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Steinhoff down on CEO resignation and accounting irregularities


JamesIG

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As we noted in the EMEA Morning Call, Steinhoff is down significantly today on the back of a CEO resignation and accounting irregularities. The macro briefing this morning noted; 

 

"Steinhoff: The Supervisory Board of Steinhoff wishes to advise shareholders that new information has come to light today which relates to accounting irregularities requiring further investigation. The Supervisory Board, in consultation with the statutory auditors of the Company, has approached PWC to perform an independent investigation. Markus Jooste, CEO of Steinhoff has today tendered his resignation with immediate effect and the board has accepted the resignation."

 

It's worth noting the stock has been in and out of volatility auctions all morning on the underlying exchange, which in turn restrict dealing capabilities on the IG.com dealing platform.

 

2017-12-06 10_00_22-IG Trading Platform _ Spread Betting.png

 

 

 

 

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