Tongaat Hulett Monthly Business Rescue Report: December 2023 Update

In a recent announcement, Tongaat Hulett Limited, a South African company currently undergoing voluntary business rescue proceedings, has released its eleventh monthly report on the status of the proceedings. The report, mandated by the Companies Act 71 of 2008, provides shareholders and stakeholders with insights into the progress made during the month of December 2023.

Background

Tongaat Hulett Limited, a well-known entity in the Republic of South Africa, commenced voluntary business rescue proceedings as of 27 October 2022, as communicated in previous announcements. The decision to undergo business rescue reflects the company’s commitment to addressing financial challenges and ensuring a viable path forward.

Legal Obligations and Reporting Requirements

According to the Companies Act 71 of 2008, when business rescue proceedings extend beyond three months, business rescue practitioners (BRPs) are obligated to prepare monthly reports on the progress of the proceedings. These reports must be delivered to each affected person and the Companies and Intellectual Property Commission.

December 2023 Report Highlights

The eleventh report, covering developments in December 2023, was published on 15 January 2024, in compliance with the legal requirements. Shareholders and stakeholders can access the detailed report on Tongaat Hulett’s website under the ‘Business Rescue’ tab via the following link: https://www.tongaat.com/business-rescue/.

Key Updates from the December 2023 Report:

1. Financial Overview:
   • The report provides a comprehensive financial overview, outlining the company’s current financial position and any notable changes since the last report.
2. Operational Progress:
   • Details on operational improvements or challenges faced by Tongaat Hulett during December 2023 are presented, shedding light on the company’s day-to-day activities.
3. Stakeholder Communication:
   • The report includes insights into the communication strategy adopted by the BRPs to keep stakeholders informed and engaged throughout the business rescue process.
4. Outstanding Challenges:
   • Any unresolved challenges or obstacles hindering the smooth progress of the business rescue proceedings are transparently discussed.

Tongaat Hulett Limited continues to navigate its business rescue journey, and the monthly reports serve as a crucial tool for shareholders and stakeholders to stay informed about the company’s progress. Shareholders are encouraged to review the comprehensive December 2023 report, accessible on the company’s website, to gain deeper insights into the ongoing efforts to secure the company’s future.