In a shocking turn of events, Tongaat Hulett Limited (TON) is embroiled in legal challenges, prompting an urgent notice to affected parties, particularly shareholders. The company has advised stakeholders to carefully consider the details outlined in a notice published on its website under the ‘Business Rescue’ tab.
Two urgent applications were filed on December 5, 2023, in the High Court of South Africa, KwaZulu Natal Local Division, Durban. The applicants include RCL Foods Sugar & Milling (Proprietary) Limited (RCL) and the South African Sugar Association (SASA). The relief sought in each application, along with details of declaratory proceedings initiated earlier, have set the stage for a complex legal battle.
Copies of the Notices of Motion and Founding Affidavits for the urgent applications, along with the judgment, are available on Tongaat Hulett’s website here.
Shareholders and other affected parties are urged to review the detailed information provided in the notice. The legal developments surrounding the business rescue plans are critical, and stakeholders should stay informed about the unfolding situation.
Tongaat Hulett Limited finds itself at the centre of legal turbulence as it navigates complex legal challenges. The outcomes of the applications and their subsequent impact on the company’s business rescue plans remain uncertain, heightening the stakes for shareholders and the broader business community.