Steinhoff looking for billions of rands in capital injection.
Image:Retailer Steinhoff on Monday announced key terms for its French unit Conforama’s plan to raise 316 million euros to shore up its finances after sales fell and costs rose.
Steinhoff said the financing included the issue of warrants in an amount equal to 49.9% of Conforama’s shares to the providers of cash, giving the financiers enhanced governance rights and allowing them to appoint two independent directors to Conforama’s board. The financing also includes call protections — a security measure which imposes penalties if a loan is repaid earlier than its maturity date.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
#PICInquiry: Steinhoff shares fell within a year of PIC participation in Lancaster deal | IOL Business ReportExecutive says she cannot confirm how the transaction was originated and whether there had been prior iterations of the investment proposal.
Read more »
Newsdeck: Steinhoff was a ‘good buy’ for PIC at the time, witness tells inquiryThe Public Investment Corporation regarded Steinhoff shares as a good buy when it extended R9.35bn to empowerment group Lancaster 101 to buy shares in the now fraud-tainted retail conglomerate in 2016.
Read more »
Steinhoff deal questionedThe PIC inquiry hears about a R9.3-billion investment in Steinhoff which officials believed would grow.
Read more »
Gill Marcus concerned about extent of PIC damage caused by Steinhoff collapseThe PIC bought shares worth R9.3 billion off Steinhoff through a loan with black empowerment company Lancaster 101 in 2016.
Read more »
FSCA finds no evidence of insider trading worth R418m against SteinhoffThis brings the total number of accounts investigated for insider trading with no adverse finding to a total of 56.
Read more »
Financial regulator clears 3 accounts for Steinhoff insider tradingThe Financial Sector Conduct Authority says it will continue probing other accounts for potential insider trading prior to the retailer's share price collapse in December 2017.
Read more »
FSCA finds no evidence of insider trading worth R418m against Steinhoff | IOL Business ReportThe FSCA said that it had wrapped up a further three insider trading investigations into the Steinhoff International shares.
Read more »
‘No evidence’ of insider trading ahead of Steinhoff’s collapseThe Financial Sector Conduct Authority says it has found no evidence of insider trading in the retailer’s shares, although it still has a few trading accounts to check
Read more »
FSCA finds no proof of insider trading at SteinhoffBloomberg previously reported that former CEO Markus Jooste tipped friends to sell off the company’s shares days before the stock crashed.
Read more »
Steinhoff plans to give Conforama funders enhanced rightsThe financiers will be allowed to appoint two independent directors to the French unit’s board
Read more »