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Tongaat deal goes sour
The Citizen
|August 12, 2024
A legal challenge to debt-for-assets swap is on the cards.
Resolutions that would have resulted in a debt-for-equity swap at Tongaat Hulett and a significant dilution in value for shareholders in the financially distressed, suspended JSE-listed sugar and property developer failed to receive sufficient support to pass at a general meeting last Thursday.
A special resolution to enable the issue of additional Tongaat shares received 48% of votes in favour and 52% against, with 3.78% abstentions.
At least 75% of the votes cast were required to be in favour of the resolution for it to pass.
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