TRUSTCO GROUP HOLDINGS LIMITED - Update in the JSEs decision on its proactive monitoring review for Trustco Group Holdings Limited

Update in the JSE’s decision on its proactive monitoring review for 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 11 March 2022, which informed stakeholders
that following the JSE's decision to suspend the listing of the Trustco's securities ("the
Suspension Decision"), the following occurred:

   1. On 18 February 2022, Trustco applied to the Financial Services Tribunal ("the
      Tribunal") for a reconsideration of the Suspension Decision. Trustco also applied to
      the Tribunal for a suspension of the Suspension Decision pending the outcome of
      its reconsideration application ("the Suspension Application");

   2. 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
      following decisions pending a review thereof in the High Court:

   2.1.    the Suspension Decision;

   2.2.    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

   2.3.    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");

   3. Trustco asked the JSE to postpone implementation of the Suspension Decision
      pending the outcome of the Suspension Application. After careful consideration, the
      JSE agreed to this in order to facilitate the orderly resolution of the matter, and
      because in the JSE’s view, the Tribunal was the most appropriate forum to
      determine whether the Suspension Decision ought to be suspended.

   4. In order to ensure that the Tribunal had sufficient time to consider the matter
      (including all of the papers exchanged in the Urgent Application), the JSE agreed:

   4.1.    to suspend the implementation of the Suspension Decision until the Tribunal
           ruled upon the Suspension Application, such that it would not immediately
           implement the Suspension Decision if the Tribunal did not determine the
           Suspension Application by 15h00 on 11 March 2022;

   4.2.    that in the event that the Tribunal did not rule in favour of Trustco's Suspension
           Application, the JSE would afford Trustco a further week from the date of the
           Tribunal's decision in order to take any steps it deems necessary.

On 13 July 2022, the Tribunal dismissed Trustco’s Suspension Application. As a
consequence, the week period that Trustco was afforded from the date of the Tribunal's
decision to take any steps it deems necessary had commenced.

On the same date, Trustco indicated its intention to re-enrol the Urgent Application. It also
requested that the JSE postpone implementation of the Suspension Decision from close of
business on 20 July 2022 to close of business on 29 July 2022, in order to facilitate the
preparation of the Urgent Application for hearing, following the numerous developments
that occurred after the date on which it was initially enrolled for hearing.
After careful consideration and in deference to the Court, the JSE agreed to this request, in
order to facilitate the orderly resolution of the matter by the Court.

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

14 July 2022

Date: 14-07-2022 04:48:00
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