Posting in English to hopefully come across more clearly!
Not sure what Proty1 is on about. I guess that there is always THAT guy.
StPauliTrade: This post was in respect of a post made earlier. about the possibility of someone settling the lawsuits and then wanting to take Steinhoff off the listing. I responded accordingly.
Regarding the raising of money - private equity companies have for years buying listed companies who are extremely cheap and then delisting them. Search for Ethos Capital and see their history with the EDCON group.
Steinhoff themselves bought listed companies Mattress Firm and Poundland (apparently because they were either cheap or had another underlying quality that Steinhoff management coveted. Off course now we know that Markus desperately overpaid for both, very likely to mask his corruption.
If I had seriously deep pockets (like a Berkshire Hathaway) I would serious consider settling the E600m to E700m litigation, and then make an offering at a 20% share price premium for the entire company. I would hive off and sell Confo, Mattress Firm and the Greenlit. All the smaller subsidiaries would be sold.
I would then be left with 71% of Pepkor and 100% of PepCo and the E9b debt. I keep on pointing out that Pep Stores compounded earnings (not sales/revenue or EBIT, mind you, but after tax earnings) at 28% pa). Ackermans compounds at 24%. This is a CAGR across 19 years.
This is what a buyer wants to get his hands on - especially for PepCo.
The need to raise money would not be an issue for someone with deep pockets.
It is a risk for Steinhoff that gives me sleepless nights. At the current share price there could be vultures flying overhead.
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