Investors make up their own minds about Steinhoff report
Within hours of the release of the annual report, the Steinhoff share price had slumped
After 18 months slogging through screeds of financial statements, Deloitte told investors who trawled through Steinhoff’s 339-page 2018 annual report that it was not able “to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on the consolidated and separate financial statements”.
It seems investors decided to make up their own minds. Within hours of the release of the annual report, the share price had slumped to R1.27 in intraday trade on Thursday, a whisker away from the all-time low it reached in June 2018. It closed 5.84% lower at R1.29.
With every day that passes shareholders and creditors must be wondering whether all the effort by well-remunerated professionals is actually worthwhile. Of course, even if the board did decide to switch off the life-support system, teams of professionals – from the liquidation industry – would continue to take up most of the space at the front of the queue...