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Lock Up Agreement Steinhoff

Lucid Issuer Services has been designated as a computational agent in the blocking agreement. South African retail group Steinhoff International Holdings NV launched a procedure on 11 July to approve a lockout agreement as part of its restructuring process. The proposed lock-up agreement will only come into force when holders of more than 85% of Steinhoff Europe`s external financial debt, holders of more than 75% of Stripes` external debt and investors in more than 75% of convertible bonds in 2021, 2022 and 2023 will have accepted the agreement and that the directors of Holding Finance and Steinhoff Europe will have made a “positive forecast”. As noted above, SEAG CVA and SFHG CVA were approved at the December 14, 2018 meetings, with a significant majority of their respective creditors and members. SEAG CVA documentation and SFHG CVA documentation can be downloaded from www.lucid-is.com/steinhoff. Steinhoff International Holdings NV announced on Monday that it had extended a blocking agreement with its creditors until February 20. Details of the proposed amendments to SEAG CVA, SFHG CVA and relevant SEAG restructuring documents, CVA creditors and SFHG creditors should refer to the black lines of these documents, which will be available www.lucid-is.com/steinhoff. Steinhoff said investors who held 89 percent of Steinhoff Europe AG`s (SEAG) debt and 89 percent of Stripes U.S. Holding Incorporated`s debt initially agreed to a so-called lockdown agreement, which expires.

www.wsj.com/articles/steinhoff-extends-lockup-agreement-with-creditors-until-february-1542649387 Steinhoff shares jumped 26 percent in Thursday`s announcement after the expiry of a “pre-booking fee” for creditors on Wednesday to secure preferential conditions in the lockout agreement. The lock-in agreement provides, among other things, limited recourse and status quo commitments for the internal and external creditors concerned, in order to facilitate the implementation of the restructuring, by providing the group and its stakeholders with a period of stability in the negotiation of relevant documents and provisions relating to the implementation of the restructuring. Investors were invited up to an early bird time of 20.00 hours.m. British Summer Time (7pm .m GMT) on 16 July. A response to this date will allow them to qualify for the blocking tax from 0.5% to 0.85% of their frozen debts. A blocking tax of 0.5% of Steinhoff Europe and Stripes` frozen debt and 0.15% of the debt frozen by Finance Holding is due. Between 92 and 99 percent of investors holding Steinhoff Finance Holding GmbH (SFH) bonds also supported the blocking, he said in a company statement.