TRUSTCO GROUP HOLDINGS LIMITED - Trustco Successful In South African Court Against The Jse

Trustco Successful In South African Court Against The Jse

TRUSTCO GROUP HOLDINGS LIMITED
Incorporated in the Republic of Namibia
(Registration number 2003/058)
Registered as an external company in South Africa
(External registration number 2009/002634/10)
NSX share code: TUC
JSE share code: TTO
OTCQX share code: TSCHY
ISIN Number: NA000A0RF067
(“Trustco” or “the Group”)


TRUSTCO SUCCESSFUL IN SOUTH AFRICAN COURT AGAINST THE JSE


1.   Trustco refers to the announcement published on SENS on 15 July 2022 where
     Shareholders were updated on the dispute between Trustco and the JSE.


2.   It became necessary for Trustco to launch an application to the High Court of
     South Africa on an urgent basis to prevent the JSE from enforcing its unjustified
     issued suspension decision. It is important to note that it is the second urgent
     application that Trustco successfully won against the JSE in the High Court.


3.   The latest matter was argued in the High Court where the Honourable Judge
     dismissed each and every argument the JSE (as the first respondent) made
     against Trustco.


4.   The Honourable Judge also commented that in determining whether Trustco's
     prima facie right to this urgent interdict, the Court "peeked" at the grounds for
     review. Trustco's grounds for review inter alia included:

4.1 a Mr A F Visser's lack of authority, who is not a director of the JSE but assumes
        the authority of a director;


4.2 the JSE not following its own Listings Requirements; and


4.3 the composition of the Financial Services Tribunal who were composed of a
        retired judge, a senior counsel and an attorney, which prima facia lacked the
        accounting experience required.


5.      The Honourable Judge set out in her judgement: "The grounds of review are all
        deserving of a proper hearing in due course and I am satisfied that Trustco has
        asserted a prima facie right to fair and just administrative action".


6.      Shareholders are referred to the announcement published on SENS on 8
        December 2021 in terms whereof 98.08% of minority shareholders in a non-
        binding vote indicated that the parties responsible for shareholders value
        destruction, be held accountable.


7.      The order that was issued provided that:


7.1 Pending the outcome of the review application instituted in this Court, the first
        respondent (being the JSE) be interdicted and restrained from


7.1.1        suspending the applicant's (Trustco) listing on the Johannesburg Stock
             Exchange;


7.1.2        implementing the second respondent's (Financial Services Tribunal)
             decision; and


7.1.3        implementing, or attempting to implement the decision that Trustco restate
             its annual financial statements for the year ending 31 March 2019 and the
             interim results for the six months ending 30 September 2019.

7.2 The JSE was ordered to pay the costs of the urgent Court application, including
     the costs of two counsel.


Shareholders    are   referred   to   the   Judgement   which   can   be   viewed   at
https://www.tgh.na/downloads/. Shareholders are also welcome to contact the
company secretary for more information at komada@tgh.na.


Windhoek, Namibia,
8 August 2022


Komada Holdings (Pty) Ltd
Company Secretary and Investor Relations Services to Trustco Group Holdings
Limited


JSE Sponsor
Vunani Sponsors (Pty) Ltd – Johannesburg


NSX Sponsor
Simonis Storm Securities Proprietary Limited – Windhoek


OTCQX Sponsor
J.P Galda & Co – New York

Date: 08-08-2022 04:52:00
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