Tongaat Hulett Limited has released its latest monthly business rescue report. The company, incorporated in South Africa, is undergoing voluntary business rescue proceedings. This update provides the status and progress of these proceedings.
Background
Tongaat Hulett initiated voluntary business rescue proceedings on 27 October 2022. Since then, the company has provided regular updates. These updates comply with the Companies Act 71 of 2008, specifically sections 132(3)(a) and 132(3)(b).
Business Rescue Requirements
According to the Companies Act, if business rescue proceedings exceed three months, certain steps are required:
- Report Preparation: Business Rescue Practitioners (BRPs) must prepare a progress report. This report must be updated monthly.
- Report Delivery: The report and its updates must be delivered to affected persons and the Companies and Intellectual Property Commission.
June 2024 Report
The June 2024 report, which is the eighteenth report, has been published. Shareholders can access this report on the company’s website.
Accessing the Report
The report is available under the ‘Business Rescue’ tab on Tongaat Hulett’s website. Shareholders can access it directly via the link: Business Rescue Report.
Timeline of Business Rescue Proceedings
| Date | Event |
|---|---|
| 27 October 2022 | Commencement of business rescue |
| Monthly since October | Regular progress reports published |
| 4 July 2024 | Publication of the eighteenth report |
Conclusion
Tongaat Hulett continues its efforts to navigate through its financial challenges. Regular updates and transparency remain pivotal in this process. Shareholders are encouraged to stay informed by accessing the latest reports.