{"id":31684,"date":"2022-06-03T18:46:36","date_gmt":"2022-06-03T18:46:36","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-blow-to-tongaat-takeover-but-debt-ridden-company-still-doesnt-want-to-sell-its-assets"},"modified":"2022-06-03T19:00:54","modified_gmt":"2022-06-03T19:00:54","slug":"big-blow-to-tongaat-takeover-but-debt-ridden-company-still-doesnt-want-to-sell-its-assets","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-blow-to-tongaat-takeover-but-debt-ridden-company-still-doesnt-want-to-sell-its-assets","title":{"rendered":"Big blow to Tongaat takeover, but debt-ridden company still doesn’t want to sell its assets"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>The company is struggling under a R6.8-billion debt burden, and hoped that a rights issue of up to R5 billion would provide a reprieve.<\/p>\n

Mauritius-based company Magister Investments \u2013 which has close ties to the Zimbabwean Rudland family, which owns the controversial cigarette group Gold Leaf Tobacco Corporation – has committed some R2 billion to underwrite the rights issue, which will see it potentially take control of the sugar and property group.<\/p>\n

But on Thursday, the Takeover Regulation Panel (TRP) issued a ruling that put this arrangement in jeopardy.<\/p>\n

According to law, if a company \u2013 and any party acting in concert with the company – buys more than 35% of a company, the company is forced to make an offer to all shareholders to buy them out.<\/p>\n

One of the conditions of Magister\u2019s takeover of Tongaat is that it wouldn\u2019t have to make this mandatory offer.<\/p>\n

And in January, Tongaat shareholders voted to waive their right to this mandatory buy-out offer. But a group complained that close associates of Magister have been buying Tongaat shares in the run-up to the shareholder vote, to help sway the vote.<\/p>\n

The TRP found that these third parties and Magister were indeed in concert and nullified the waiver.<\/p>\n

amaBhungane | Regulator fed ‘incorrect or incomplete’ info in Rudland-Tongaat Hulett takeover<\/p>\n

On Friday, Tongaat said in a statement that it was not involved in the third-party share acquisitions, and only became aware of them after they had occurred.<\/p>\n

Tongaat and Magister now have five business days to apply for a hearing over the ruling. Tongaat said it was still studying the ruling, but that it remained committed to a recapitalisation.<\/p>\n

“[Tongaat Hulett] remains firmly of the view that a capital raise is a better alternative to strategic asset disposals, particularly an accelerated disposal programme, which is unlikely to realise full value for the assets.”<\/p>\n

The investigative news outlet amaBhungane reports that Ebrahim Adamjee – Simon Rudland\u2019s partner in Gold Leaf Tobacco Corporation – and his family were among the “inter-related parties” with Magister.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. The company is struggling under a R6.8-billion debt burden, and hoped that a rights issue of up to R5 billion would provide a reprieve. Mauritius-based company Magister Investments \u2013 which has close ties to the Zimbabwean Rudland family, which owns the controversial cigarette group Gold Leaf Tobacco Corporation – has committed some […]<\/p>\n","protected":false},"author":84,"featured_media":31683,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,315,2227,275,2226,1972],"class_list":["post-31684","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-magister","tag-south-africa-2","tag-takeover","tag-tongaat-hulett"],"yoast_head":"\nBig blow to Tongaat takeover, but debt-ridden company still doesn't want to sell its assets - South Africa<\/title>\n<meta name=\"description\" content=\"The company is struggling under a R6.8-billion debt burden, and hoped that a rights 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