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TRUSTCO GROUP HOLDINGS LIMITED - Transaction update

Release Date: 10/04/2014 08:30
Code(s): TTO     PDF:  
Wrap Text
Transaction update

TRUSTCO GROUP HOLDINGS LIMITED
Incorporated in the Republic of Namibia
(Registration number 2003/058)
NSX Share Code: TUC
JSE Share Code: TTO
ISIN Number: NA000A0RF067
("Trustco” or “the Company")

TRANSACTION UPDATE ANNOUNCEMENT

Shareholders are referred to the SENS announcement dated 23 January 2014, wherein
they were advised that Trustco, via its wholly owned subsidiary, Trustco Property
Holdings Proprietary Limited (“Trustprop”) had entered into an agreement with Philco
Twenty Two Proprietary Limited (“Philco”), subject to the fulfilment of certain conditions
precedent, in terms of which Trustco will acquire 100% of the issued share capital of
Elisenheim Property Development Company Proprietary Limited (“Elisenheim”) for a
purchase consideration of N$220 million (“the acquisition”).

Trustco is pleased to announce that the following conditions precedent have now been
fulfilled:

1. Written approval of the acquisition has been obtained from the Namibian Competition
Commission; and

2. Written confirmation has been obtained from the Namibian Minister of Local
Government and Housing (Townships Board and Namibia Planning Advisory Board)
that the township establishment of Elisenheim Extension No’s 1 to 21 has been
extended until 31 December 2023 and 31 December 2015, respectively.

Trustco and Philco have agreed to extend the date by which the remaining conditions
precedent are to be fulfilled to 3 June 2014.

Mr Q van Rooyen, a shareholder representing 50,8% of the issued share capital of the
Company has provided the Company with an irrevocable commitment to vote in favour
of the acquisition.
A circular detailing the terms and conditions of the category 1 acquisition and a notice
convening a general meeting of shareholders is being prepared and will be posted to
shareholders on or before 16 May 2014.




By order of the Board



DJ Steyn

Company Secretary
Windhoek,
10 April 2014

JSE Sponsor
Sasfin Capital
(a division of Sasfin Bank Limited)

NSX Sponsor
IJG Securities (Pty) Ltd.

Date: 10/04/2014 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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