Steinhoff may issue shares to settle legal claims

Steinhoff International said on Friday it is considering issuing shares as it seeks to deal with the threat of multibillion rand lawsuits in the wake of its share price collapse.

“Steinhoff is continuing to conduct its investigations and prepare its defences in the various proceedings and will bring claims or counter claims against parties where it is appropriate to do so,” the company said. Steinhoff uncovered a €6.5bn hole in its accounts in 2017, causing a share collapse and multiple lawsuits from former business partners and aggrieved shareholders that include former chair Christo Wiese. The company’s high debt levels and the prospect of costly lawsuits has called the underlying value of the company’s equity into question.

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