Steinhoff shareholders reject plan to hand over control, delist from JSE

Steinhoff shareholders have firmly rejected a proposal to hand 80% of the group's equity over to financial creditors and delist the group from the Johannesburg and Frankfurt stock exchanges. 

The retailer's leadership had unanimously urged shareholders to back the deal, saying Steinhoff risked a messy and drawn-out bankruptcy if it were not passed. 

But the group could not get the requisite votes - equal to more than 50% of shares in the company - to support the delisting at its annual general meeting (AGM) in Amsterdam.