’m chatting now with Louis du Preez. He’s CEO of Steinhoff. The court approved this morning, in a fairly short court settlement, the Steinhoff R25 billion settlement. Louis, I appreciate the time this evening. Is this now the final step? You can start making the payouts, everything is now processed? Read: Steinhoff paves way to complete settlement of global claims
That’s correct. You have to split them, so the contractual claimants will get their money slightly earlier. The South African claimants. The money goes to the Steinhoff Recovery Foundation. The market-purchase claimants will have another three months for those who’ve not submitted their claims have to submit their claims.
Any sense of how much people will get relative to – I suppose it’s how long is a piece of string to a degree. When did they enter the process and when did they buy, and so forth. But any sense of what people can get out relative to the loss? Again, you have to make the distinction. So the contractual claimants will have a slightly higher recovery rate. They are in the region of about 28%, 29%, and these are what I refer to as the market-purchase claims. To give you some idea, Simon, the research that we’ve done – and again there’s no exact science… This is new in South Africa; the normal rates on this are somewhere between 5% and 8%. So we feel quite comfortable with the significantly higher than call it ‘world norms’.
SimonPB Give this man a Bells!
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