JSE MEDIA STATEMENT: STEINHOFF INTERNATIONAL BV
Wednesday 6 December 2017
Steinhoff International BV (JSE:SNH) issued Stock Exchange News Service (SENS) announcements on 4 & 6 Dec 2017. These announcements resulted in the share price of Steinhoff declining substantially.
Steinhoff has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the JSE. The JSE has considered all the facts and information at its disposal and has decided not to suspend the listing Steinhoff International or halt trading of its shares in the South African market, as at this stage there are no compelling reasons to do so. It should be noted that Steinhoff shares also continue to trade in Frankfurt.
In accordance with the JSE's Listing Requirements, a company is required to immediately publish any material price sensitive information. Notwithstanding the company's disclosures contained in its announcements, the JSE has requested the company and its sponsor for detail regarding "the accounting irregularities" as a matter of urgency.
The JSE has measures in place to deal with any trading volatility events and its dynamic and static trading circuit breakers were triggered as specified for trading in Steinhoff shares.
Should any instances of potential market abuse be reported or identified, the JSE will, in accordance with its regulatory duties and responsibilities, refer these to the Directorate of Market Abuse at the Financial Services Board (FSB).
The JSE will continue to engage with the company and its sponsor and will monitor developments to ensure the integrity of its market.
Note to editors
Why is it important to have a sponsor for listed companies?
It is an integral and material part of the regulatory structure established by the provisions of the FMA and the Listings Requirements that each and every issuer must, at all times, have an appointed sponsor. The role of the sponsor is of utmost importance for a listed company in order to maintain their listing and includes:
- Ensuring that information and documentation for their listed clients that is submitted to the JSE is in full compliance with the Listings Requirements;
- Providing information and explanations to the JSE for the purpose of verifying whether the Listings Requirements are being complied with by their listed clients;
- Submit all required regulatory information for their listed clients to the JSE and ensuring that it is compliant with the Listings Requirements;
- Ensuring that SENS announcements of their listed clients complies with the Listings Requirements prior to its release;
- Ensure that their listed clients are guided and advised on the application of the Listings Requirements;
- Carrying out any other activities so requested by the JSE in relation to their listed clients;
- Advising the JSE immediately if they are aware of any breaches of the Listings Requirements by their listed clients.
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- JSE contact:
- Pheliswa Mayekiso
- Media and Internal Communications Manager
- Tel: +27 011 520 7495
- Email: PheliswaM@jse.co.za