- Creditors vote in favor of extending the publication date of Tongaat Hulett's amended business rescue plans.
- Shareholders advised of the adjournment of voting on business rescue plans.
- Tongaat Hulett's sugar operations in Botswana, Mozambique, and Zimbabwe remain financially stable.
Tongaat Hulett advises shareholders of the postponement of voting on the business rescue plans of Tongaat Hulett and its subsidiaries, Tongaat Hulett Sugar South Africa (Pty) Limited and Voermol Feeds (Pty) Limited, which are also in business rescue.
Following meetings of creditors of the Companies held on 8 September 2023, convened for the purposes of creditors voting on proposed motions regarding the date of publication of the Companies’ amended business rescue plans and the reconvening of the adjourned meetings in terms of section 151 of the Companies Act 71 of 2008, as amended (the “Act"), shareholders are hereby advised that the requisite holders of a majority of the creditors' voting interests, in accordance with the provisions of section 150(5)(b) of the Act, voted in favour of extending the date of publication of the Companies’ amended business rescue plans to no later than 31 October 2023 and a further adjournment of the meetings to determine the future of the Companies to no later than 30 November 2023.
Tongaat Hulett Limited and Tongaat Hulett Development Proprietary Limited entered voluntary business rescue on the 27th of October 2022.
Tongaat Hulett’s Botswana, Mozambique and Zimbabwe sugar operations are not financially distressed and therefore continue trading in the ordinary course. These three businesses are funded independently from the Company and were expected by group management to largely be unaffected by the adverse circumstances affecting the group.
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