Following the delisting, Steinhoff's stock will be converted into a type of equity called contingent value rights . The group's creditors will receive 80% of these CVRs. Shareholders will receive the remaining 20%. The meeting heard that a new and as yet unnamed holding company will be created to take over Steinhoff's books, records and other data.
This company, which will be registered and run from South Africa, will also maintain the register of CVRs. In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
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Source: News24 - 🏆 4. / 80 Read more »