PROGRESS WITH CAPITAL RESTRUCTURING PROCESS AND CHANGE TO THE AUDIT AND COMPLIANCE COMMITTEE
28 Sep 2022
Tongaat Hulett today provided shareholders with an update on its capital restructuring process and a new appointment to its Audit and Compliance Committee.
Tongaat advised shareholders that efforts continue to submit a capital restructuring plan to reduce the Company’s excess debt and ensure its longer-term sustainability. This aims at dealing with excess debt in South Africa, currently estimated to be around R6.3 billion. The submission of the restructuring plan, driven by the Chief Restructuring Officer and the Restructuring Committee, has been extended to 14 October 2022 from 30 September 2022.
The board of directors of Tongaat also announced the appointment of Ms Louisa Stephens as acting chair of the Audit and Compliance Committee with effect from 1 October 2022, following the resignation of Ms Linda de Beer from the Board with effect from 30 September 2022 due to increasing demands on her time in her role as chair of the Public Oversight Board, based in Spain.
Ms Stephens is a BCom Accounting (Honours), BBus Sc, CA (SA) holder and Chartered Director (SA) and was appointed to the Tongaat Hulett Board on 15 July 2020. She is an independent financial trader and independent non-executive director of Multichoice Group, Royal Bafokeng Platinum and the Institute of Directors in South Africa. The Board looks forward to her contribution as chair of the Audit and Compliance committee and thanks Ms de Beer for her role in this regard. The Board is in the process of identifying a suitable replacement and shareholders will be advised as soon as such an appointment has been made.
Gavin Hudson, CEO of Tongaat Hulett said: “The board and management team continue to progress the turnaround and restructuring plan. The final restructuring plan will be based on work to assess a wide array of options for the optimal future of the business. It’s important to note that no final decisions have been made at this time.”