Steinhoff International Holdings N.V. : STEINHOFF RAISES EUR1 BILLION BY LISTING AND PLACING 23.19% OF ITS INTERESTS IN STEINHOFF AFRICAN RETAIL LIMITED ('STAR') ON THE JSE LIMITED ('JSE')

STEINHOFF RAISES EUR1 BILLION BY LISTING AND PLACING 23.19% OF ITS INTERESTS IN STEINHOFF AFRICAN RETAIL LIMITED ("STAR") ON THE JSE LIMITED ("JSE")
 

Stellenbosch, 2 October 2017, Steinhoff International Holdings N.V. ("Steinhoff" or the "Company")shareholders are referred to the various publications by the Company related to the separate listing of STAR on the JSE. Steinhoff is pleased to announce that STAR listed on the JSE on 20 September 2017 ("the Listing")and issued 750 million new STAR shares under a private placement in a book that was 4.8 times oversubscribed, raising an aggregate amount of R15.4 billion ("the Private Placement"). The proceeds from the Private Placement (net of costs) were distributed by STAR to subsidiaries of Steinhoff ("the Distribution").

Post the Listing, STAR shares traded consistently above the Listing price of R20.50 per share. Subsequently, STAR's stabilisation manager (Citi Bank) exercised a call option to purchase a further 50,000,000 existing STAR ordinary shares ("the Overallotment Shares") from Steinhoff for delivery to external STAR shareholders under an overallotment option.

Accordingly, the listing of STAR resulted in the placement of an aggregate of 800 million STAR shares and total capital raised of approximately R16.4 billion. Steinhoff subsidiaries received an aggregate amount of approximately R16 billion (EUR1 billion) from the Distribution and disposal of the Overallotment Shares.

STAR continues to trade above the Listing price, valuing STAR at R75.6 billion as at close of business on 29 September 2017. Post all of the above transactions, Steinhoff continues to indirectly hold 76.81% of STAR's issued share capital.

Moody's Investors Service released a note on Steinhoff on Friday 29 September 2017 titled "Listing of 23.19% of African Retail assets credit positive" regarding the Listing of STAR.

Stellenbosch

2 October 2017