TRUSTCO GROUP HOLDINGS LIMITED - Trustco Group Holdings Limited ("Trustco"): Response to JSE Limited Censure Published on SENS

Trustco Group Holdings Limited ("Trustco"): Response to JSE Limited Censure Published on SENS

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”)


TRUSTCO GROUP HOLDINGS LIMITED ("TRUSTCO"): RESPONSE TO JSE LIMITED
CENSURE PUBLISHED ON SENS


The announcement published by the JSE Limited ("JSE") on SENS dated 2 October 2023
bears’ reference. Shareholders are advised that Trustco acknowledges the public censure
imposed by the JSE related to the Huso Transaction. As part of the JSE's investigation into
the proactive monitoring in respect of the Huso Transaction, the JSE found that Trustco
should have addressed the need for the publication of a supplementary announcement
regarding the Huso Transaction after the relevant shareholders meeting was held. This
relates to the Huso Transactions approved by shareholders on 13 June 2017.


The JSE, in its absolute authority and in its sole and unfettered discretion, imposed a public
censure on Trustco for its failure to publish a supplementary announcement during the 2017
/ 2018 period. Trustco lodged a reconsideration application of the JSE's decision for a public
censure to the Financial Services Tribunal (FST) in terms of the Financial Sector Regulation
Act, Act 9 of 2017. On 2 October 2023, the FST dismissed Trustco's application for
reconsideration with no order to cost.


Trustco however, maintains its position that it acted in good faith throughout the process,
adhered to the prescribed JSE Listings Requirements regarding SENS announcements and
disclosure to its shareholders, obtained the necessary approvals from accredited
independent JSE auditors and IFRS experts and received approval on its circulars from the
JSE itself during the process.


Trustco remains committed to the highest standards of corporate governance, transparency,
fair dealings and interactions with all stakeholders. The board takes its oversight duties
seriously and will continue to exercise independent judgement in the best interests of the
company and shareholders.


Trustco’s Group MD, Dr Quinton van Rooyen, remarked, “It is regrettable that we've reached
a point where it's presumed that regulators are infallible. It is essential for justice to be not
only done but also seen to be done. Furthermore, it's evident from the track record of
companies’ subject to censure that the JSE exercises its rules with complete discretion, and
the FST has never found against the JSE, indicating that the JSE is not capable of making
a wrong decision”.


Although Trustco is disappointed by the censure, it accepts the ruling of the FST upholding
the JSE's decision. Trustco will always abide by the rule of law.


Trustco, with a well-established history as a publicly traded company, remains unaffected
by the recent ruling, which has had no impact on its investment portfolio or growth strategy.
Notably, Trustco's share price has shown exceptional performance this year, nearly doubling
in value, representing an impressive gain of 95.1%.


Windhoek, Namibia,
3 October 2023
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: 03-10-2023 05:34:00
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