Shareholders scuppered Steinhoff restructuring plans
A shareholder group from Germany has been identified as the main opponent voting against all the resolutions at Steinhoff’s AGM last Thursday.
Schutzgemeinschaft der Kapitalanleger – meaning the protection association of capital investors – secured enough proxies from unhappy Steinhoff shareholders to vote down all the resolutions that were tabled.
That the resolutions were not passed will block all Steinhoff’s plans to play for more time to repay large tranches of debt that are due within a few weeks.
Moneyweb reports the liquidation of Steinhoff International Holdings NV looks more likely than ever, although management indicated that it is still considering its options after the result of the voting.
Steinhoff management made a last-ditch effort at the meeting to convince minority shareholders that the agreement with large creditors to extend due dates for debt repayments, in exchange for 80% ownership of a new company housing all Steinhoff’s assets, is the best option to get some value from their shareholding.
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