Tongaat shareholder revolt - activist Woollam demands board resign; management be replaced; shares to keep trading

Chartered accountant and former banker turned shareholder activist David Woollam has stopped 'playing nice' with Tongaat after years of polite and deaf rebuffs. He reckons 'enough is enough' after today's announcement by the company admitting it cannot satisfiy auditors that is a going concern - and as a result cannot produce annual financial results four months after yearend. The group of Tongaat shareholders which Woollam represents has also asked the JSE to turn down Tongaat's request today to suspend trading in the company's shares. Woollam, who warned directors of the company about problems long before Tongaat's accounting scandal erupted, is now demanding that the board resign en masse - and suggests a management team it appointed, led by former SABMiller executive Gavin Hudson, fall on their swords. He told Alec Hogg of Biznews this is the only way to save a company which last month belatedly appointed a business rescue practitioner to effect its turnaround. Learn more about your ad choices. Visit megaphone.fm/adchoices