
<p>By Chris Bishop</p>



<p>South African Billionaire Christo Wiese says he is an incurable optimist who believes his country will adapt to survive and rise above the COVID-19 outbreak that threatens to decimate its shaky economy. He also believes his struggling British High Street clothes stores will weather the storm.</p>



<p>Wiese also spoke of plans to announce his own relief fund – as many African billionaires have done- to feed the hungry rather than save small businesses.</p>



<p>“I think the most urgent need at the moment there are people going hungry. We forget that we have to keep small businesses going, we have to keep big businesses going,  but there are literally thousands of people who need a square meal a day. So, all of us will do things in a different way,” Wiese told CNBC Africa.  </p>



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<p>Wiese admitted in the interview that the COVID-19 was the biggest catastrophe he had seen in more than half a century of thick-and-thin in business.</p>



<p>“It is the worst I could have ever imagined. I mean if somebody had told me such a thing is possible, I would have disputed that.- I don’t think the world has seen anything like it is going through at the moment,” says Wiese.</p>



<p>“I am an incurable optimist and I believe that through this crisis that a lot of things may shake out correctly in a shorter space of time than they would otherwise have been. You know people talk about can the economy survive? &nbsp;I don’t know what they mean by that because there will be an economy when the dust has settled on this thing, so it is not a question of survival, but how we adapt…People are resilient, South Africans in particular, and we will adapt.”</p>



<p>Wiese also believes his struggling fashion store chain in the United Kingdom will weather the storm with the help of restructuring at the end of last year. He owns New Look fashion stories through his investment vehicle Brait and shut down a number of them &nbsp;as the High Street struggled. &nbsp;</p>



<p>“New Look has upped their game as far as e-commerce is concerned they have got their warehouses running so here and there people are managing to keep the ship afloat. People have been predicting the death of the High Street retailing in the UK for the last two or three years. I don’t think businesses just die like that, businesses do adapt and we have taken several initiatives in the last year with New Look in terms of a CVA (a cut down of store space and employees) to lessen the burden of leases and all those actions are being taken with a view to survive,” says Wiese.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>



<p>CNBC Africa also asked Wiese about when the lockdown in South Africa should be lifted. “One of the many things that I am grateful for is that I am not the person who has to make that call. We are all by now fully informed about what the risks are and the downsides are and it is not a South African problem it is a global problem. It will be a very, very, tough call that has to be made but having said that I think people have learned a lot of lessons over the past few weeks and hopefully those lessons will be properly applied so we can start with gradual relaxations as you know people are talking all over the world, in the United States and the United Kingdom, and I just hope common sense will prevail,” says Wiese.</p>


Billionaire Christo Wiese Interview

I’m an incurable optimist!  We will adapt to survive COVID-19 says African billionaire Wiese

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<p>In light of the national lock-down and economic downturn in South Africa, we have been speaking with South Africa’s top businessmen and billionaire’s over the past few weeks in order to unlock their perspective on the COVID-19 crisis. Joining CNBC Africa for today’s discussion is retail tycoon and billionaire, Christo Wiese.</p>


African billionaire Christo Wiese on COVID-19 crisis and its impact on SA’s economy

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<p>It is almost a week since Shoprite Chairman Christo Wiese announced that he will be retiring at the group’s next AGM meeting after serving on the board for almost 3 decades. The shakeup in Shoprite leadership started before Friday’s announcement by Shane Watkins, CEO at All Weather Capital when he nominated Jan le Roux, a former CEO of Pepkor, as a non-executive director of Shoprite to counter Wiese’s dominance. Shane Watkins joins CNBC Africa for more.</p>


Shoprite investor moves to counter Wiese’s dominance as search for new chair heats up

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<p>CNBC Africa spoke to outgoing Shoprite chairman Christo Wiese about his decision to step-down at next year’s annual general meeting.</p>


Christo Wiese: Why am standing down at the next AGM

Christo Wiese: Why I am standing down at Shoprite’s next AGM


<p><em>Activist investor</em> <em>Mergence has joined forces with billionaire Christo Wiese’s Titan to repair Brait’s balance sheet and unlock value at the investment company, which owns gym group, Virgin Active, see full statement below:</em></p>



