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Steinhoff sells further PSG shares for €478m

01.02.2018 − 

On 22 January, Steinhoff placed a total of 29,429,937 ordinary shares of PSG Group at a price of ZAR240 per share on the Johannesburg stock exchange. As announced by Steinhoff on 22 January, the ensuing total proceeds amount to ZAR7.1bn, or some €478m. The offer price was determined within the scope of an accelerated book building process, which commenced on 22 January and was concluded over the course of the day, and is 5.3% below the closing price for PSG shares on 19 January. The offer was oversubscribed several times. The trading day was 23 January.

PSG Capital Proprietary and The Standard Bank of South Africa were responsible for the placement. The shares have been exclusively offered for sale to institutional investors. There has been no public offer. The number of shares placed corresponds to a proportion of 13.5% of the total PSG share capital issued. Steinhoff’s share in PSG has therefore decreased from 16% to 2.5%.

As recently as mid-December 2017 the group had sold a total of 20.6m PSG Group shares, at a price totalling €293m. This corresponded to a proportion of 9.5% of the PSG share capital issued. The proportion of PSG shares held by Steinhoff at this time was reduced from 25.5% to some 16%.

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