Steinhoff shares

Mac wrote: All my shares
Lost a princely sum for me


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eish hope he reads that

2016 financial results will be restated.


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Have been quite successful trading this on the “dead cat bounce” at bottom and top. It helped to mitigate my losses if only a little. Will put in a buy order of R5.


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Steinhoff - Restatement Of Consolidated Financial Statements

Steinhoff International Holdings N.V.
(Incorporated in the Netherlands)
(Registration number: 63570173)
Share Code: SNH
ISIN: NL0011375019

Steinhoff - Restatement of consolidated financial statements

Steinhoff International Holdings N.V. (the "Company")

The Company is providing the following update further to its announcement dated 5
December 2017 and its ongoing investigations into past financial years. This update is
made on the basis of the information that has been made available and analysed to date.
The Company, on the advice of the independent committee of the Supervisory Board, has
today formed the view that issues concerning the validity and recoverability of certain
Steinhoff Europe balance sheet assets under scrutiny in the 2017 audit work, are also
relevant to the 2016 consolidated financial statements. Therefore, the Company
announces that, based on section 2:362 (6) of the Dutch Civil Code, the 2016 consolidated
financial statements will need to be restated and can no longer be relied upon.

The Company, on the advice of the independent committee of the Supervisory Board,
together with their advisers, is taking all necessary steps to address the audit issues and
will keep the market informed of any material developments.

Shareholders and other investors in Steinhoff are advised to exercise caution when dealing
in the securities of the Group.

Sponsor: PSG Capital

Stellenbosch, 13 December 2017

Date: 14/12/2017 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

Deloittes, the auditors for SNH, are to be investigated wrt fin statements of 2014 & 2015.


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Mac wrote: Deloittes, the auditors for SNH, are to be investigated wrt fin statements of 2014 & 2015.


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Auditors need auditing :blink:

Dave

Do or did you feel sorry for the garage owner that supplied Pablo Escobar’s fleet with fuel and lost everything when Pablo died.

Many predicted this day and many asked questions. So ultimately it’s your choice whom you sell fuel to.

You can’t build a business off the back of another business and not expect to live its highs and lows.

And don’t tell me there were no choices. Many trainers said no thanks.

Easy; maybe a different thread but guess you were replying to me, with regards to my help for trainers?

I would be first to admit i had no idea that money was created by buying and selling companies without cash and exchanging shares ( which may or may not be my correct understaning )

I never dealt with the man and guess that trainers were happy to take very good horses from an international player who put SA racing on the map.

I did not feel glee but was very sad for SA racing when the "shit hit the fan"

Also sure when the trainers were being offered horses they felt lucky and not being conned?
I am sure they did their best and have now potentially seen their arse.

I know that legally probably no comeback and the trainers dont have a leg to stand on, but felt that the "empire" might have felt some embarrassment and give something back to the trainers that looked after the horses with no idea what was going on .

However life goes on and sorry for anybody that was hurt during this period.

Sorry dave what do you mean by jooste put sa racing on the map

Ok wrong choice of words london news jj etc just meant he had runners overseas i retract that statement

I guess i was also a bit brainwashed

Dave


Fair enough hence i called for players in the industry to BOYCOTT them now. Ill use Tara as an example. Had she called them and told them to "take them all away NOW" i reckon her stable would have been filled within 1 day of owners up and down the country that would have respected that move.

Im not saying its easy , but seldom making hard choices is.

Its really time to take sides.