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- Retail investors can expect to get payouts of between R2 and R8 a share from Steinhoff's global settlement proposal.
- Claimants are sharing a "pot" of around R25 billion to make up for the losses they incurred when Steinhoff's shares plummeted.
- Anchor Capital notes it is still impossible to know exactly what each claimant will get.
Retail investors who submitted claims to Steinhoff can expect to get payouts of between R2 and R8 a share, according to Anchor Capital.
Steinhoff is hoping that the payouts will enable it to draw a line under an accounting scandal linked to its former CEO Markus Jooste.
On Monday Anchor Capital, an asset management group, estimated what Market Purchase Claimants (MPCs) could expect to get back from Steinhoff's multibillion-rand global settlement proposal.
MPCs comprise investors who bought Steinhoff shares on the open market. Financial institutions or large claimant groups are representing most of these individual investors.
MPCs are one of three classes of investor sharing a combined payout of around R25 billion from Steinhoff. The payouts are for losses suffered from the retailer's 2017 share price plunge.
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"A thumb-suck of what shareholders might get is in the region of R2-R8/share - with an average of R5.50/share - depending on individual circumstances and several other complex factors," said Anchor Capital CEO, Peter Armitage, in a note.
"These numbers have not been confirmed by Steinhoff but are our best estimate based on our assessment of what we know."
Armitage said there was no way for retailer investors to independently work out what they would be paid.
"Our intention is simply to provide some ballpark numbers to guide expectations but, given the complexity, only the outcome will provide the ultimate clarity."
A spokesperson for Steinhoff said the retailer could not comment on Anchor Capital's calculations.
"The claims process is now totally in the hands of the SRF [Stichting Steinhoff Recovery Foundation] which is set up independently from Steinhoff.
"They, together with or through Computershare, are dealing with all claims."
Pay out and move on
The retailer spent more than two years and tens of millions of euros to get hundreds of litigants in South Africa and Europe to back its settlement process.
Steinhoff has asked claimants to visit steinhoffsettlement.com for more information.
