This is what it looks like inside Steinhoff's tense annual general meeting
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.
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.
One shareholder told Business Insider South Africa that he bought 2,000 Steinhoff shares in January.
"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.
A tense Heather Sonn started the meeting shortly after 13:00. No further photographs were allowed once the meeting commenced.
Going to the Steinhoff AGM today in Cape Town.— Small Talk Daily (@SmallTalkDaily) April 20, 2018
Given its now a mid-cap it falls into my universe (but I'm not touching it) but will happily go along for a cup of coffee and listen to the shouting
I will leave my wallet & watch in car though in case they steal it
- After a scam hit a co-founder's family, these SA brothers built one of the most innovative companies in the world
- These unbelievable stunts are in hot demand to sell everything from beer to cars
- This is the Cape Town apartment block with a R88 million penthouse Steinhoff bought just days before Markus Jooste resigned