There was of course other news, there was a name and version change for Steinhoff, it is effectively an inward listing now. What does that mean? Here is your refresher, we wrote about this back when the company released their FY numbers, here goes: " ... the company announced that they had got the necessary votes to proceed with the offshore listing in Frankfurt. Logistically speaking, what happens next is that a business called Genesis N.V. will acquire all the shares of Steinhoff, in exchange for each Steinhoff listed share on the Frankfurt stock exchange, there will no doubt be a version change. You will basically be an investor, owning a global depositary receipt of a business listed in Frankfurt and domiciled in the Netherlands. Got it? Easy, not so?"
The share code has now changed from SHF to SNH, which stands for Steinhoff International Holdings N.V. The N.V. part stands for naamloze vennootschap, which translates to public company, and according to Wikipedia is used only in the Netherlands (obviously), Belgium, Aruba, Curacao (accent left off the second c, apologies), Suriname, St. Maarten, and Indonesia. The stock actually flew up the charts, up four and a half percent, last week was not a particularly good week for the company, perhaps the ebbs and flows of it all, or perhaps out of certain indices and into others created natural sellers and natural buyers.