Steinhoff: Delay in results announcement won't affect share trade

Cape Town - Global retail group Steinhoff [JSE:SNH] advised investors on Tuesday that it has informed the Dutch Authority for the Financial Markets that its 2017 consolidated accounts would not be published by January 31 2018.

The company referred to its announcement on December 5 2017, in which it said that it had approached PwC to investigate certain accounting irregularities, and that the publication of its financial results for the year to end-September 2017 would be postponed.

"Notwithstanding such delay, the company’s issued ordinary shares will continue to be listed and trade on the Frankfurt Stock Exchange and the Johannesburg Stock Exchange," said Steinhoff.

"The company will provide an update on the progress of the accounting enquiries and the availability of the 2017 consolidated accounts as soon as it is able to do so."

Steinhoff also said it has received a compliance notice from the South African Companies and Intellectual Properties Commission, confirming that it should take steps to investigate the previously reported accounting irregularities in terms of the South African Companies Act within six months, and "to bring the necessary actions that may be required in terms of the act". 

It advised shareholders and other investors to exercise caution when dealing in the securities of the group.

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