Trustco wants to delist from NSX, JSE

01 December 2021 | Economics

Jo-Maré Duddy - Trustco Group Holdings has requested its shareholders to participate in a non-binding advisory vote to, among others, delist from the Johannesburg Stock Exchange (JSE), the Namibian Stock Exchange (NSX) and the OTCQX in the US.
The step follows after the Financial Services Tribunal (FST) in South Africa recently dismissed an application by Trustco to reconsider a directive by the JSE to correct and restate its financial statements for the year ending 31 March 2019, as well as its interim results for the six months ending 30 September 2019.
In a statement on the NSX today, the group said: “Trustco’s professional advisors confirmed that the dismissal of its application for reconsideration puts the Board in an untenable position whereby the Board is instructed by the JSE, which is only one of the three stock exchanges Trustco is listed on, to report in a manner that would not be in compliance with IFRS [International Financial Reporting Standards]. The JSE directive contradicts both the Board’s considered opinion and the advice of its professional advisors. Trustco reserves its rights herein.”
Trustco is asking its shareholders “to support the Board’s position that Trustco’s current listings are not in the best interest of all shareholders”.
In addition, shareholders are requested “to support the Board’s position for Trustco to list on a business-friendly international exchange as soon as practical”.
The issues with the JSE revolve around the waiver of two loans by Trustco’s majority shareholder, Quinton van Rooyen – one of N$545.6 million and the other N$1 billion – as well as certain of Trustco’s Elisenheim properties. The JSE found that the group’s 2019 annual financial statements and its first half-year results in September 2019 did not, in material respects, comply with the International Financial Reporting Standards (IFRS). Trustco does not agree.
Shareholders must submit their votes by 6 December.
Trustco closed at N$1.79 per share on the Overall Index of the NSX this afternoon.

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