Directed to the attention of F. Damsteegt
Insolvency team / Steinhoff International Holdings NV WHOA Plan
Dear F. Damsteegt,
As already communicated in the official voting form, My wife XXX and me XXX request hereby the rejection of the restructuring plan (WHOA). We are Shareholders in complete with 726.150 shares. The WHOA plan presented by Steinhoff obviously does not serve to secure the long-term survival of the company, but only to transfer equity to creditors without any real consideration.
In addition, in this case the creditors are acting as investors who have submitted an expropriation plan and not a restructuring plan. This cannot be in the sense of a WHOA process. At the same time, the efforts for an alternative plan were insufficient. Steinhoff International Holdings NV has announced on 29.05.2023 the voting result on the WHOA restructuring plan. Accordingly, a vote was cast for a total of 1,697,509,894 shares in the group of shareholders. Of these, 1,521,385,991 shares were voted against. However, the other three groups have each approved the restructuring plan with 100%. The CPU creditors, i.e. creditors of subsidiaries that have received a guarantee letter from Steinhoff International Holdings NV, and the two intra-group creditors have approved the plan as expected.
The "creditors" are indeed active investors who intervene significantly in the business operations. This is shown by the numerous interconnections of the SIHNV management within the "creditor" structures combined with advantageous measures. The expropriation plan is the result of the close cooperation of the SIHNV board with the investors. The unlawful divestments of Mattress Firm, Pepco and Pepkor shares, etc. were coordinated, prepared and executed with the investors. We shareholders intend to at least still stop the Mattress deal. This has not yet become legally binding for various reasons.
The investors bought the original loan receivables at discounts of 30%-50%. This means that the real interest rate is between 14% and 20% p.a.. The justified claims of the investors are likely to be very far below the claims in the expert opinion submitted by the SIHNV Board.
For the above reasons, I request that the "restructuring plan" of the SIHNV Board/investors, which has the sole purpose of expropriating the shareholders, be rejected.
I also request that the investors be legally prohibited from directly or indirectly accessing SIHNV's assets after June 30, 2023, until further notice, i.e., until the legally binding clarification of the above-mentioned facts. I also request that the SIHNV management be prohibited with immediate effect from selling company shares without a resolution of the Annual General Meeting.
Attached to this letter are a copy of our ID cards, the voting documents and the stock confirmations.
Kind regards
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