<p>Over
the past few months, Mergence and Principle Capital jointly approached Titan as
the largest shareholder of Brait with a proposal to unlock value at the company
and support the repair of its balance sheet.&nbsp; </p>



<p>While this initial proposal was not acceptable to Titan, further discussions between Titan and Mergence have resulted in a transaction as announced by Brait on the JSE SENS service.</p>



<p>According to the SENS statement, Titan has disposed of 27 million shares to Mergence at R15.40 apiece together with a call spread, which provides Titan with upside participation. Investopedia defines a call spread as an &#8220;options trading strategy designed to benefit from a stock&#8217;s limited increase in price. The strategy uses two call options to create a range consisting of a lower strike price and an upper strike price&#8221;. </p>



<p>In
addition to this transaction, Mergence has entered into an agreement with Titan
to co-operate in supporting the repair of Brait’s balance sheet and the unlock
of value at the company.&nbsp; As part of this agreement Mergence will propose
a nominee to the board of Brait; and along with Titan support a strategy to
strengthen the balance sheet of Brait, amend the current advisory contract,
reduce costs payable by the company and pursue the sale of assets to maximise
value for shareholders.</p>



<p>Mergence and Principle Capital continue to look for other opportunities where they may work together to enhance shareholder value through an active approach to investing on the JSE.</p>



<p><em>*Story corrected to state that only Mergence is part of the deal with Titan not Principle Capital </em></p>


Mergence, Christo Wiese’s Titan joins forces to repair Brait

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<p>According to media reports, retail tycoon and African billionaire Christo Wiese wants a shake-up at Brait that includes raising R3 billion and selling all assets except for Virgin Active. Will it regain shareholder value? Cobus Potgieter, Portfolio Manager at AIP Capital Management shared his views.</p>


How this analyst views retail tycoon Christo Wiese’s plan to shake-up Brait


<p>Billionaire Christo Wiese says he was on the verge of losing everything in the <a href="https://www.cnbcafrica.com/steinhoff/">Steinhoff scandal</a>.</p>



<p><a href="https://www.cnbcafrica.com/news/2017/12/22/steinhoff-scandal-knocks-12bn-off-value-blow-tycoon-wiese/">Wiese’s net worth plummeted</a>, at the beginning of 2018, as the Steinhoff share price went into free fall. In March 2017, his net worth, according to Forbes magazine, was at $5.6 billion. Less than a year later it fallen to a mere $300 million. It had dropped so far that when CNBC Africa contacted the Forbes Wealth Unit in the United States to verify the net worth they thought it could be a computer glitch and asked for time for the technicians to check. When they came back the head of the wealth unit Kerry Dolan was astounded.</p>



<p>“This is the biggest and fastest drop we have ever seen in
the real time net worth of any individual on the Forbes rich list,” Dolan said.</p>



<p>It could have been a lot worse Wiese told CNBC Africa in an
exclusive interview at his Pepkor headquarters in Paarl, near Cape Town.</p>



<p>“I count my blessings because if this fraud had been allowed
to go on for another year or two, I would have lost everything, including Shoprite.
I decided not to become a bitter person because that destroys my life,” says
Wiese.</p>



<p>The retail billionaire, who has recovered his net worth by extricating himself from Steinhoff to around $1.1 billion, according to Forbes, believes that culpable Steinhoff decision makers should feel the full might of the law.</p>





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<p>“Everyone who has participated, and remember they have not
been found guilty yet, in fact they have not even been arrested yet, which is
also something that puzzles me. But everyone who has perpetrated this fraud
should be made to pay,” he says.</p>



<p>Wiese also defended his decision to get involved with Steinhoff in the first place.</p>





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<p>“I had businesses in more than 30 countries before I did the
Steinhoff deal, let’s put that in perspective. I looked at Steinhoff and its
widespread of interests, its apparent very strong balance sheet and a number of
other factors. I thought that by putting these businesses together we could
create what we called a prospective African champion. In other words a retail
business that had become global, that was the vision for the business as a
whole.”</p>



