General SENS Submitter Company - GEN General Trustco Group Holdings Limited

GEN – General – Trustco Group Holdings Limited

GEN – General – Trustco Group Holdings Limited

Update in the JSE’s decision on its proactive monitoring review for Trustco Group Holdings
Limited (“Company” or “Trustco”) financial results.

We refer to the JSE’s SENS announcement of 14 February 2022, which informed stakeholders
that:

1.         the JSE decided to suspend the listing of the Trustco's securities due to its failure to
           comply with:

1.1             the JSE's decision of 11 November 2020, in which the JSE, first, found that
                Trustco did not comply with the Listings Requirements in relation to its Annual
                Financial Statements for the year ended 31 March 2019 and interim results for the
                6 months ended 30 September 2019, and, second, directed Trustco to take steps
                to rectify its non-compliance ("the JSE Decision"); and

1.2             the ruling of the Financial Services Tribunal ("the Tribunal") of
                22 November 2021, which dismissed Trustco's application for reconsideration of
                the JSE's Decision ("the Tribunal's Ruling");

           ("the Suspension Decision");

2.         Trustco has a statutory right to ask the Tribunal to suspend the Suspension Decision
           pending a reconsideration of that decision by the Tribunal. In order to, amongst other
           things, facilitate an orderly and expeditious resolution of Trustco’s application for a
           suspension, the JSE initially agreed that the Suspension Decision would take effect on
           11 March 2022.

On 18 February 2022, Trustco applied to the Tribunal for a reconsideration of the Suspension
Decision, as it is entitled to do under statute. Trustco also applied to the Tribunal for a
suspension of the Suspension Decision pending the outcome of its reconsideration application
("the Suspension Application").

On 23 February 2022, Trustco launched an urgent application in the High Court (“the Urgent
Application”). It asked for an interim interdict against the enforcement of the Suspension
Decision, the Tribunal’s Ruling, and the JSE’s Decision pending a review, in the High Court,
of the Tribunal’s Ruling.

The Urgent Application was set down for hearing on 8 March 2022.

Trustco asked the JSE to postpone implementation of the Suspension Decision pending the
outcome of the Suspension Application.

After careful consideration, the JSE agreed. A limited postponement facilitates the orderly
resolution of the matter. Moreover, in the JSE’s view, the Tribunal is the most appropriate
forum to determine whether the Suspension Decision ought to be suspended. In order to
ensure that the Tribunal has sufficient time to consider the matter (including all of the papers
exchanged in the Urgent Application), the JSE agreed to the following:

      1.      it will suspend the implementation of the Suspension Decision until the Tribunal has
              ruled upon the Suspension Application, and accordingly will not immediately
              implement the Suspension Decision if the Tribunal does not determine the
              Suspension Application by 15h00 on 11 March 2022;
   2.    in the event that the Tribunal does not rule in favour of Trustco's Suspension
         Application, the JSE will afford Trustco a further week from the date of the Tribunal's
         decision in order to take any steps it deems necessary.

In light of the above, the JSE will publish a further SENS once the Tribunal has ruled upon the
Suspension Application.



11 March 2022

Date: 11-03-2022 08:24:00
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