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Business rescue update
TONGAAT HULETT LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1892/000610/06
Share code: TON
ISIN: ZAE000096541
("THL" or "the Company")
BUSINESS RESCUE UPDATE
Shareholders are referred to the Stock Exchange News Service ("SENS") announcement released on
Friday, 12 January 2024 confirming the adoption of the approved business rescue plan ("the Adopted
Plan"). Copies of the Adopted Plan are available for download on the Company website at:
www.tongaat.com under the 'Business Rescue' tab.
In terms of section 140 of the Companies Act 71 of 2008 ("the Act"), during business rescue
proceedings, the Business Rescue Practitioners ("BRPs") have full management control of the
Company, in substitution for its board of directors and pre-existing management, and the BRPs may
remove or appoint persons as part of the management of the Company, to assist with the
implementation of the Adopted Plan.
Shareholders and Affected Persons are advised that the BRPs have appointed Gavin Dalgleish
("Gavin") as the Chief Executive Officer of THL, with effect from 1 June 2025. In accordance with
section 140 of the Act, Gavin is appointed to the management team of the Company (and not as a
director of THL) to assist the BRPs with the implementation of the Adopted Plan and to facilitate and
support the transition and transfer of THL's business, assets and staff in terms of the Alternative
Transaction under the Adopted Plan.
With a strong track record in the sugar industry, Gavin brings valuable expertise in the stabilisation and
turnaround of sugar businesses, as well as the strategic downstream diversification of such businesses,
to achieve long-term success. Gavin was previously appointed as Group Chief Executive of the Vision
Group and will resume this role once the Alternative Transaction has been implemented.
With effect from 1 June 2025, Rob Aitken ("Rob"), who acted as the Interim Chief Executive Officer of
the Company, will resume his role as THL's Chief Financial Officer and will continue to serve as an
executive director of the Company. The BRP's extend their sincere gratitude to Rob for his leadership
and valuable contributions during his tenure as the Interim Chief Executive Officer.
Furthermore, Gary Baranov ("Gary"), THL's Acting Chief Financial Officer, will resume his role as Group
Finance Executive with effect from 1 June 2025 and will also remain an executive director of the
Company. The BRPs would like to acknowledge the significant contribution made by Gary during his
tenure in this role.
Shareholders and Affected Persons are reminded that all documents regarding the business rescue
proceedings of the Company that have been circulated to all known Affected Persons are available on
the THL website under the 'Business Rescue' tab https://www.tongaat.com/business-rescue/.
3 June 2025
Sponsor
PSG Capital
Date: 03-06-2025 10:00:00
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