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TONGAAT HULETT LIMITED - Cautionary announcement

Release Date: 08/03/2019 14:35
Code(s): TON     PDF:  
Wrap Text
Cautionary announcement

Tongaat Hulett Limited
Registration number 1892/000610/06
Share code: TON
ISIN ZAE000096541
(“Tongaat Hulett” or “the company”)


Further to the recent trading update, the Board wishes to advise shareholders that
meaningful progress is being made with the formulation of a comprehensive turnaround
strategy for Tongaat Hulett. Although the formulation of the strategy is still at an early
stage, the Board is encouraged by the quality of work performed. The circumstances
faced by the company remain challenging.

The ongoing strategic and financial review of the company has however revealed
certain practices which will require further examination and which, if verified, might
require remedial actions, including, in some instances, assessing the impact on
previously reported financial information. As this has only just come to light, the Board
does not have sufficient information to provide further details at this time. The Board
is affording this matter its urgent attention.

To facilitate a comprehensive review of these practices and allow executive
management to focus on the strategic review and the repositioning of the business, the
Board has appointed PwC to assist.

The full impact is being determined and might have a material effect on the price of the
company’s securities.

Accordingly, shareholders are advised to exercise caution when dealing in the
company’s securities.

8 March 2019

Legal advisers
Bowman Gilfillan Inc.

Investec Bank Limited

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