)
S. 21
"Settlement Assets means assets and/or investments owned by: (1) any member of the Total South African Group which are not already secured under the Restructuring Documents or (2) with the prior approval of "Majority Lenders" under the SFHG 21/22 Facilities Agreement and "Majority Lenders" under the SFHG 23 Facilities Agreement (as confirmed in writing to each Party by the SFHG 21/22 Agent and/or the SFHG 23 Agent), SFHG Settlement Assets; and which (other than contingent assets and SFHG Settlement Assets) have a fair value from a financial perspective (as determined by a Settlement Asset Financial Advisor and converted to euro at the Spot Rate of Exchange) of no greater than an amount equal to the Settlement Value, (as most recently determined in accordance with this Agreement), in each case (except for the purposes of Clause 10.4(a)(iv) below), after deducting from the applicable Settlement Value the value of all Settlement Assets (other than SFHG Settlement Assets) applied in respect of any prior Permitted Partial Settlement made in accordance with Clause 10.4(a)(iv) or a prior Permitted SIHPL Settlement made in accordance with Clause 10.4 (a)(vi)."
"Settlement Value means an amount equal to:
(a) prior to 30 November 2019, the value of 20 per cent of SIHNV’s indirect investment in PHL
as set out in the CVA PHL Notice; or
(b) following the 30 November 2019, the lower of the value of 20 per cent of SIHNV’s indirect investment in PHL as set out in the CVA PHL Notice and the latest Quarterly PHL Notice,
provided that:
(c) the amount of 20 per cent of SIHNV’s indirect investment in PHL set out in the CVA PHL Notice referred to above may be increased with the prior written approval of the Super Majority Guarantee Creditors;
(d) the amount of 20 per cent of SIHNV’s indirect investment in PHL set out in the Quarterly PHL Notice referred to above may be increased by up to 30 per cent subject to a cap equal to the amount in the CVA PHL Notice (CVA PHL Notice Cap), with the prior written approval of the Simple Majority Guarantee Creditors and, if above the CVA PHL Notice Cap, with the prior written approval of the Super Majority Guarantee Creditors; and
(e) 30 November 2019 in paragraph (a) and (b) above shall be capable of extension by
(i) 2 months if prior to 30 November 2019 (or such later date as agreed) agreements have been entered into supporting a proposed Permitted Global Settlement by a requisite majority of claimants but such Permitted Global Settlement has not been implemented by such date, or
(ii) with the approval of the Super Majority Guarantee Creditors."
S. 21
S. 18
"CVA PHL Notice means the notice provided by the Settlement Assets Financial Adviser setting out an amount equal to the value of 20 per cent of SIHNV’s indirect interest in PHL as at 30 November 2018 converted to euros at the rate of EUR/ZAR of 15.700.
S. 20
"Quarterly PHL Notice means the notice delivered by the Settlement Assets Financial Adviser within 5 Business Days after each Quarter Date setting out the amount equal to:
(a) the volume-weighted average share price of PHL for the 30 days prior to the Quarter Date multiplied by number of shares in PHL indirectly owned by SIHNV at the relevant Quarter Date (converted to euro at the Spot Rate of Exchange); or
(b) if PHL has been delisted on or before the date falling 30 days prior to the Quarter Date, the value of SIHNV’s indirect interest in PHL as determined by the Settlement Assets Financial Adviser by reference to such market standard valuation methodologies as are considered appropriate by that Settlement Asset Financial Adviser and as set out in a valuation report obtained from that Settlement Asset Financial Adviser (provided that such report may be disclosed to and made available to each Lender on a reliance basis subject to signature by that Lender of an assumption of duty letter on market standard terms)."
The entire LUA procedure resulted in the CVAs of SEAG and SFHG:.
LUA - Definitions:
"“Insolvency Event” means the taking (by the Company or any of its Subsidiaries) of any corporate action or formal step or the institution by any person of any legal process in relation to:
(a) the winding-up, liquidation, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement, company reorganisation (Unternehmensreorganisation) or otherwise) of any Material Company;
(b) the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of any Material Company;
(c) in relation to any Material Company subject to Austrian insolvency law, the commencement of bankruptcy proceedings (Konkursverfahren), restructuring proceedings with or without self-administration (Sanierungsverfahren mit oder ohne Eigenverwaltung) within the meaning of the Austrian Insolvency Code (Insolvenzordnung) in relation to that Material Company; or
(d) the commencement, by any Material Company, of a composition or arrangement with its creditors generally or any analogous procedure or step is taken in any jurisdiction, provided that (i) any solvent winding up process or analogous solvent process in relation to any company other than an Obligor; and (ii) a petition or filing of documents for winding-up or dissolution or other analogous step or procedure presented by a creditor which is being contested in good faith and with due diligence and is discharged, withdrawn, set aside or struck out within 10 Business Days, shall not constitute an Insolvency Event.
Insolvency Event means also CVA.
“Material Company” means each of:
(a) the Obligors;
(b) the Security Providers;
(c) AIH Investment Holding AG;
(d) Ainsley Holdings Pty Ltd;
(e) Genesis Investment Holding GmbH;
(f) Hemisphere;
(g) JD Group Pty Ltd;
(h) Laguna Holdings B.V.;
(i) Laguna Investments Alpha B.V.;
(j) Pepkor Holdings Pty Ltd;
(k) Poundland Group Ltd;
(l) Steinhoff Africa Holdings Pty Ltd;
(m) Steinhoff Africa Retail Ltd;
(n) Steinhoff Europe AG, Switzerland
(o) Steinhoff Global Investments GmbH;
(p) Steinhoff Holding Beta GmbH;
(q) Steinhoff Investment Holdings Ltd;
(r) Steinhoff Möbel Holding Alpha GmbH;
(s) Steinhoff Retail GmbH;
(t) Steinhoff UK Holdings Ltd;
(u) Unitrans Automotive (Pty) Ltd; and
(v) any other Subsidiary of the Company to which is transferred the whole or substantially the whole of the assets and undertaking of any of the entities named in (a) to (u) (inclusive) above."
Und PwC ist sicher der einzige Wirtschaftsprüfer, der den vollen Durchblick hat, das steht fest.
Wie schnell es gehen kann, sah man im Sommer 2018 . . . € 0,25
In diesem Sinne halte ich eine Marktkapitalisierung von 2 Milliarden für angemessen.
Pepkor-Aktionärsgesellschaften, die sich die Scrip-Dividende bar auszahlen lassen würden, verlören prozentuale Anteile.
Leute, hier geht's um Steinhoff und nicht um was anderes.
Es weiß sogar das Star der Unternehmensname ist und deswegen nicht in Stern übersetzt werden muss...
Nachtigall ick höre dir trapsen...
Die Kompensation erfolgt in cash.
Aus deinem eigenen, obenstehend platzierten Post:
"CVA PHL Notice means the notice provided by the Settlement Assets Financial Adviser setting out an amount equal to the value of 20 per cent of SIHNV?s indirect interest in PHL as at 30 November 2018 converted to euros at the rate of EUR/ZAR of 15.700."
Es werden im dem Zusammenhang somit keine Pepkor Shares übertragen.
Gemäß den Seitens des PIC getätigten Aussagen scheint die Kompensation ja auch nicht von Steinhoff selber sondern über diesen "White Knight" zu kommen.
Viele Grüße
Mysterio