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Decision Of The Amsterdam District Court On Steinhoff’s Preliminary Defences In Proceedings Filed By The VEB
Steinhoff International Holdings N.V.
(Incorporated in the Netherlands)
(Registration number: 63570173)
Share Code: SNH
ISIN: NL0011375019
Steinhoff Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1954/001893/06)
JSE Code: SHFF
ISIN: ZAE000068367
STEINHOFF – Decision of the Amsterdam District Court on Steinhoff’s
preliminary defences in proceedings filed by the VEB against Steinhoff
Steinhoff International Holdings N.V. (the “Company” and with its
subsidiaries, the “Group”)
The Amsterdam District Court (the “Amsterdam Court”) today issued its
decision (the “Decision”) in respect of Steinhoff’s preliminary defences
raised in the proceedings (the “Proceedings”) brought by the Vereniging
van Effectenbezitters (the “VEB”), the Dutch Investors’ Association,
earlier this year.
Background
The Proceedings are a Dutch collective action under Section 3:305a of
the Dutch Civil Code (“DCC”), initiated by the VEB on behalf of
shareholders of the Company that bought or held their shares during a
certain period and which the VEB claims to represent. In these
Proceedings, the VEB submitted several claims for declaratory relief in
relation to alleged damage suffered by those shareholders due to their
investment in the Company.
The Company raised a number of preliminary defences including a motion
contesting jurisdiction of the Amsterdam Court on the basis of parallel
proceedings against the Company before the Landgericht Frankfurt in
Germany initiated by a German individual. The Company has also submitted
a motion for inadmissibility of VEB’s claims, a request for leave to
initiate contribution proceedings against Markus Jooste and a request to
adjourn the Proceedings.
The Decision
The Amsterdam Court in its Decision has granted the Company’s request to
summons Mr Jooste in contribution proceedings ultimately within 3 months
after today. The Company’s motions on jurisdiction and inadmissibility
as well as the Company’s request to adjourn the Proceedings were
dismissed. The Court has set the date of 7 November 2018 for submission
of the Company’s statement of defence on the merits.
The Decision is available (in Dutch) on the website:
https://uitspraken.rechtspraak.nl/inziendocument?id=ECLI:NL:RBAMS:2018:6840&showbutton=tru
e
The Company is in the process of studying the Decision (including
whether it provides grounds for appeal).
Shareholders and other investors in the Company are advised to exercise
caution when dealing in the securities of the Group.
JSE Sponsor: PSG Capital
Stellenbosch, 26 September 2018
Date: 26/09/2018 01:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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