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