Dear Mr XXX
Thank you for your email.
In conjunction with the restructuring update that was published on Friday, irhosted.profiledata.co.za/steinhoff/...PopUp.aspx?id=332442, Im hoping that the following explanation will assist:
The CVA requires certain pre-conditions and milestones to be reached prior to the Restructuring being implemented. The first of these milestones is the CVA Effective Date which, as set out in the Notice dated 1 April 2019 on the Lucid website, has now taken place following, among other things, the resolution of LSW GmbHs challenge to the SEAG CVA.
Now that the CVA Effective Date has occurred, and as noted in the 1 April 2019 Notice, the Company is working towards satisfying certain Implementation Conditions as detailed in clause 4.3 (Satisfaction or waiver of the Implementation Conditions) of Section 2 (Terms of the CVA) of the SEAG CVA and SFHG CVA (as applicable). These Implementation Conditions include the incorporation of certain additional companies into the Group structure and the satisfaction of conditions precedent under the new finance documents. Once the Implementation Conditions have been satisfied, the Company will implement the Restructuring (e.g. date and release the new finance documents to become effective in accordance with their terms) by commencing the steps detailed in clause 4.6 (Restructuring Steps: Implementation) of section 2 (Terms of the CVA) of the SEAG CVA and SFHG CVA (as applicable). At the completion and satisfaction of the final Restructuring Step, the SEAG CVA and SFHG CVA will have been fully implemented.
The company will continue to keep the market updated as further progress towards implementation of the SEAG CVA and SFHG CVA is made.
Kind regards
Steinhoff Investor Relations
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Tel : +27 (21) 808 0711
E-Mail : investors@steinhoffinternational.com
Web : www.steinhoffinternational.com
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