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TONGAAT HULETT LIMITED - REMOVAL OF THE LISTING OF THE COMPANYS SECURITIES FROM THE MAIN BOARD OF THE JSE, SALIENT DATES, EFFECT ON SHAREHOLDERS AND UPDATE ON BUSINESS RESCUE PROCEEDINGS

Tongaat Hulett Limited
Full analysis

What this filing means

Tongaat Hulett's ordinary shares will be removed from the JSE Main Board with effect from 3 November 2026, after the company's own directors and business rescue practitioners told the JSE they did not oppose the delisting. The filing confirms the company has been suspended since July 2022, has not traded for four years, and cannot produce audited financial statements. The adopted business rescue plan contemplates the company becoming a shell with no value expected to accrue to shareholders, and the company explicitly advises shareholders not to expect any future distributions.

Tongaat Hulett is being removed from the stock exchange, and the company itself is telling shareholders not to expect anything back. The shares have not traded for four years, the company cannot produce audited accounts, and the rescue plan says the business will be sold or wound down with nothing left for shareholders. After delisting, the shares become unlisted paper that cannot be traded electronically.

Bear case

  • On completion of the business rescue, no value is expected to accrue to shareholders, who should not expect future distributions on their shares.
  • Each remaining outcome—restructuring, sale of the operating businesses or winding-up—would result in the Company ceasing to hold those businesses.
  • The Company cannot produce audited financial statements capable of publication while business rescue and the contested asset-disposal process continue.
  • The only published financial information after the six months ended 30 September 2021 is unaudited information for the year ended 31 March 2022, with no reliable valuation basis existing or anticipated.
  • After removal from the JSE, shareholders will retain unlisted shares that will not be tradable on the electronic STRATE platform.
View original SENS announcement

AI-generated summary by SENS-AI, based on the original JSE SENS filing.

SENS-AI conclusion

This is the formal confirmation of a terminal outcome that has been building since the 2022 suspension and the 2024 shareholder rejection of the debt-for-equity conversion. The filing is explicit: no value is expected to accrue to shareholders, no distributions should be expected, and every remaining path—restructuring, asset sale, or winding-up—ends with the company ceasing to hold its operating businesses. The delisting itself is the JSE executing a process the company did not oppose, not a new economic event. So what: the equity is being formally converted into unlisted, untradeable paper with no stated recovery path; the only remaining information channel is the company website.

The business rescue monthly status reports on the company website will show whether any restructuring solution preserves value for creditors, though the filing states none is expected for shareholders.

Evidence from the filing

  • On completion of the business rescue, no value is expected to accrue to shareholders, who should not expect future distributions on their shares.

    “On completion of the business rescue process, no value is expected to accrue to shareholders. Shareholders are accordingly advised that they should not expect to receive any future distributions in respect of their shares.”

  • Each remaining outcome—restructuring, sale of the operating businesses or winding-up—would result in the Company ceasing to hold those businesses.

    “Each of the outcomes that remains available, whether a restructuring solution under the heads of agreement referred to in the Company’s announcement released on SENS on 17 June 2026, a sale of the assets and businesses as going concerns, or a winding-up, results in the Company ceasing to hold the operating businesses.”

  • The Company cannot produce audited financial statements capable of publication while business rescue and the contested asset-disposal process continue.

    “While in business rescue and with its asset base being the subject of a contested disposal process, the Company has not been in a position to produce audited financial statements capable of publication.”

  • The only published financial information after the six months ended 30 September 2021 is unaudited information for the year ended 31 March 2022, with no reliable valuation basis existing or anticipated.

    “The Company’s shares have not traded for four years, the only financial information published in respect of any period after the six months ended 30 September 2021 is the unaudited consolidated financial results and operational update for the year ended 31 March 2022, released on 31 October 2023, and no reliable basis for valuation exists or is anticipated.”

  • After removal from the JSE, shareholders will retain unlisted shares that will not be tradable on the electronic STRATE platform.

    “While shareholders will continue to own unlisted shares in the unlisted Company after the Removal of Listing, given that the Company’s shares will no longer be listed on the JSE, the shares will not be tradable on the electronic STRATE platform.”
Category
Other Administrative
Event posture
No Edge
Published
Oct 12, 2026

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