Tongaat Hulett Plans Major Equity Subscription

Tongaat Hulett Limited (THL), a South African company, has announced a significant equity subscription. This is part of its approved […]

Tongaat Hulett Limited (THL), a South African company, has announced a significant equity subscription. This is part of its approved business rescue plan. The company aims to navigate through financial difficulties with this move.

Equity Subscription Details

A circular has been sent to shareholders. It includes a notice of a general meeting to discuss the equity subscription. The plan involves Vision Investments acquiring 97.3% of THL’s issued share capital.

Key Features of the Plan

The approved plan allows Vision Investments to use lender group claims to subscribe for THL shares. This process will exchange a portion of these claims for new shares.

Key Outcomes

  • Vision Investments will own 97.3% of THL’s issued share capital.
  • Issuance of new shares will exceed 30% of THL’s current share capital.

Resolutions Required

The equity subscription requires two resolutions:

  • A special resolution needing a 75% majority vote for shares issuance exceeding 30%.
  • An ordinary resolution also needing a 75% majority vote for the specific issue of shares for cash.

Salient Dates and Times

The important dates and times for the general meeting are as follows:

DateEvent
July 5, 2024Record date to determine eligible shareholders
July 10, 2024Circular and notice of general meeting posted
July 30, 2024Last date to trade
August 2, 2024Record date to participate and vote
August 6, 2024Last day to lodge forms of proxy by 10:00 AM
August 8, 2024General meeting at 10:00 AM
August 8, 2024Results released on SENS

Note: All dates and times are South African Standard Time. Changes will be announced on SENS if necessary.

Conclusion

Tongaat Hulett’s equity subscription plan aims to stabilize the company by bringing in new investment. Shareholders are urged to participate in the upcoming general meeting. This meeting will play a crucial role in the company’s future direction.


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