Tongaat’s asset deal needs more time after rejection of debt-equity swap
Tongaat Hulett’s business rescue practitioners remain optimistic about the potential for a successful rescue, even after shareholders turned down a proposed debt-equity swap. This swap would have transferred 97.3% of the shares to Vision Consortium, leaving shareholders with just 2.7%.
According to a statement on Friday, turnaround experts Metis Strategic Advisors indicated that executing the asset transaction would require more time than the equity transaction. This is because it involves additional structuring and obtaining various approvals, such as from the government, regulatory bodies and business partners. ..
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.