Three years and nine months after retailer Steinhoff's stock plummeted in value at the first signs of an accounting scandal, investors and creditors finally started voting on a multibillion-rand settlement proposal to make good some of their losses.
And the results of the first two votes held on Monday morning were positive for the retailer. The two classes of claimants that voted in the South African leg of the proceedings both supported the plan.
The retailer may have hoped that the votes would give it a much-needed boost. But soon after the results were announced the group's share price – which had been showing strengthening from a low base over the past few weeks – suddenly fell by 40%.