Wrap Text
Short-Form Announcement: Audited Consolidated Results For 12 Month Ended 31 August 2022 Publication of Notice of AGM
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 “Company”)
SHORT-FORM ANNOUNCEMENT: AUDITED CONSOLIDATED RESULTS FOR THE 12
MONTH PERIOD ENDED 31 AUGUST 2022, PUBLICATION OF INTEGRATED ANNUAL
REPORT AND NOTICE OF ANNUAL GENERAL MEETING
Trustco’s Board is pleased to announce its financial results for the 12 months ended 31
August 2021, along with its 30th consecutive unmodified audit report.
1. Highlights
• An increase in basic earnings by 276% to a NAD 1 437 million earnings compared to
the basic loss of NAD 815 million as per the restated results for the 12 months ended
31 August 2021 (“Restated Results”).
• Net Asset Value increased by 362% to NAD 1 834 million compared to net asset value
of NAD 397 million as per the Restated Results.
• Profit after tax increased by 257% to a profit of NAD 1 437 million compared to a loss
after tax of NAD 917 million as per the Restated Results.
• An increase in headline losses by 171% to a NAD 1 922 million headline loss compared
to the headline loss of NAD 709 million as per the Restated Results.
• Basic earnings per share (“EPS”) increased by 268% to earnings per share of 145.89
cents compared to a Loss Per Share of 86.66 cents as per the Restated Results.
• Headline loss per share (“HLPS”) increased by 159% to a HLPS of 195.13 cents
compared to HLPS of 75.41 cents as per the Restated Results.
• No dividends have been declared for the 12 months ended 31 August 2022 which is
unchanged from the dividends declared as per the Restated Results.
2. Audited results
The annual financial statements for the 12 months ended 31 August 2022 (“Audited
Results”) were audited by Nexia SAB&T (“JSE Accredited Auditors”), who
expressed an unmodified audit opinion, containing an Emphasis of Matter paragraph
related to the restatement and the litigation with Helios Oryx Limited both of which are
summarised below:
• JSE Limited Pro-Active Monitoring Process
Attention is drawn to note 43 of the consolidated and note 30 of the separate financial
statements which describes the effect of the restatements made on the 31 August 2021
and 30 September 2020 financial statements following the JSE proactive monitoring
process.
• Helios Oryx Limited Litigation
Attention is drawn to the ongoing litigation against Helios Oryx Limited relating to the
facility agreement entered into between the parties amounting to NAD414 million as at
31 August 2022, as well as the security provided against the facility and a counterclaim
against Helios in favor of Trustco, both in the United Kingdom and in Namibia.
In this regard, the Company wishes to inform shareholders that the integrated annual
report, the full auditors report, inclusive of key audit matters in respect of the Audited
Results are available on the Company's website at
https://www.tgh.na/investors/results-centre/ and have been published at
https://senspdf.jse.co.za/documents/2023/jse/isse/tto/Aud2022.pdf
3. Posting of Integrated annual Report
Trustco shareholders (“Shareholders”) are advised that the Company’s integrated
annual report, incorporating the audited consolidated annual financial statements for
the 12-month period ended 31 August 2022 and the notice of the annual general
meeting (“AGM”) of the Company have been distributed to shareholders today 28
February 2023 to all shareholders recorded in either the South African or Namibian
register on Friday, 17 February 2023.
4. Notice of Annual General Meeting
Notice is hereby given that the AGM of Shareholders of the Company in respect of the
12 months ended 31 August 2022 will be held at Trustco House, 2 Keller Street,
Windhoek and conducted by way of and will be accessible to shareholders through
electronic communication on Thursday 30 March 2023 at 12h00.
A shareholder, representative, or proxy for a shareholder who wishes to participate in
the AGM via electronic communication (“Participants”), should apply in writing to the
group’s company secretary, by posting the application incorporated in the integrated
annual report or send such application via email to komada@tgh.na at least seven (7)
business days prior to the AGM to arrange for shareholder (or representative or proxy)
to provide reasonable satisfactory identification to the transfer secretaries with details
on how to access the AGM by means of electronic participation.
The record date for the purposes of determining which Shareholders of the Company
are entitled to participate in and vote at the AGM is Friday, 24 March 2023. Accordingly,
the last day to trade Trustco shares in order to be recorded in either the South African
or Namibian register to be entitled to vote at the AGM will be Monday, 20 March 2023.
Proxy forms for Namibian shareholders should be lodged with the Namibian transfer
secretary being Namibia Transfer Secretaries (Pty) Ltd at 4 Robert Mugabe Avenue
Windhoek Namibia or posted to PO Box 2401 Windhoek Namibia.
Proxy forms for South African shareholders should be lodged with the South African
transfer secretary being Computershare Investor Services (Pty) Ltd at Rosebank
Towers 15 Biermann Ave Rosebank, South Africa or posted to PO Box 61051
Marshalltown 2107 South Africa.
Proxy forms must be received by either the Namibian Transfer Secretary or the South
African Transfer Secretary no later than 12h00 on Tuesday, 28 March 2023 provided
that any form of proxy not delivered to either the transfer secretary by this time may be
handed to the chairman of the AGM prior to the commencement of the AGM, at any
time before the appointed proxy exercises any shareholder rights at the AGM.
5. Statement of Compliance and Basis of Preparation
This short-form announcement contains only a summary of the information in the full
announcement and does not contain the full and complete details and is the
responsibility of the directors.
Please refer to the full announcement released on SENS for additional information. In
addition, electronic copies of the full announcement may be requested and obtained,
at no charge during office hours from from the company secretary at komada@tgh.na,
or from the sponsor at sponsor@vunanicapital.co.za.
Any investment decisions by investors and/or shareholders should be based on
consideration of the full announcement made on Trustco’s website.
Windhoek, Namibia,
28 February 2023
Komada Holdings (Pty) Ltd
Company Secretary and Investor Relations Services to Trustco Group Holdings
Limited
JSE Sponsor
Vunani Sponsors – Johannesburg
NSX Sponsor
Simonis Storm Securities Proprietary Limited – Windhoek
OTCQX Sponsor
J.P Galda & Co – New York
Date: 28-02-2023 02:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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.
Sharenet Sites 
