Tongaat stresses its commitment to the group’s recapitalisation
JSE-listed agribusiness Tongaat Hulett has stressed to shareholders that it remains committed to the recapitalisation of the group and that it continues to engage proactively with a range of stakeholders on a sustainable capital structure for the group.
This follows after the Takeover Regulation Panel (TRP) on June 3 issued a ruling, withdrawing its previous determination in which it exempted Magister from the potential future obligation of making a mandatory offer to Tongaat shareholders as a consequence of it partially underwriting Tongaat’s proposed rights offer.
An investigation by the TRP had focused on whether a third party who bought shares in Tongaat subsequent to the announcement of the rights offer was related to, and therefore deemed to be a concert party of, Magister.
Tongaat was not a party to the share acquisition, nor were adverse findings made against Tongaat in the TRP ruling, the group states in an update to shareholders published on June 10.
Magister has applied to the Takeover Special Committee (TSC) for a hearing regarding the TRP’s ruling.
Tongaat said it had resolved not to appeal the TRP ruling and that it would abide by the decision to be made by the TSC pursuant to Magister’s request for a hearing.
Tongaat reminded its shareholders that the transaction with Magister remains subject to the fulfilment, by June 30, of certain conditions precedent, including a TRP exemption to Magister from the potential future obligation to make a mandatory offer, the consent of Tongaat’s South African lenders and approval from the Zimbabwean competition authorities.
Tongaat stressed that the recapitalisation of the group would protect more than half a million livelihoods.
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