It is a fact that a half-truth is a lie. The former owners and management of Tekkie Town deem it necessary to address certain of the inaccuracies currently being published by Steinhoff-subsidiary Pepkor, regarding its controversial custodianship of Tekkie Town.
Pepkor Holdings (previously Steinhoff Africa Retail) was a shelf company that was first registered on 22 May 2017. This company was 100% owned by Steinhoff. As at 22 May 2017, Steinhoff already owned 100% of Tekkie Town. Interestingly the Pepkor Pre-listing Statement, which was issued on 4 September 2017, contains the inaccurate statement that, “on 1 February 2017, Tekkie Town was acquired for a purchase price of R3.4 billion settled in shares of STAR [now Pepkor Shares]”. Clearly, this could not have been true, as the Steinhoff-created entity that elects to call itself Pepkor did not exist as at 1 February 2017.
Pepkor was 100% owned by Steinhoff on the date it took ownership of Tekkie Town as part of what Steinhoff and Pepkor have described as an internal restructuring. Essentially, Steinhoff bought 100% of something that they already owned. It is misleading to portray Pepkor as an “independent” entity that acquired Tekkie Town for “full value”. It stands to reason that you can’t buy 100% of something you already own “for full value”.
On the date on which the Tekkie Town share transfer to Pepkor was effected and the subsequent sequence of events were determined, the only directors of Pepkor were salaried Steinhoff executives Danie van der Merwe and Ben La Grange.
Why go through the trouble to highlight this one may ask? Because Pepkor is a public entity that should be guided with a moral compass bathed in full disclosure. It already suffers the ignominy of having received the largest fine in the history of the JSE, as a result of its inadequate disclosures. The type of disrespectful narrative that is now being published by the Pepkor PR machine is not in the public interest and should be taken to task in the interest of the public, which we remain willing to do.