Steinhoff - Further Placement of Perpetual Prefere
JSE SHFF
SHFF
Steinhoff - Further Placement of Perpetual Preference Shares
STEINHOFF INVESTMENT HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1954/001893/06)
Share Code: SHFF & ISIN: ZAE000068367
("Steinhoff Investment")
FURTHER PLACEMENT OF PERPETUAL PREFERENCE SHARES
In order to satisfy the funding requirements appropriate for certain investments
and further growth opportunities, both organically and by acquisition, available
to the Steinhoff Africa group of companies, the directors of Steinhoff
Investment (the immediate holding company of Steinhoff Africa) have resolved to
issue perpetual preference shares to Steinhoff International Holdings Limited
("Steinhoff") to the value of approximately R550 million.
Accordingly, PSG Capital is authorised to announce that a placement was effected
by Steinhoff Investment, a wholly-owned subsidiary of Steinhoff, of a further
tranche of 5 000 000 variable rate, cumulative, non-redeemable, non-
participating preference shares with a par value of 0.1 cent each ("the
additional preference shares") at a subscription price of R109,757 per share
(being the ten-day volume weighted average traded price up to 12 May 2006 on the
JSE Limited ("JSE"). The additional preference shares are of the same class,
and will rank pari passu with, the preference shares issued and listed by
Steinhoff Investment on the JSE in the "Specialist Securities - Preference
shares" sector on, respectively, 15 June 2005 and 18 November 2005.
The subscription price of R 109,568 represents the par value of 0.1 cent and a
premium of R109,567 per share (which premium includes a provisionally accrued
dividend for the period from 1 January 2006 until date of listing on the JSE).
Steinhoff Investment anticipates declaring a preference share dividend in
respect of all of its issued preference shares, in the week commencing 11
September 2006 in accordance with the terms of such shares.
All the preference shares in issue, including the additional preference shares,
have been allocated at a coupon rate of 75% of the prime overdraft lending rate
of Absa Bank Limited from time to time.
The benefits attaching to the preference shares include the financing of long-
term assets of a capital nature where the investment and funding structure
reflect similar characteristics.
The additional preference shares will be listed on the JSE from the commencement
of business on Monday, 22 May 2006.
Johannesburg
22 May 2006
Sponsor
PSG CAPITAL LIMITED
Date: 19/05/2006 02:28:04 PM Produced by the JSE SENS Department
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