After Tongaat's shocking R12bn loss, critic Chris Logan is hopeful. Here's why.

Financial results published this morning by Tongaat Hulett are far worse than the company itself had projected when the bombshell first hit six months ago. The asset write-off is more than double the R4.5bn maximum that was anticipated and the financials released show a business that is hopelessly insolvent with R3bn in negative equity and over R11bn in debt. Shareholders can't even cut their losses as May's suspension of trading in the company's shares has now been extended until late January. And another 8,000 employees are going to lose their jobs, But there is optimism within the management team under former SABMiller executive Gavin Hudson, and a brighter perspective also shared by the company's long-time critic, Opportune's Chris Logan. In this insightful discussion Logan, one of SA's most respected money managers, unpacks the past tale of woe and future message of hope. - Alec Hogg