DGAP-News: Steinhoff International Holdings N.V. : VEB / European Investors and Steinhoff agree to a standstill

VEB / European Investors and Steinhoff agree to a standstill

Investment group VEB/European Investors and global retailer Steinhoff International Holdings N.V. ("Steinhoff") have agreed to suspend the collective action currently ongoing between them in The Netherlands until 3 April 2019.

VEB/European Investors, as a collective representative, has sued Steinhoff in the Dutch court for certain financial statements, prospectuses and press releases, which according to VEB are incorrect and misleading.

The suspension will grant Steinhoff time to continue the ongoing restructuring of its business and to make further progress with its investigations and the preparation of its financial statements. According to Danie van der Merwe, Steinhoff's acting CEO, "Steinhoff is engaged in a complex reorganisation as it restructures its financial liabilities and finalises investigations and financial statements. This agreement allows us time to focus on completing these tasks in the interests of all stakeholders." VEB/European Investors have agreed to this important step as this will support the stabilisation of the company's business, which is in the interest of both former and current Steinhoff shareholders.

After the suspension, VEB/European Investors and Steinhoff are both free to continue the legal proceedings or to reach a settlement for affected shareholders through negotiations.

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

Stellenbosch, 17 October 2018