Niel Terblanche
The Johannesburg Stock Exchange (JSE) has with immediate effect lifted the suspension on the trading of Trustco Group Holding’s shares.
“We are pleased to have our shares reinstated for trading on behalf of all our investors,” said Trustco Chief Executive Officer, Dr Quinton van Rooyen. “Trustco always strives for investing excellence, and looks forward to announcing even more exciting updates on our investment portfolios in the near future!”
The company in a statement issued by its spokesperson, Neville Basson also announced that the trading of Trustco shares on its secondary markets Namibian Stock Exchange (NSX) and OTCQX in New York has also recommenced.
The decision follows the publication of Trustco’s restated audited Annual Financial Statements (AFS) for the period ending 31 August 2022, on 28 February 2023, with the independent auditors issuing an unmodified audit report.
With a petition to appeal to the Supreme Court of Appeal in South Africa having been lodged, the restatement was made without prejudice to Trustco’s rights in law.
According to Basson, the restated financials, which the JSE assessed before lifting the suspension, includes the reinstatement of a N$1.5 billion loan in favour of Next Capital, the investment vehicle of the Van Rooyen family.
In these restated financials, Trustco reported an increase in basic earnings of 276% to N$1, 437 million in earnings compared to the basic loss of N$815 million in the year prior. The group’s net asset value also increased by 362% to N$1, 834 million, and profit after tax increased by 257% to a profit of N$1, 437 million, while basic earnings per share increased by 268% to 145.89 cents compared to a loss per share of 86.66 cents in the year prior.
As a result of the restatement, the total issued shares of Trustco are now 987,238,581.
The full effect and consequences of the restated AFS are available and can be viewed on the company’s website on https://www.tgh.na/
Basson said in his statement that the Trustco board remains dedicated to positively cooperating with forward-thinking regulators that serve businesses, their clients, the public, and investors across all regions where Trustco invests.
This cooperation ensures that Trustco meets the highest standards and requirements not only of its regulators but also of its co-investors.
Trustco is taking measures, in consultation with its over 5 100 individual and institutional investors, to address any potential impact of the restatements.
Basson added that the board is confident that these measures will ensure the growth in Trustco that investors have become accustomed to.
