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Update on Progress of the Publication of the Annual Financial Statements and Renewal of Cautionary Announcement
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)
JSE share code: TTO
NSX share code: TUC
OTCQX share code: TSCHY
ISIN Number: NA000A0RF067
("Trustco" or "Company")
UPDATE ON PROGRESS OF THE PUBLICATION OF THE ANNUAL FINANCIAL
STATEMENTS AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
1. Introduction
1.1 Shareholders are referred to the announcements published on SENS dated 20 January
2025 and the subsequent updates to the announcement, concerning the Board of
Directors' decision to delist the Company from the Johannesburg Stock Exchange
("JSE"), the Namibian Stock Exchange ("NSX"), and the OTCQX Market in the United
States ("OTCQX").
1.2 The wording referenced in the aforementioned SENS announcements applies.
2. Update on the Progress of the Publication of the Annual Financial Statements
2.1 Shareholders are referred to the announcement published on SENS on 7 July 2025,
where Shareholders were updated on the progress of publishing the annual financial
statements ("AFS") for the period ended 31 August 2024, following the change in the
Listings Requirements ("LR") on the appointment of auditors on 23 November 2023.
2.2 Previously, and before the amendment to the JSE LR, Trustco was required to appoint
two audit firms, one being the JSE-accredited audit firm in South Africa, Nexia SAB&T
("Nexia"), and a Namibian audit firm, SML Namibia Registered Accountants and
Auditors ("SML"). Following the change in the LR, Trustco needed only to appoint a
local audit firm that complies with the LR.
2.3 Trustco and the JSE have engaged on this matter since the amendment to the LR. On
13 October 2025, the JSE resolved that Trustco may submit two separate audit reports,
one from Nexia and one from SML. The audits will therefore be compliant with the LR.
This will apply to AFS of all periods up to 31 August 2025.
2.4 This marks substantial progress towards completing the AFS of Trustco. The
component audits of the regulated and major subsidiaries and investee entities are
progressing well but can only be finalised once the Group Audit has been completed.
Specific timelines for completion will be communicated to the market as soon as
practicable.
3. Renewal of Cautionary Announcement
3.1 Shareholders are advised that the Company will appoint an independent expert to
prepare a fairness opinion for delisting purposes and any further actions required after
the publication of the AFS.
3.2 Shareholders are advised to exercise caution when dealing in the Company's
securities until a full delisting announcement is made. Any questions can be sent via
email to the company secretary at komada@tgh.na
4. Update on Contact Details of Shareholders
Shareholders are reminded to update their contact information through the Company's
dedicated shareholder contact form at https://www.tgh.na/shareholder-contact-form/ in
order to facilitate effective communication.
Windhoek, Namibia,
15 October 2025
Komada Holdings (Pty) Ltd
Company Secretary and Investor Relations Services to Trustco Group Holdings
Limited
JSE Sponsor
Vunani Sponsors
NSX Sponsor
Simonis Storm Securities Proprietary Limited – Windhoek
OTCQX Sponsor
J.P Galda & Co – New York
Date: 15-10-2025 04:20:00
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The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
