Bitter-sweet: Tongaat offer shocks investors
Tongaat’s nasty rights offer surprise seems a lose-lose deal for shareholders. Unless you’re in it for the very long haul
What a bitter-sweet quandary for shareholders in debt-laden Tongaat Hulett.
Either fork out for a staggering R4bn rights issue that will cull debt and give management breathing room … or let an opportunistic new investor, Magister Investments — controlled by colourful Zimbabwean tobacco barons the Rudlands — swoop in...