Tongaat Hulett’s shareholders to lose investment as company delists from JSE

The company added that it does not expect to make any money after the business rescue process is completed, as it will sell the assets to cover the debt.“Following the general meeting held on 8 August 2024, at which shareholders did not approve the equity subscription underpinning the proposed conversion of debt to equity, the Adopted Plan placed an obligation on the BRPs to implement the alternative transaction provided for in the Adopted Plan, being the sale of all of the Company’s assets and businesses, as going concerns and as a group, to the Vision consortium.“All shareholders will be issued a share statement in respect of their unlisted holdings in the Company within six business days of the effective date of the removal of listing.”