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TONGAAT HULETT LIMITED - Withdrawal of circular for the sale of property by wholly owned subsidiary

Release Date: 01/04/2020 12:31
Code(s): TON     PDF:  
Wrap Text
Withdrawal of circular for the sale of property by wholly owned subsidiary

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



WITHDRAWAL OF CIRCULAR FOR THE SALE OF PROPERTY BY WHOLLY OWNED
SUBSIDIARY

Shareholders are referred to the announcement released on SENS on Friday, 21 February
2020 whereby it was advised that the Tongaat Hulett Developments (Pty) Ltd (“THD”), a wholly
owned subsidiary of the Company has concluded a Sale Agreement, with Balwin Properties
Limited in terms of which THD has agreed to sell Portion 3 & 4 of Erf 3465 Umhlanga Rocks;
Portion 6 of ERF 3465 Umhlanga Rocks, Remainder of Erf 3434 Umhlanga Rocks, Remainder
of Erf 3465 and 3457 Umhlanga Rocks, measuring 64 hectares in extent, for a total purchase
price of R167,264,956.96 (the “Transaction”).

The Transaction was categorised as a category 1 transaction (based on the Company’s
market capitalisation on Tuesday, 18 February 2020) in terms of the JSE Listings
Requirements and the announcement advised that shareholder approval will be required.

As a result of the nature of the Transaction and the principal business activities undertaken by
THD, being sales of properties in the ordinary course of business, shareholders are further
advised that Tongaat requested the JSE Limited to take into account other ratios or use other
relevant indicators of size to determine the categorisation of the Transaction.

We wish to inform shareholders that in terms of paragraph 9.7 of the JSE Listings
Requirements, shareholder approval is no longer required for the Transaction and a circular
will no longer be published.



Tongaat
1 April 2020

Sponsor
Investec Bank Limited

Date: 01-04-2020 12:31:00
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