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Steinhoff Raises EUR1 Bln By Listing & Placing Of 23.19% Of Stake In STAR On JSE

Steinhoff International Holdings N.V. said that it raised 1 billion euros by listing and placing 23.19% of its interests in Steinhoff African Retail limited or 'STAR' on the JSE limited.

Steinhoff said that STAR listed on the JSE on 20 September 2017 and issued 750 million new STAR shares under a private placement in a book that was 4.8 times oversubscribed, raising an aggregate amount of R15.4 billion. The proceeds from the Private Placement (net of costs) were distributed by STAR to subsidiaries of
Steinhoff.

Post the Listing, STAR shares traded consistently above the Listing price of
R20.50 per share. Subsequently, STAR's stabilisation manager (Citi Bank)
exercised a call option to purchase a further 50 million existing STAR
ordinary shares from Steinhoff for delivery to external STAR shareholders under an overallotment option.

Accordingly, the listing of STAR resulted in the placement of an aggregate of 800 million STAR shares and total capital raised of approximately R16.4 billion. Steinhoff subsidiaries received an aggregate amount of about R16 billion or 1 billion euros from the Distribution and disposal of the Overallotment Shares.

STAR continues to trade above the Listing price, valuing STAR at R75.6 billion as at close of business on 29 September 2017. Post all of the above transactions, Steinhoff continues to indirectly hold 76.81% of STAR's issued share capital.

by RTTNews Staff Writer

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