Steinhoff to update investors on status of turnaround plan | Fin24
 
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Steinhoff to update investors on status of turnaround plan

Aug 13 2019 06:00
Jan Cronje

Steinhoff's top management will on Tuesday update investors on the status of its turnaround plan, after a dramatic plunge in its share price shrank its market capitalisation by over R200bn.  

The investor conference will be held at the Cape Town Convention Centre.

It comes after the Stellenbosch-headquartered retailer announced multi billion-rand losses when its published its long-delayed 2017 and 2018 earnings reports earlier in the year. 

These were put on hold after Steinhoff hired PwC in late 2017 to conduct an independent forensic probe of its finances following the abrupt resignation of its former CEO Markus Jooste amid an accounting scandal. 

The results of PwC probe were given to Steinhoff leadership in mid-March 2019. While Steinhoff views the full 3 000-page PwC report as confidential, it has said the probe found that a "small group" of former executives – including Jooste - inflated the group's profit and asset values for years.

Once one of the JSE's largest firms, the retailer now has a market capitalisation of just over R5bn.

Tuesday's investor presentation will will be hosted by Group CEO, Louis du Preez, and his management team.

Du Preez is expedited to touch on how the group has attempted to improve its corporate governance since December 2017, the status of its financial restructuring, its annual reports and future operational outlook.

The presentations will start at 10:00. 

Steinhoff shares were trading at R1.29 a share at 16:30 on Monday. 

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