Enhanced Investments - Financial Portal

Postponement of voting on business rescue plan of Tongaat Hulett and subsidiaries

Published: 2023-06-14 17:47:22 ET

TONGAAT HULETT LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1892/000610/06
Share code: TON
ISIN: ZAE000096541
(“Tongaat Hulett” or “Company”)


POSTPONEMENT OF VOTING ON BUSINESS RESCUE PLAN OF TONGAAT HULETT
AND SUBSIDIARIES


Shareholders are referred to the SENS announcement released on 31 May 2023 regarding
the publication of the business rescue plans for the Company and two of its wholly-owned
subsidiaries, Tongaat Hulett Sugar South Africa (Pty) Limited (“Tongaat Hulett Sugar”) and
Voermol Feeds (Pty) Limited (“Voermol”), which are also in business rescue (together “the
Companies”).

Shareholders are advised that the business rescue practitioners (“BRPs”) convened a
meeting of creditors (“the Meeting”) on 14 June 2023, in terms of section 151 of the
Companies Act 71 of 2008, as amended, and creditors voted on the following two motions:

1.     adjourn (postpone) the meeting to vote on the published business rescue plans of the
       Companies; and
2.     allow the BRPs to amend the business rescue plans of the Companies to take into
       account various developments.

85% of the total claims of creditors of Tongaat Hulett (94% for Voermol and 78% for Tongaat
Hulett Sugar) voted on these motions. Of those creditors present and voting, 100% voted in
favour. Accordingly, creditors will consider and vote on the amended business rescue plans
of the Companies by no later than 30 September 2023.


Tongaat
14 June 2023

Sponsor
PSG Capital

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.