<p>Yet it all turned sour and Wiese says he faces a long legal
battle for the chance of seeing a penny back from Steinhoff and admits it is
going to be tough. </p>



<p>“I shouldn’t be paid first, I should be dealt with on the
same basis. Today what is in Steinhoff 60 or 70% came from my companies of what
is left in Steinhoff belongs not to shareholders but to Steinhoff creditors.
That is how the legal system works and it is those creditors who will have to
sit around the table and decide how the assets that are still in Steinhoff have
to&nbsp; be divided there is no way in the
world any one of these creditors can be paid in cash, only paid in kind,” he
said.</p>



<p>“I am putting in my claim with all the other claims, there
are 182 banks, there are at least&nbsp; I
think, there are at least 16 other claimants that are in a similar situation to
my company and we need to sit down and decide all these people need to sit down
and decide how they will take the company forward or if they so decide to
liquidate the company which will be bad because I think at the last count there
are 100,000 people working in Steinhoff there are very valuable businesses in
Steinhoff primarily my businesses that I sold to Steinhoff so it would be&nbsp; a shame if that was the outcome but at the
end of the day creditors have to make that call.</p>



<p>A legal battle that is likely to make even more headlines in
the Steinhoff saga. </p>



<p>Watch the full interview with Christo Wiese at 7.30pm CAT on
June 25 CNBC Africa channel 410. </p>


How Christo Wiese the rich dad of South Africa nearly became poor dad

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<p>Billionaire Christo Wiese spoke to CNBC Africa’s Fifi Peters on what the future holds for Shoprite after the share deal was blocked.</p>


Christo Wiese: Why you should be exited about Shoprite

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<p>Billionaire Christo Wiese claims he almost lost everything in the Steinhoff scandal. He was speaking in an exclusive interview with CNBC Africa at his company&#8217;s headquarters in Paarl near Cape Town.</p>


Billionaire Christo Wiese on Steinhoff scandal, why infidelity could get you fired

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<p>African billionaire Christo Wiese shares his views on what Ramaphosa should focus on to turn the SA economy around.</p>


Christo Wiese: What Ramaphosa should do to build confidence

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<p>Shoprite has terminated an agreement to buy back deferred shares that are held by its chairman Christo Wiese; this comes after Shoprite failed to garner enough support from its shareholders. The share buy-back deal would have limited the company’s founder Dr Wiese’s, voting rights which currently accounts for 32.2 per cent. Shoprite’s Chairman, Dr Christo Wiese and Wayne Mccurrie from Wealth and Investments at FNB join CNBC Africa for more.</p>


Where to next for billionaire Christo Wiese after share deal is blocked


<p>JOHANNESBURG (Reuters) &#8211; South African grocer Shoprite said on Monday it had terminated an agreement to buy back deferred shares held by its chairman Christo Wiese after failing to secure enough support from shareholders to back the move.</p>



<p>The deal, which would have significantly curbed Wiese’s influence in the company he helped turn into an African powerhouse, had aimed to simplify the firm’s voting structure.</p>



<p>“Shoprite Holdings received written notifications from more than 15% of other shareholders indicating that they will not vote in favour of the special resolutions,” the company said in a statement.</p>



<p>Shoprite’s capital structure includes ordinary shares and deferred shares, which carry about 32.3 percent of its voting rights. The deferred shares are held by Weise’s investment vehicle, Thibault Square Financial Services Proprietary Ltd.</p>



<p>Reporting by Tanisha Heiberg; Editing by Edmund Blair</p>


SA retailer Shoprite checks out of Christo Wiese share buyback

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<p>Shareholders in Shoprite such as Coronation said they will vote against a proposed deal that would see Shoprite’s Chairman Dr Christo Wiese given more shares in the retailer to relinquish his voting rights. Joining us for more is Shoprite’s Chairman Dr Christo Wiese.</p>


Christo Wiese: I won’t accept a lower price for Shoprite control

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<p>Henry Biddlecombe, Analyst of Anchor Capital explains why Christo Wiese’s grip on Shoprite is weakening.</p>


Has billionaire Christo Wiese lost his grip on Shoprite?

