Tongaat Hulett, which has been suspended on the JSE due to financial difficulties from too much debt of about R6.3 billion, said yesterday that the date to submit to shareholders a restructuring plan to ensure the long-term sustainability of the company had been extended to October 14, 2022 from September 30, 2022.
“Management and the board of directors need to review alternatives and design and agree on a plan that will provide an optimum solution for all stakeholders involved,” a statement said yesterday.
Louisa Stephens, an independent non-executive director, had been appointed acting chair of the audit and compliance committee, from October 1, following the resignation of Linda de Beer from September 30.
Stephens is an independent non-executive director of the MultiChoice Group, Royal Bafokeng Platinum, the Institute of Directors in South Africa and Strate.
She previously also held positions as fund manager at the National Empowerment Fund, investment banker at Rand Merchant Bank, GM of the Investment and Finance divisions of Nozala Investments, and chief investment officer of Circle Capital Ventures.
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