Tongaat Hulett delays some sugarcane grower payments – Here’s the new schedule
“At this stage, however, no additional funding relating to the proposed facilities under discussion with Vision Investments or the IDC has been approved or made available, which is unlikely to be made available before closing of the Vision transaction contemplated in the business rescue plan, and accordingly no such funding is available to fund the August cane payments,” he added.
Grower obligations have been placed ahead of discretionary expenditure across the business, small-scale growers are being paid in full and first, and the deferral has been confined to the shortest period our cash position permits, with the full amount owing settled within September rather than carried into a later cycle.
Source: Tongaat Hulett Best way forward Dalgleish said the new payment schedule is the best way to enable the business to manage available liquidity while preserving operational stability and supporting continued milling and production.
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