Hi Simon, dont see where the cash in lieu of the dilution is coming from. My back of matchbox calcs show the following: Star will list 3,45 billion shares. Based on their expected EBIT at 30 Sept R4,855 bil.(incl.the 2 new acquisitions) and working on PE of 15 I calculate est. share price at R21.15 (which is more or less in the middle of their guidance), therefore market cap will be in the region of R72,98 billion. Steinhoff shareholders giving up 49% therefore R35,754 billion. If SHP deal goes ahead, I assume some of the 3,45 billion issued shares will be used to pay for this, SNH will get 23,1% economic interest and based on yesterday market cap for SHP, Steinhoff will get R29,72 billion which leaves a shorfall to SNH shareholders of approx. R6 billion (49%SNH-23,1%SHP). I am assuming this balnce goes to Lancaster/Titan/Thibault for the Voting control? This morning we get a notice from SBG Sec that we can now also participate in SRR at R10000 a pop. What happened? Initially only private "invited" investors at min R1 mil could participate? In the listing statement 2,7 billion shares will be listed +750 thou to private investors. If SHP deal falls flat, who buys these 2,7 billion shares or do they go to SNH? If so what does that do for SRR liquidity? Phew, I agree with you. This is far too complicated for me as well and also given the German tax issues I have sold my SNH and staying away from SRR at least until everything is a little clearer.
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