April 20, 2018 / 11:20 AM / a month ago

BRIEF-Steinhoff Says Financial Position Remains "Very Challenged" - AGM Presentation

April 20 (Reuters) - Steinhoff International Holdings Nv :

* COMPANY IS HOLDING ITS ANNUAL GENERAL MEETING OF SHAREHOLDERS ON FRIDAY

* “THE GROUP’S FINANCIAL POSITION REMAINS VERY CHALLENGED”

* MANAGEMENT’S PRIORITIES REMAIN FOCUSED ON DEVELOPING THE GROUP’S RESTRUCTURING PLAN, MANAGING ONGOING OPERATIONS

* HAS BEEN ENGAGING WITH ITS CREDITORS ACROSS THE DEBT CLUST TO CREATE A WINDOW ON STABILITY

* RELYING ON ASSET REALISATIONS TO FUND ONGOING WORKING CAPITAL, INTEREST, PROFESSIONAL FEES, BUT THIS IS NOT SUSTAINABLE

* WILL NOT DECLARE ANY DIVIDENDS UNTIL FURTHER NOTICE - AGM PRESENTATION

* GROUP IS NOT AWARE THAT ANY REGULATOR IS CURRENTLY SEEKING A SUSPENSION OF THE LISTINGS

* PWC CURRENTLY EXPECTS THE INVESTIGATION TO BE SUBSTANTIALLY COMPLETED BY END OF 2018

* HAVE RECEIEVED DEMAND AGAINST GROUP ENTITIES FROM A NUMBER OF VENDORS WHO SOLD ASSETS TO THE GROUP IN PRIOR YEARS

* PWC INVESTIGATION CONFIRMED PATTERN OF TRANSACTIONS UNDERTAKEN OVER YEARS ACROSS ASSETS CLASSES LED TO “MATERIAL OVERSTATEMENT OF INCOME “

* THE GROUP AIMS TO RELEASE ITS FULL YEAR AUDITED 2017 RESULTS BY THE END OF DECEMBER 2018

* CURRENTLY IN COMMUNICATION WITH VENDORS WHO HAVE MADE DEMANDS ; NO FORMAL LEGAL PROCEEDING HAVE BEEN INSTITUTED TO DATE

* CONFIRM ITS REPRESENTATIVES MET WITH HAWKS PERSONALLY AT DIRECTOR AND LEGAL TEAM LEVEL ON FOUR DIFFERENT OCCASIONS

* VEB, THE DUTCH INVESTORS’ ASSOCIATION, INITIATED PROCEEDINGS AGAINST THE COMPANY ON 2 FEBRUARY 2018 IN AMSTERDAM

* SUPERVISORY BOARD BELIEVES DELOITTE IS BEST PLACED TO APPLY OUTCOME OF FORENSIC PROCESSES IN COMPLETING THE 2018 AUDIT

* STEINHOFF HAS FILED A NUMBER OF PRELIMINARY MOTIONS, CONTESTING THE JURISDICTION OF THE AMSTERDAM DISTRICT COURT FOR VEB LITIGATION

* INVESTIGATIONS BY S.AFRICAN FINANCIAL SERVICES BOARD, JSE, S.AFRICAN COMPANIES AND INTELLECTUAL PROPERTIES COMMISSION ONGOING Source text for Eikon: (bit.ly/2qLQ3dU) Further company coverage:

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