The JSE has suspended Steinhoff's preference shares – but its Frankfurt listing is keeping it afloat
- The JSE has suspended Steinhoff preference shares
- The company had a 28 February deadline to publish its annual report. It failed to do so.
- Because its primary listing is in Frankfurt, the group's main holding company remains publicly traded.
The JSE on Thursday morning suspended trading in a small subset of Steinhoff shares because the company has failed to publish results.
But the company remains listed on the JSE because its primary listing is in Frankfurt.
The JSE said because Steinhoff had not made the 28 February deadline to publish its annual report, it had suspended the variable rate, cumulative, non-redeemable, non-participating preference shares for Steinhoff Investment Holdings, one of the companies in the complex multinational structure that makes up Steinhoff.
See also: The '#SteinhoffLeaks' emails appear to show Markus Jooste 'extensively engineered' the books as far back as 2014
However, Steinhoff International Holdings, the main holding company of the group, has only a secondary listing on the JSE, with its primary listing on the Frankfurt Stock Exchange (FSE).
"Suspending trading in Steinhoff International on the JSE would place investors on the JSE at a disadvantage to those who are able to trade on the FSE," the local bourse said.
Instead of an annual report, Steinhoff published limited quarterly numbers on Wednesday – and promised to do "whatever it takes" to stay in business.
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