In a statement on Thursday, the KwaZulu-Natal-based group said Andile Sangqu, David Noko, Louisa Stephens, Robin Goetzsche and Graham Clark resigned with immediate effect as nonexecutive directors from the board and the various board committees on which . Insufficient data to show price forecast. You should not rely on any advice and/or information contained in this website and before making any investment decision we recommend that you consider whether it is appropriate for your situation and seek appropriate financial, taxation and legal advice. Tongaat Hulett Limited filed its Annual on Aug 14, 2020 for the period ending Mar 31, 2020. He has been Chief Executive Officer at Tongaat Hulett Limited since February 01, 2019. It offers refined sugarcane and maize-based carbohydrate products. Accelerating Growth: Unable to compare TON's earnings growth over the past year to its 5-year average as it is currently unprofitable. How is Tongaat Hulett's financial position? and see if the CEOs compensation is within a reasonable range, who is on the board and if insiders have been trading lately. operates in a complex and dynamic environment characterized by . Tongaat Hulett announces John Hudson to its Board of Directors as next CEO January 15, 2019 by Talent4Boards Feed Up - South Africa, Tongaat - Tongaat Hulett Limited (LON:THL | JSE:TON) today announced the appointment of John Gavin Hudson as the Chief Executive Officer and an Executive Director of the Company with effect from 1 February 2019. Below Fair Value: TON (ZAR4.04) is trading above our estimate of fair value (ZAR1.83). www.news24.com. As of May 12, 2020, Tongaat Hulett and Barloworld have not reached an agreement on whether there will be a material adverse change has occurred or not. Tongaat-Hulett embarks on major board shake-up, appoints new chair The directors who left at the end of September last year were Rachel Kupara; Thandeka Mgoduso; Brand Pretorius and Tomaz Salomo. KLL Group Proprietary Limited entered into sale and purchase agreement to acquire Tongaat Hulett Starch (Pty) Limited from Tongaat Hulett Limited (JSE:TON) for approximately ZAR 5.3 billion on February 28, 2020. The South African market is up 2.0% over the last 90 days, indicating the company outperformed over that time. The company is up 5.0% from its price of R5.86 on 25 June 2020. How experienced are the management team and are they aligned to shareholders interests? Price-To-Sales vs Industry: TON is good value based on its Price-To-Sales Ratio (0x) compared to the African Food industry average (0.7x). These announcements informed shareholders that the Company's debt levels remain well in excess of what can be serviced, that delays experienced in the recapitalisation have worsened the situation, and that a debt restructuring plan to address both the excess debt and a c.R1.5 billion shortfall in working capital facilities was approved by the Tongaat Hulett board of directors ("Board . No signup or install needed. Tongaat Hulett approves capital restructuring plan - PressReader There are 7 new directors who have joined the board in the last 3 years. TON is good value based on its Price-To-Sales Ratio (0x) compared to the peer average (0.4x). Tongaat Hulett, a South African multinational company that operates the Mafambisse sugar mills in Sofala and Xinavane in Maputo province, said that the corporate bailout process it is undergoing in South Africa will not affect its operations in Mozambique. Tongaat Hulett secures shareholder approval for - Moneyweb It is a suspensive condition to the transaction that no material adverse change has occurred. Tongaat Hulett Limited(JSE:TON) dropped from FTSE All-World Index (USD), Tongaat Hulett Limited announced that they will report first half, 2021 results on Dec 11, 2020. Mr Nel previously indicated to the Board that he would step down as a director in the future, but that he would first assist and see through the finalisation and approval of the Capital Restructuring Plan, which was approved by the Board on 14 October 2022. Graham is a Fellow of the Institute of Chartered Accountants in Australia and New Zealand and has a wealth of business experience in multiple jurisdictions including Malawi, Australia, Swaziland, South Africa, Zambia, Nigeria, Mauritius, and Fiji, amongst others. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. However, it said its other operations would continue to trade uninterrupted. As on May 8, 2020, the general meeting will be held on June 5, 2020. Tongaat Hulett: tale and timeline of SA titan's downfall - Biznews There will be no material adverse change occurs in the business in the interim period between signature of the agreement and the closing date. TONGAAT HULETT LIMITED - Changes to the board. Tongaat Hulett Company Profile - Craft An Independent Board of Tongaat Hulett Limited has been constituted. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. The board of Tongaat Hulett Limited unanimously recommended its shareholders to vote in favor of the resolutions to be set out in general meeting. Tongaat Hulett goes into business rescue - Namibia Tongaat Hulett Limited announced that they will report fiscal year 2020 results on Jul 31, 2020. As of August 14, 2020 Due to a dispute regarding the focus of the Independent Experts determination, and in order to deal with the substantive matters in dispute without delay and on an expeditious basis, KLL Group has issued a further MAC notice stating that KLL Group has formed the view that that a MAC has occurred whereas Tongaat Hulett remains firmly of the view that a MAC has not occurred. The Board has approved the capital restructuring plan created by the Chief Restructuring . Earnings vs Industry: TON is unprofitable, making it difficult to compare its past year earnings growth to the Food industry (7.6%). But as Tongaat Hulett has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions. Tongaat Hulett has announced the completion of the critical next step in delivering a restructuring strategy to reduce its excess debt and ensure the group's sustainability. TON - TONGAAT HULETT LIMITED - Tongaat Hulett and Tongaat Hulett Johannes Gouws, Tony Katz and Peter Bradshaw of DLA Piper acted as legal advisors to Barloworld Limited. The parties have agreed that the dispute resolution process followed to date will determine all disputes arising in respect of the First MAC Notice and Second MAC Notice. Posted by Zander Henry on Aug-22-2018. Tongaat Hulett Limited announced that Mr. Louis von Zeuner, the current chairman of the Company, has advised the Board that he is not available for re-election at the next Annual General Meeting due to a change in hispersonal circumstances. Over 14 000 jobs at risk as Tongaat Hulett misses payment deadline Unable to evaluate TON's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts. In January this year Tongaat's shareholders gave it the greenlight to access new credit lines, which will help keep the company afloat for now. The board of directors of Tongaat Hulett Limited announced that Mr. GJ (Graham) Clark has been appointed as an independent non-executive director of the Company with effect from 21 April 2022. Assists in completion of monthly accruals and journals relating to cane payments. Braemar Trading Limited completed the acquisition of an additional unknown minority stake in Tongaat Hulett Limited (JSE:TON) on February 24, 2021. In July of this year, Tongaat Hulett, announced that it remains focused on the financial restructuring plan, which is subsequently to be presented to the Board of Directors for approval. Key People Tongaat-Hulett Ltd. Board of Directors Name/Title Current Board Membership expand All Executives John Gavin Hudson Chief Executive Officer & Executive Director Robert David. Earnings Trend: Insufficient data to determine if TON's year-on-year earnings growth rate was positive over the past 5 years. SOUTH AFRICA: Tongaat Hulett gets board approval for restructuring plan . David Noko appointed interim chair Tongaat Hulett said David Noko, who has been serving as lead non-executive director on the board since July 1, 2020, will assume the role as interim chair. This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data. Troubled Tongaat Hulett, the sugar and property group, has announced that it has entered business rescue due to its snowballing debt burden and that it was denied additional funding. For the financial year ending March 31, 2019, Tongaat Hulett Starch reported revenue of ZAR 3.9 billion, EBITDA of approximately ZAR 780 million, EBIT of approximately ZAR 660 million, profit after tax of approximately ZAR 460 million and net assets of ZAR 1.1 billion. In a press release quoted by Notcias, Tongaat Hulett explains that most of the debt (about 87%) is supported by cash flows from South African sugar marketing operations, real estate and from operational support fees received from non-South African sugar works. How does TON's PE Ratio compare vs other companies in the African Food Industry? CORPORATE GOVERNANCE ETHICS AND RISKS.docx - Question 1 The Disposal remains subject to conditions precedent, including determination of the MAC dispute in favour of the Tongaat Hulett. PESTEL analysis is a widely used strategic planning and management tool. Dilution of Shares: Shareholders have not been meaningfully diluted in the past year. Learn more, See historical performance and comparison, Analyst forecast in 3 Years (Tongaat Hulett). (Exco) and the board of directors. Unable to compare TON's earnings growth over the past year to its 5-year average as it is currently unprofitable. Volatility Over Time: Insufficient data to determine TON's volatility change over the past year. Tongaat Hulett board chairperson steps down - IOL KwaZulu-Natal, South Africa . DURBAN - Tongaat Hulett has announced the resignation of its board chairperson, Louis von Zeuner. Other financial metrics that can be useful for relative valuation. Louis von Zeuner steps down as Tongaat chair; David Noko interim It also outperformed the Food industry, which is down 5.0% over the same period. The KwaZulu-Natal-based sugar production giant is facing an uncertain future due to corruption that crippled its finances over . Lekki to unlock Nigeria's port potential Africa Hippo Valley Estates, Zimbabwe. Subscribe to Fin24's newsletter here Braemar Trading Limited acquired an additional unknown minority stake in Tongaat Hulett Limited (JSE:TON) on February 24, 2021. Compensation vs Market: Insufficient data to establish whether John's total compensation is reasonable compared to companies of similar size in the ZA market. Listen to Tongaat Hulett Loses Last Of Its Non-executive Directors But Manages To Pay Some Critical Suppliers And Small-scale Growers and 149 more episodes by South Africa - DM Listen, free! And the . He only ran for less than 115 seconds on the track. "The board has begun the process to identify a suitable replacement and shareholders will be advised as soon as an appointment has been made," it added. For this estimate we use a Discounted Cash Flow model. Tongaat Hulett is pleased to announce the appointment of Mr Stephen Beesley as an independent non-executive director to the Board, with effect from 17 June 2014. The purchase consideration will be funded from Barloworld Limited, parent of KLL Group, existing cash resources and debt facilities, including a credit approved twelve month bridge facility from Absa Bank Limited, which will be syndicated into appropriate term facilities. Tongaat's board needs more time to assess debt restructuring plans The Board has approved the capital restructuring plan created by the Chief Restructuring Officer (CRO) and Restructuring Committee and it will be submitted to stakeholders whose participation is required in relation to various elements of the plan, for their consideration imminently. Business Process Improvement Manager Tongaat Hulett Aug 2018 - Jan 2020 1 year 6 months. According to a statement by the company, the board of directors had approved a capital restructuring plan, which would now be submitted to stakeholders. Tongaat Hulett Limited will pay a fees of ZAR 28.6 million to PricewaterhouseCoopers Corporate Finance, ZAR 6.5 million to Bowmans, ZAR 0.7 million to Java Capital (Proprietary) Limited and ZAR 1.4 million to Deloitte Africa. Earnings Coverage: TON is not paying a notable dividend for the ZA market. Who are the major shareholders and have insiders been buying or selling? As on October 5, 2020, all the suspensive conditions to which the disposal was subject have therefore now been fulfilled or waived. In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the companys ability to generate profit. Full year 2021 results: Revenue: R14.9b (down 3.0% from FY 2020). According to a statement by the company, the board of directors had approved With the publishing of its 2019 financial statements, the board said it would request the JSE to lift the suspension of its shares "in due course". Tongaat Hulett business rescuers affirm that rights of employees will What is the Fair Price of TON when looking at its future cash flows? Tongaat Hulett goes into business rescue - 247 News Africa How has Tongaat Hulett performed over the past 5 years? to determine TON's volatility change over the past year. 03 November 2022 - 23:13 Michelle Gumede. PwC report implicates ex-senior Tongaat executives - MUST READ On Thursday, the company revealed that its five remaining non-executive directors of Tongaat Hulett Andile Sangqu, David Noko, Louisa Stephens, Robin Goetzsche and Graham Clark had. As of June 26, 2020, Competition Commission of South Africa recommended the Tribunal to approve the transaction. It also outperformed the Food industry, which is up 6.0% over the same period. Graham has extensive expertise in the sugar industry, having worked at Lonrho Sugar Corporation in Malawi and Swaziland (Group Chief Financial Officer), and served as Group Managing Director of Illovo Sugar Limited, Group Chief Executive Officer (CEO) of Dangote Sugar Refinery PLC, Group CEO of Fiji Sugar Corporation Limited and Chairman of London Sugar Group. Tongaat Hulett : Changes to the board and board committees and appointment of a chief rest.. Tongaat Hulett Limited Announces Executive Changes. These announcements informed shareholders that the Company's debt levels remain well in excess of what can be serviced, that delays experienced in the recapitalisation have worsened the situation, and that a debt restructuring plan to address both the excess debt and a c.R1.5 billion shortfall in working capital facilities was approved by the Tongaat Hulett board of directors ("Board . Invest in the future today. The funding capacity of KLL Group Proprietary Limited remains healthy as management continues to focus on actively reviewing and monitoring all facilities on an ongoing basis and remain confident of the good liquidity position. In times of uncertainty you need journalism you can trust. After last week's 16% share price gain to R10.00, the stock is trading at a trailing P/E ratio of 4.7x, up from the previous P/E ratio of 4x. 1 BITTER PILL: Tongaat Hulett loses last of its non-executive Mar 2020 - Present2 years 9 months. It operates through following segment: Sugar Operations, Starch Operations, and Land Conversion and Development. Strategic business partnerships relating to the milling and property operations, meanwhile, will aim to yield a further R1bn to R2bn. Tongaat Hulett enters voluntary business rescue after r TON.ZA | Tongaat-Hulett Ltd. Company Profile & Executives - WSJ Former Tongaat Hulett CEO and other ex-directors granted bail - Fin24 Towards the end of November last year Fin24 reported that Tongaat Hulett intended to institute civil claims against former top executives, including its ex-CEO Peter Staude, this came after company received the results of a six-month forensic probe into its finances carried out by PwC. What is TON's PS Ratio compared to its Fair PS Ratio? Mr. David Noko, the lead independent non-executive director of the Company has been appointed as interim chairman, until such time as the Board appoints a permanentindependent non-executive chairman. Release Date: 03/11/2022 16:00 Code(s): TON PDF: TON PDF: Mr Noko has served as lead Non-Executive Director on the Tongaat board since 1 July 2020 and is currently the Lead Independent Non-Executive Director. The four independent non-executive directors appointed at the time were Andile Sangqu; Linda De Beer; Jean Nel and Robin Goetzsche. "The directors believe that the role they can meaningfully play in relation to the company in its present circumstances is extremely limited, and accordingly they have elected to resign," said the group. The Board has commenced a process of identifying a suitable replacement and shareholders will be advised as soon as such appointment has been made. The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Faried Mohamed - Legal Advisor - Tongaat Hulett Developments - LinkedIn Rothschild & Co South Africa Proprietary Limited. Five directors quit Tongaat - Business Day (2022-11-04) Tongaat Hulett announces John Hudson to its Board of Directors as next CEO It said in a statement that Von Zeuner, who was chairperson and non-executive director of. There will be a single consolidated determination by the Independent Expert and the sole dispute to be decided by the Independent Expert is whether or not a MAC has occurred. The suspects are all currently out on bail. (-140.43%), as it is currently unprofitable. The exit comes after talks to assure growers and staff they will be paid. Tongaat Hulett ("Tongaat" or "the Company") today advised shareholders that the Board has commenced voluntary business rescue proceedings for two operations in South Africa, Tongaat Hulett Limited and Tongaat Hulett Development Proprietary Limited. ? TONGAAT AND ITS BRPs MISS PAYMENT DEADLINE TO CANE GROWERS - Tongaat board slammed for publishing restructuring plan its lenders knew nothing about - Tongaat Hulett forced into business rescue . Absa Corporate and Investment Bank acted as financial advisor and transaction sponsor to Barloworld Limited in the deal. 337927). The company is down 2.0% from its price of R5.10 on 24 April 2020. Total return to shareholders over the past three years is a loss of 91%. These operations are planned to move ahead under the business rescue process. Average trailing P/E is 14x in the Food industry in South Africa. He has been Chief Executive Officer at Tongaat Hulett Limited since February 01, 2019. Forecast Cash Runway: Insufficient data to determine if TON has enough cash runway if its free cash flow continues to grow or shrink based on historical rates. Tongaat Hulett: Crisis in South Africa will not affect operations in Total revenue was R16.9b over the last 12 months, down 3.7% from the prior year. TONGAAT HULETT LIMITED - MarketScreener.com Deloitte Africa acted as accountant to Tongaat Hulett Limited. Analyst Forecast: Insufficient data to show price forecast. In this report its auditor, Deloitte & Touche LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern. We live in a world where facts and fiction get blurred. After last week's 20% share price decline to R7.99, the stock trades at a trailing P/E ratio of 3.7x. He says Guy Hulett instilled in him company values that held the cane-growing farmers, shareholders and workers to be the very lifeblood antithesis of the values the company now appears to display. After taking extensive legal advice, the board said that without the required additional funding, and an extension of the repayment date of the borrowing base facility, Tongaat Hulett faced . Over the last 3 years on average, earnings per share has increased by 59% per year but the companys share price has fallen by 55% per year, which means it is significantly lagging earnings. TONGAAT HULETT LIMITED - Board approval of the capital restructuring Tongaat Hulett ("Tongaat" or "the Company") today announced that the critical next step in delivering the comprehensive restructuring strategy to reduce its excess debt to sustainable levels and ensure the sustainability of the group has been completed. Save my name, email, and website in this browser for the next time I comment. Is TON undervalued compared to its fair value, analyst forecasts and its price relative to the market? All nonexecutive directors quit debt-laden Tongaat Tongaat Hulett (JSE:TON) - Share price, News & Analysis - Simply Wall St
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