STEINHOFF INTERNATIONAL HOLDINGS N.V. GLOBAL SETTLEMENT UPDATE
Steinhoff International Holdings N.V. (Steinhoff and with its subsidiaries, the Group) and Steinhoff International Holdings Proprietary Limited (SIHPL), provide the following update from the Stichting Steinhoff Recovery Foundation (SRF) on the administration of claims filed by Market Purchase Claimants in relation to Steinhoffs settlement of litigation proceedings pursuant to SIHNVs Dutch law composition plan (Composition Plan), SIHPLs South African law s155 scheme proposal (S155 Proposal) and related contractual arrangements (together the Global Settlement).
As previously announced, the Settlement Effective Date (as referred to under the S155 Proposal and the Composition Plan) occurred on 15 February 2022. The Bar Date (being the deadline until which Market Purchase Claimants were able to validly lodge claims against Steinhoff) accordingly elapsed at 23:59:59 SAST on Sunday 15 May 2022.
At the expiry of the Bar Date, the SRF, the Dutch foundation established to independently oversee the administration of claims filed pursuant to the Global Settlement, informed Steinhoff that it had received in excess of 43,000 claims in number, representing approximately EUR 3.2 billion in value.
Marcel Windt, Chairperson of the SRF said: The SRF, with the assistance of the appointed Claims Administrator, has been hard at work processing claims as and when they have been received and we shall now proceed with finalisation of the administration and verification of all claims filed up until the Bar Date. Subject to completion of the claims administration and verification process, the expiry of the timelines prescribed in the Global Settlement and following the completion of certain assurance processes, it is the SRFs intention to commence with the distribution of proportionate cash recoveries, to claimants holding valid and accepted claims, at the earliest opportunity in 2023.
Steinhoff has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the JSE Limited.
Stellenbosch, 20 May 2022
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