Results event reveals Steinhoff’s near-heroic efforts to regain value
That nobody has yet pressed the ‘liquidation’ button is testimony to those skills, but the litigation factor looms
There was a sense of more corporate history in the making at Steinhoff’s first results presentation since the dramatically historic event of December 2017.
Inevitably, this first public account of what has been going on behind the scenes for the past 20 months was a riveting event. Stakeholders globally got a sense of the near-heroic efforts being made to rescue some value from the destruction allegedly caused by former CEO Markus Jooste and seven associates.
It has become fashionable to respond to every stark piece of communication released by the Steinhoff board with jaded cynicism, as though proving that we are now far too sophisticated to be duped by Steinhoff again. And so, a collective shrug of shoulders has tended to greet the more than 100 densely legal Sens statements of the past 20 months. Even the remarkably constructed 2017 and 2018 annual reports were dismissed as little more than interesting historical documents...