<p>*Update, the story written by Reuters was inaccurate. According to Christo Wiese, speaking on 702, the transaction was not a sale of shares but a derivative transaction aimed at stabilising his balance sheet.  Shoprite issued the following statement to clarify</p>
<p><em>Rand Merchant Bank (a division of FirstRand Bank Limited) (“RMB”) and Absa Bank Limited (acting through its Corporate and Investment Banking division) (“Absa”) (collectively the “Sellers”) announce the launch of an </em><em>accelerated bookbuild offer of up to 17,017,500 Shoprite Holdings Limited (“Shoprite”) ordinary shares (the </em><em>“Placement Shares”) pursuant to a derivative transaction entered into with Titan Premier Investments Proprietary Limited (“Titan”) (the “Placement”).</em></p>
<p><em>Titan and its subsidiaries currently hold c.79 million Shoprite ordinary shares, representing c.14% of the total issued ordinary shares of Shoprite. Titan has entered into a collar transaction with the Sellers on c.18.9m of Shoprite shares (the “Collar Transaction”). This transaction is part of Titan’s ongoing investment and balance sheet management. Following the Collar Transaction, Titan will have achieved the optimum composition of its balance sheet and no further transactions in relation to Shoprite are contemplated.</em></p>
<p><em>Titan believes that it is prudent to manage portfolio risk through this hedging transaction given Shoprite’s concentrated position in its investment portfolio. The Collar Transaction enables Titan to protect a portion of its Shoprite exposure. Titan continues to believe in the long-term value of Shoprite and will remain a strategic investor in the company.</em></p>
<p><em>The Placement Shares represent 2.9% of the total issued ordinary shares of Shoprite. The Placement is being made to qualifying institutional investors only and is not an offer to the public in any jurisdiction. The book for the Placement is open with immediate effect and is expected to close as soon as possible. Pricing and allocations will be announced as soon as practicable following the closing of the book.</em></p>
<p><em>RMB, Absa and Morgan Stanley &amp; Co. International plc are acting as joint bookrunners (the “Joint Bookrunners”) for the Placement.</em></p>
<p>JOHANNESBURG (Reuters) &#8211; South African tycoon Christo Wiese sold part of his stake in grocer Shoprite (SHPJ.J) on Wednesday, raising 3.6 billion rand ($264 million) and shoring up his finances, which were dented by his exposure to scandal-hit Steinhoff.</p>
<p>Shoprite&#8217;s share price dropped almost 6% to R<span class="r-i7Cl23ljHUKI"><span class="IsqQVc NprOob i7Cl23ljHUKI-zJFzKq8ukm8">211,55 on Wednesday. </span></span></p>
<p><strong>READ:</strong> <a href="http://cnbc.africa/insights/steinhoff/2017/12/21/shoprtie-share-sale/">Billionaire Christo Wiese sells over $80mln in Shoprite shares</a></p>
<p>Nearly $15 billion has been wiped off Steinhoff (<span id="”symbol_SNHJ.J_1”"><a href="https://www.reuters.com/finance/stocks/overview?symbol=SNHJ.J">SNHJ.J</a></span>) (<span id="”symbol_SNHG.DE_2”"><a href="https://www.reuters.com/finance/stocks/overview?symbol=SNHG.DE">SNHG.DE</a></span>) shares over the last six months after the owner of Mattress Firm and Conforama revealed holes in its accounts.</p>
<p>Wiese was particularly hard hit by the fall as the largest shareholder in Steinhoff, with a stake of about 20 percent.</p>
<p>Wiese’s company Titan sold 17 million shares, or a 2.9 percent stake, at 210 rand each in Shoprite, a 130 billion rand company he transformed from just six outlets in the 1970s to hundreds across Africa.</p>
<p>“This transaction is part of Titan’s ongoing investment and balance sheet management,” Morgan Stanley said in a statement. “Titan continues to believe in the long-term value of Shoprite and will remain a strategic investor in the company.”</p>
<p>The sale, which was via a so-called accelerated bookbuild, reduces Wiese’s stake in Shoprite to about 11 percent. He stake was as big as 17 percent in early December.</p>
<p>Shares in Shoprite fell as much as 9 percent before recouping some of the losses to trade 5.3 percent lower at 212.99 rand as of 0844 GMT.</p>
<p>RMB and Absa also helped arrange deal.</p>


