Profits were misstated… They haven’t said it was deliberate… We are in many ways [sitting on another Steinhoff] … There’s going to be huge write-downs…— Chris Logan, fund manager - Opportune Investments
Tongaat Hulett warned shareholders on Friday that it has to restate its financial statement for the year ending on 31 March 2018 after it found “past practices, which are of significant concern”.
The sugar producer cautioned that it would probably have to reduce equity on its balance sheet by about a third (anything between R3.5 billion to R4.5 billion).
Listen to the interview in the audio below (and scroll down for more quotes from it).
…Land sales bolstered numbers…— Chris Logan, fund manager - Opportune Investments
Their profits collapsed…— Chris Logan, fund manager - Opportune Investments
As we got deeper and deeper into the review the news has become more and more alarming and the share price has collapsed.— Chris Logan, fund manager - Opportune Investments
Standards have fallen off a cliff…— Chris Logan, fund manager - Opportune Investments
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