One group of aggrieved shareholders who will not be accepting Steinhoff’s cash and shares offer to settle a whopping R135-billion in legal claims and litigation against it, are the former owners of Tekkie Town, a retail and apparel store that was acquired by Steinhoff and later unbundled into Pepkor.Tekkie Town founder Braam van Huyssteen, private equity group Actis and other shareholders agreed to sell Tekkie Town to the acquisitive Steinhoff in 2016 for R3.2-billion.
Steinhoff has proposed that it pay about R16.5-billion to settle 90 separate claims against it. This is a fraction of the combined claims Steinhoff is facing in SA and Europe, estimated at about R136-billion. Should they accept the offer, the GEPF will receive an estimated R38.8-million, BVI R643-million and Wiese about R9-billion.
Bernard Mostert, former CEO of Tekkie Town. “We are not financially driven and are happy to see the court process out.”
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