The key commercial terms of the settlement will take effect from and subject to the Settlement
Effective Date, and are as follows:
(a) SAHPL will pay the Former Tekkie Town Owner Claimants ZAR500 million in aggregate,
and will procure the delivery to the Former Tekkie Town Owner Claimants of 29.5 million
Pepkor Holdings Limited (“PPH”) shares subject to a lock-up of 180 calendar days
following transfer, in order to acquire control of all Steinhoff-related claims alleged by
the Former Tekkie Town Owner Claimants and their related parties; and
(b) the Former Tekkie Town Owner Claimants will accordingly transfer control of all their
Steinhoff-related claims to SAHPL, so that the claims between them, Steinhoff, PPH,
directors and officers and auditors (including the Liquidation Application) can be
settled and withdrawn on terms that enable SAHPL and Steinhoff to benefit from the
compensation allocated to the Former Tekkie Town Owner Claimants under the SIHNV
composition plan.
Huey |
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