Africa’s largest retailer Shoprite’s share price knocked on Christo Wiese’s derivative transaction

<p>Steinhoff&#8217;s share price fell over 11 per cent on news that retail tycoon <a href="http://cnbc.africa/insights/steinhoff/2018/04/26/african-billionaire-christo-wieses-titan-suing-steinhoff/">Christo Wiese&#8217;s Titan</a> plans to sue the retailer for R59 billion.</p>
<p>For years Dr Wiese was known as the man with the midas touch some now feel he has lost it, speaking to CNBC Africa he says his is suing Steinhoff for R59 billion as it equals the value of shares he subscribed for in Steinhoff when the Pepkor transaction happened and the capital raise in 2016.</p>
<p>Asked about the fiduciary duties of a chairperson he says as Judge King said no one expects a non executive to be a blood hound.</p>
<p>Asked if he plans to exit his shareholding in Steinhoff, he says he &#8220;has retained all his shares and still has them since the crash&#8221;&#8230;</p>
<p>On the biggest lessons learnt from this entire experience he said &#8220;it is too long a list&#8230; he is asking himself what he could have done differently. For more watch the full interview&#8230;</p>
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African retail tycoon Christo Wiese: Why I’m suing #Steinhoff

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<p>Christo Wiese’s Titan Group have served have sued Steinhoff for R59 billion. Wiese lost billions of rand in investment when Steinhoff share price crashed last year due to the “accounting irregularities”. He joins CNBC Africa for more.</p>


Christo Wiese

I’m an incurable optimist! We will adapt to survive COVID-19 says African billionaire Wiese

African billionaire Christo Wiese on COVID-19 crisis and its impact on SA’s economy

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Christo Wiese: Why I am standing down at Shoprite’s next AGM

Mergence, Christo Wiese’s Titan joins forces to repair Brait

How this analyst views retail tycoon Christo Wiese’s plan to shake-up Brait

How Christo Wiese the rich dad of South Africa nearly became poor dad

Christo Wiese: Why you should be exited about Shoprite

Billionaire Christo Wiese on Steinhoff scandal, why infidelity could get you fired

Christo Wiese: What Ramaphosa should do to build confidence

Where to next for billionaire Christo Wiese after share deal is blocked

SA retailer Shoprite checks out of Christo Wiese share buyback

Christo Wiese: I won’t accept a lower price for Shoprite control

Has billionaire Christo Wiese lost his grip on Shoprite?

Africa’s largest retailer Shoprite’s share price knocked on Christo Wiese’s derivative transaction

African retail tycoon Christo Wiese: Why I’m suing #Steinhoff

How broken is Christo Wiese over Steinhoff?

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Christo Wiese

I’m an incurable optimist! We will adapt to survive COVID-19 says African billionaire Wiese

African billionaire Christo Wiese on COVID-19 crisis and its impact on SA’s economy

Shoprite investor moves to counter Wiese’s dominance as search for new chair heats up

Christo Wiese: Why I am standing down at Shoprite’s next AGM

Mergence, Christo Wiese’s Titan joins forces to repair Brait

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How Christo Wiese the rich dad of South Africa nearly became poor dad

Christo Wiese: Why you should be exited about Shoprite

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Christo Wiese: What Ramaphosa should do to build confidence

Where to next for billionaire Christo Wiese after share deal is blocked

SA retailer Shoprite checks out of Christo Wiese share buyback

Christo Wiese: I won’t accept a lower price for Shoprite control

Has billionaire Christo Wiese lost his grip on Shoprite?

Africa’s largest retailer Shoprite’s share price knocked on Christo Wiese’s derivative transaction

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How broken is Christo Wiese over Steinhoff?

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