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Tongaat Hulett


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#1 Guest_PlatinumWealth.co.za_*

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Posted 12 June 2019 - 10:41 PM

Stellenbosch Accounting


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#2 Shi

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Posted 11 June 2019 - 10:21 PM

https://www.business...-tongaat-2019-6

 

including a few others to avoid


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“One day Alice came to a fork in the road and saw a Cheshire cat in a tree. Which road do I take? she asked. Where do you want to go? was his response. I don't know, Alice answered. Then, said the cat, it doesn't matter.” - Lewis Carroll

#3 Midas1

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Posted 10 June 2019 - 07:18 PM

Wonder how this affects people with property on tongaat hulett land as believe if they sell must pay small percent to tongaat....or if its totally irrelevant....curious
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#4 new john

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Posted 10 June 2019 - 06:13 PM

Brave move. Props to management for making the call.
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#5 new john

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Posted 10 June 2019 - 06:11 PM

SUSPENSION OF LISTING OF SHARES AT REQUEST OF THE COMPANY


Introduction


Due to the announced delay in the publishing of the Company’s financial statements and the continuing

review into past financial practices and following further discussions with the JSE Limited and the

Company’s auditors, forensic investigative team, legal advisors and management, the Board has

requested that the JSE suspend the listing of the Company’s securities with immediate effect.


The JSE has granted this request, and accordingly the listing of the Company’s securities on the JSE has

been suspended. The listing of the securities on the London Stock Exchange, on which the Company

has a secondary listing, has also been suspended.


The Board is aiming to:


– publish the audited consolidated financial statements for the year ended 31 March 2019 (‘March

2019 Financial Statements’) by the end of October 2019; and


– reinstate the listings at that point in time, or, possibly, at an earlier point in time at which

sufficiently reliable information can be released.


At the same time, the Company is continuing to formulate its ongoing strategic review and

comprehensive turnaround strategy entailing, inter alia, cost reductions, possible sales of certain assets,

restructuring of operations and improvements in operating performance.


Rationale for request for suspension of listing of shares


Shareholders were advised in the announcement of 31 May 2019 that the Board has concluded that the

Company’s audited consolidated financial statements for the year ended 31 March 2018 (‘March 2018

Financial Statements’) will need to be restated, and that the financial information therein should not be

relied upon.


The Board has now reached a conclusion that the need to restate the March 2018 Financial Statements,

and the consequential impact on the 30 September 2018 statement of financial position, renders reliance

on the unaudited interim results for the six months ended 30 September 2018 (‘September 2018 Interim

Results’) no longer appropriate. This follows further discussions with the JSE and the Company’s

auditors, forensic investigative team, legal advisors and management.

Similarly, reliance on the Company’s Trading Statement for the twelve months ended 31 March 2019

(‘February 2019 Trading Statement’) is no longer appropriate.


As the Board does not have the necessary degree of certainty to apportion the restatement across the

different financial periods, there is not currently sufficiently reliable information to enable the Board to

update the financial information in the September 2018 Interim Results or the February 2019 Trading

Statement with confidence.


Owing to the Board’s concern that there is insufficient information in the market to enable investors to

make informed decisions, the Board has voluntarily approached the JSE with a request for a suspension

of the listing of the Company’s securities. The JSE has granted this request, and accordingly the listing

of the Company’s securities on the JSE has been suspended. The listing of the securities on the London

Stock Exchange, on which the Company has a secondary listing, has also been suspended.


The Board’s primary objectives in requesting the suspension are:


– to protect investors in circumstances where there is insufficient reliable financial information in the

market on which informed decisions can be made, and accordingly a risk of speculative trading;


– to allow management more time to support the completion of the forensic investigation and the

restatements, in order to release the March 2019 Financial Statements, and to seek the reinstatement

of the listings, as soon as reasonably possible;

.

– to address any possibility of there being two levels of information in the market arising from the

various processes necessary to be undertaken to restructure and reduce the Company’s debt; and


– to allow the Company to complete the strategic review, implement remedial actions and accelerate

the turnaround strategy.


This decision has not been taken lightly. Whilst the Board is conscious that some shareholders or

potential investors would prefer to retain the ability to buy and sell shares, the Board believes that the

temporary suspension is in the best interests of shareholders as a whole.


The Board views the suspension as a temporary measure until the Company is in a position to provide

sufficient further information to the market. It is expected that the suspension will be lifted no later than

the time of release of the March 2019 Financial Statements.


The Board continues to give matters its urgent attention and to engage with all relevant regulatory

bodies, including the JSE. A further announcement will be made as and when appropriate.


Tongaat
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#6 new john

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Posted 06 June 2019 - 03:08 PM

do you know and understand what the problem is at Tongaat for this big klap??


https://www.moneyweb...keep-on-coming/

What I know, is what I read above.
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#7 Polly

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Posted 06 June 2019 - 01:38 PM

Pol do you still feel the same way IE underlying assets and so forth. I did do a search for Hulett before posting a new topic and read your post. Long way away from R25 now

do you know and understand what the problem is at Tongaat for this big klap??


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Trading is one of the only fields where genuine con artists/scammers will urge you to “be careful of con artists/scammers.”


#8 new john

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Posted 06 June 2019 - 12:50 PM

see my cfd trade on cfd calls


Pol do you still feel the same way IE underlying assets and so forth. I did do a search for Hulett before posting a new topic and read your post. Long way away from R25 now 😂
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#9 new john

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Posted 06 June 2019 - 12:48 PM

new john, it can go to zero (all shares can).

My opinion, and I am no expert, walk away. No need to get involved in shares with issues, unless you wanna gamble and only you can make that call on how much you can afford to lose...


Watching this one from a distance JR. I’m generally a conservative investor. I keep 5% of port for dodgy ish like this ;) nothing like a fallen angel coming up from the deep.
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#10 JR7800

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Posted 06 June 2019 - 12:11 PM

new john, it can go to zero (all shares can).

 

My opinion, and I am no expert, walk away. No need to get involved in shares with issues, unless you wanna gamble and only you can make that call on how much you can afford to lose...

 


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#11 Polly

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Posted 06 June 2019 - 12:08 PM

Deloitte in hot waters again.
Anyone invested here have some thoughts how low it can go?

see my cfd trade on cfd calls


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Trading is one of the only fields where genuine con artists/scammers will urge you to “be careful of con artists/scammers.”


#12 new john

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Posted 06 June 2019 - 12:01 PM

Deloitte in hot waters again.
Anyone invested here have some thoughts how low it can go?
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