DGAP-Ad-hoc: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous
DISCLOSURE OF INSIDE INFORMATION PURSUANT TO ART. 17 OF THE EU MARKET ABUSE REGULATION (EU 596/2014, MAR)
CONSERVATORIUM AND TITAN ARRANGEMENTS BECOME UNCONDITIONAL
Steinhoff International Holdings N.V. ("SIHNV" or the "Company", together with its subsidiaries, "Steinhoff" or the "Steinhoff Group") announces the following update on implementation of its proposal to resolve the various multi-jurisdictional legacy litigations and claims against the Steinhoff Group, including those against former South African holding company Steinhoff International Holdings Proprietary Limited ("SIHPL").
Steinhoff announced on or about 14 February 2021 that it had entered into a conditional agreement with Conservatorium Holdings LLC ("Conservatorium") and entities connected to Dr Christo Wiese ("CW Entities") to settle the outstanding disputes between and among Steinhoff, Conservatorium and the CW Entities. Steinhoff today announces that such agreement has become unconditional upon Steinhoff and the CW Entities entering into agreements under which those entities and their affiliates will support the Steinhoff global settlement.
The new agreements with the CW Entities include the following:
- a settlement support agreement resolving a number of matters between the Steinhoff Group and CW Entities and under which CW Entities will support the Steinhoff Global Settlement; and
- agreements to document the new partially secured 5-year payment obligation between SIHPL and Titan as described in the Steinhoff Settlement Term Sheet which is subject to receipt of the consideration payable to Titan pursuant to the statutory compromise process under South African law (the "S155 Scheme").
The Company has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the JSE Limited.
Stellenbosch, South Africa
24-March-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Company:||Steinhoff International Holdings N.V.|
|cnr Adam Tas and Devon Valley Road|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1177856|
|End of Announcement||DGAP News Service|
1177856 24-March-2021 CET/CEST