BRIEF-Investec Says Has Credit Exposures To The Steinhoff Group Of Companies
Dec 11 (Reuters) - Investec Plc:
* ‍INVESTEC EXPOSURES TO STEINHOFF​
* WISHES TO CLARIFY EXPOSURE TO STEINHOFF INTERNATIONAL HOLDINGS NV AND ITS UNITS
* HAS CREDIT EXPOSURES TO STEINHOFF GROUP OF COMPANIES, WHICH REPRESENT SMALL PORTION OF GROUP‘S BALANCE SHEET
* ‍INVESTEC IS NOT EXPECTING TO SUFFER ANY LOSSES ON THESE CREDIT EXPOSURES​
* ‍EXPOSURES ARE LARGELY TO STEINHOFF AFRICA‘S SUBSIDIARIES, WITH AN IMMATERIAL EXPOSURE TO STEINHOFF​
* ‍MAJORITY OF TRANSACTIONS UNDERTAKEN BY INVESTEC BANK LIMITED (SOUTH AFRICA), WITH INVESTEC PLC HAVING INSIGNIFICANT EXPOSURE TO STEINHOFF​
* ‍EXPOSURES TO STEINHOFF AFRICA LARGELY COMPRISE LENDING EXPOSURES,OVERNIGHT FACILITIES, SECURED BY GUARANTEES FROM SOME STEINHOFF AFRICA, STAR UNITS
* ‍INVESTEC BANK (SOUTH AFRICA) DOES HAVE CERTAIN DERIVATIVE EXPOSURES LINKED TO STEINHOFF SHARE PRICE, WHERE A TRADING LOSS COULD MATERIALISE​
* “‍LOSS COULD BE ZERO BUT MAXIMUM POTENTIAL LOSS COULD BE APPROXIMATELY 3% OF INVESTEC GROUP‘S POST-TAX OPERATING PROFIT”​
* INVESTEC BANK LIMITED (SOUTH AFRICA) HOLDS STEINHOFF CONVERTIBLE BONDS IN IT‘S AVAILABLE FOR SALE PORTFOLIO​
* ‍GROUP‘S ASSOCIATE INVESTMENT, IEP GROUP, HAS NO EXPOSURE TO STEINHOFF, MARKUS JOOSTE WHO WAS A DIRECTOR ON THEIR BOARD RESIGNED LAST WEEK​ Source text for Eikon: Further company coverage: