A waiver by shareholders and Takeover Regulation Panel to any triggering of a mandatory offer to shareholders will be needed to prevent a delisting.
The triggering of a mandatory offer to shareholders in Tongaat Hulett by the proposed equity subscription in the business rescue plan of the JSE-listed sugar and property developer might be the death knell of the company as a listed entity.
However, they said: “Although Vision wishes to retain Tongaat’s listed status, in the event of the shareholders rejecting the equity subscription, a sale of assets will be pursued.” An analyst, who did not want to be named, told Moneyweb in January this year that Tongaat Hulett’s thousands of shareholders should sell their shares in the company – even for 1 cent per share – to limit their losses.
Logan believes there is a provision in the Tax Act that allows the shareholder to claim the tax benefit as a total write-off when a share is suspended. This represents the maximum number of shares available for issue based on the current number of authorised but unissued shares of Tongaat.
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