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Notice to affected persons: withdrawal of the provisional liquidation application
TONGAAT HULETT LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1892/000610/06
Share code: TON
ISIN: ZAE000096541
("THL" or the "Company")
NOTICE TO AFFECTED PERSONS: WITHDRAWAL OF THE PROVISIONAL
LIQUIDATION APPLICATION
Shareholders and Affected Persons are advised that a notice has been issued in accordance
with section 128 of the Companies Act 71 of 2008, that on 17 June 2026 the Durban High
Court granted the Joint Business Rescue Practitioners ("BRPs") leave to withdraw the
provisional liquidation application previously instituted in respect of THL.
As previously communicated to Affected Persons, the BRPs advised that two fundamental
requirements would need to be fulfilled before the liquidation application could reasonably be
withdrawn, namely:
• the securing of binding and unconditional funding commitments sufficient to support the
Company's ongoing operations; and
• the conclusion of a concrete and implementable transaction capable of achieving the
objectives of the adopted Business Rescue Plan.
The BRPs are pleased to advise that significant progress has been achieved in respect of both
requirements, including:
• the extension by the Industrial Development Corporation of South Africa Limited ("IDC")
of THL's Post-Commencement Finance facility to 30 September 2026, thereby providing
continued liquidity to support the Company's operations while implementation of the
adopted Business Rescue Plan proceeds; and
• the conclusion of a binding Heads of Agreement between IDC, Vision and THL
regulating the implementation of the transaction contemplated in the adopted Business
Rescue Plan, including arrangements relating to:
? the refinancing of the Post-Commencement Finance facility;
? the treatment of the South African Sugar Association obligation;
? distributions to concurrent creditors; and
? the conclusion of new sale agreements.
The BRPs are accordingly satisfied that sufficient progress has been made to enable the
implementation of the adopted Business Rescue Plan to proceed and for the BRPs to
objectively determine that there remains a reasonable prospect for THL to be rescued.
The BRPs remain committed to working with all stakeholders to ensure the urgent
implementation of the transaction and to achieve the best possible outcome for employees,
growers, creditors and the broader sugar industry.
Shareholders and Affected Persons are further advised that the counter application by RGS
to have the Business Rescue Plan set aside will still be heard tomorrow, 18 June 2026,
commencing at 09:30. This application does not affect the order of the Court regarding the
withdrawal of the provisional liquidation application instituted by the BRPs.
A live stream of the court proceedings on 18 June 2026 will be made available via the following
link: https://youtube.com/live/J9P1mu-qg20?feature=share.
Shareholders and Affected Persons are reminded that all notices and documents relating to
the business rescue proceedings of the Company are published and made available on the
Company's website under the "Business Rescue" tab at https://www.tongaat.com/business-
rescue/.
17 June 2026
Sponsor: PSG Capital
Date: 18-06-2026 07:05:00
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