4finance schreef op 13 juli 2018 18:49:
Mooi stuk vandaag in Fin24. ..... Ps. ik zou niet reageren op al die idioten die hier komen rellen ....
www.fin24.com/Companies/Retail/steinh...Steinhoff stock above R3 apiece for the first time since April
Jul 13 2018 14:18 Jan Cronje
Steinhoff [JSE:SNH] stock broke through the R3 a share level for the first time in three months on Friday, as investors reacted to its latest restructuring update.
Shares in the embattled global retailer have been on the rise – albeit off a low base – since Wednesday.
On Friday at 13:27, Steinhoff stock was changing hands at R3.15 a share, up 9.4% on the day. It reached an intra-day high of R3.48 apiece.
“In the latest restructuring update Steinhoff International indicated they have launched a consent process for a lock-up agreement in connection with the restructuring of the financial indebtedness of the group,” said Musa Makoni, a trading specialist at GT247.com.
Shares in the Stellenbosch-headquartered retail conglomerate plunged in early December 2017, when its CEO Markus Jooste resigned after auditors flagged accounting irregularities in its financials.
The company, which is the subject of an on-going forensic probe by PwC, announced a R2.4bn operating loss for first half of financial year in late June. The Hawks, meanwhile, are still investigating three cases related to allegations of fraud at the company and its subsidiaries.
Makoni said that, should the company be successful in implementing the restructure in three months as planned, its ability to continue as a going concern would start to look more feasible.
“Given the liquidity squeeze the business has faced since December, this gives them some breathing room and stability,” he said.
“This is attractive for investors who might have jumped ship as uncertainty prevailed following the revelations in December 2017, hence the significant rise in the share price.”
While the share price has doubled in recent days, Steinhoff shares are still trading over 90% down compared to the day before Jooste abruptly resigned.