Business Insider Edition

This is what it looks like inside Steinhoff's tense annual general meeting

James de Villiers , Business Insider SA
 Apr 20, 2018, 01:38 PM

The Steinhoff logo displayed in the Cape Town International Convention Centre (CTICC) before the start of the group's annual meeting. (James de Villiers, Business Insider South Africa)

A tense atmosphere prevailed at Steinhoff’s annual general meeting (AGM), which was live streamed from the Netherlands to a group of some 30 shareholders and analysts on Friday afternoon at the Cape Town International Convention Centre (CTICC). 

At the start of the meeting, Steinhoff chairperson Heather Sonn said the company shares the frustration with its shareholders and the general public about the accounting irregularities  

“We are here today to discuss the collapse of the company’s share price following accounting irregularities in December,” Sonn said. 

Sonn said the company's priorities are to finalise a restructuring plan and the 2017 audit. 

Steinhoff was once one of the largest firms on the Johannesburg Stock Exchange (JSE), but has since lost 98% of its value. 

Here's what it looked inside Steinhoff’s AGM live stream in Cape Town. 

Before the start of the meeting, shareholders and interest groups gathered inside CTICC. In hushed tones, shareholders discussed their frustration with Steinhoff's share price. 

(James de Villiers, Business Insider South Africa)

All participants were asked for their IDs and had to be registered before the meeting. 


Outside labour union Fedusa picketed, calling for the board to be replaced amid concerns over lay-offs.

(James de Villiers, Business Insider South Africa)

One shareholder told Business Insider South Africa that he bought 2,000 Steinhoff shares in January.  

(James de Villiers, Business Insider South Africa)

"There is no way that a company of this size, with so many pension funds invested in it, will fold. The share prices simply has to rise," Jonathan Mitchell (65) from Cape Town told Business Insider.


Inside the meeting room in the CTICC, shareholders and interest groups were asked to sit separately from each other. 

(James de Villiers, Business Insider South Africa)


A tense Heather Sonn started the meeting shortly after 13:00. No further photographs were allowed once the meeting commenced. 

(James de Villiers, Business Insider South Africa)

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