Tongaat Hulett to carry on, but now likely to be delisted with shareholders left with nothing

By Edward West | Published Aug 19, 2024

Tongaat’s BRP’s on Friday provided an update on the business rescue following the shareholder meeting earlier this month where the shareholders failed to approve resolutions that would have made a share subscription possible. The share subscription was required for an earlier business rescue option, that would have entailed, among other things, the settling of most of Tongaat’s debt with a debt-for-equity swap