Tongaat analyst and whistle-blower Dave Woollam has called for a postponement to tomorrow’s extraordinary general meeting. There are several reasons for this, which Woollam has penned below. Tongaat is looking to raise as much as R4bn to reduce its large debt burden, but the sheer size of the rights issue brings a host of complications, including increasing the shares in issue by 33-fold. This means existing shareholders unable to follow their rights will be diluted by more than 90%, according to Woollam’s research. To add to shareholder woes, Tongaat and Magister entered into an agreement whereby Magister will underwrite R2bn of the proposed rights issue, which Woollam calls a disguised takeover bid from Magister. His research on Magister and its beneficiaries – the Rudland family – leads to more unanswered questions. A must-read for all Tongaat shareholders. – Justin Rowe-Roberts
By Dave Woollam*
Tongaat Hulett (THL) is asking shareholders to pass various resolutions at the proposed EGM on 18th Jan 22. Amongst others, the key resolutions are:
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