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Partial Exercise of First Warrant Certificate in Africa
Trustco Group Holdings Limited
Incorporated in the Republic of Namibia and registered as an external company in South Africa
(Registration number 2003/058)
(External Registration number: 2009/002634/10)
NSX share code: TUC
JSE share code: TTO
OTCQX share code: TSCHY
ISIN Number: NA000A0RF067
(“Trustco”)
PARTIAL EXERCISE OF FIRST WARRANT CERTIFICATE IN AFRICA
Trustco shareholders (“Shareholders”) are referred to the circular dated 6 September 2019,
regarding the entering into of the Warrant Agreement with Evo Fund (“Evo”).
Shareholders are further referred to the SENS announcements published on 30 September 2019 and
16 October 2019 advising Shareholders of the Warrant Agreement and the issuance of the four
warrant certificates (“Certificates”) as per the Warrant Agreement.
As such, Evo became the sole warrant holder in Trustco, and the Certificates entitle (but do not
oblige) Evo, on an aggregate basis, to subscribe for 97 427 000 ordinary TTO shares, amounting to
approximately 7.5% of the ordinary issued shares of Trustco.
Shareholders are now advised that Evo has elected to exercise a portion of its rights under the first
Certificate, as a run through of the warrant issue process, in order to gauge market reaction and
benchmark the process as a whole, given that this is Evo’s first transaction of its kind executed in
Africa. In terms of the exercise notice received by Trustco in relation to this partial exercise by Evo
of its rights under the first Certificate, Shareholders are advised that Evo elected to subscribe for
10 000 of the 20 000 000 ordinary TTO shares it is entitled to subscribe for under the first Certificate.
These shares have been listed with effect from 24 October 2019 and upon their delivery shall result
in Evo holding approximately 0, 00082% of the ordinary issued shares of Trustco. Following such
listing, the number of ordinary Trustco shares in issue is 1 214 675 619.
In compliance with paragraph 11.20 of the JSE Listing Requirements the Company discloses the
following:
Name of Person Subscribing Evo Fund
Number of Securities 10 000
Price per Security (cents) 900
Value of Transaction ZAR90 000
Class of Security Ordinary Shares
Discount to 30 day VWAP The shares have not been issued at a discount to
the volume weighted average traded price of
Trustco securities measured over the 30
business day period prior to the receipt of the
exercise notice from Evo
The proceeds of the share issuance will be used for general working capital needs.
Dr Quinton van Rooyen Group MD said “With the execution of this first portion of the warrants,
we’ve completed all the steps needed to ensure the warrant programme can operate as originally
envisaged.”
http://www.tgh.na/
https://www.evocm.com/
Windhoek, Namibia
24 October 2019
Heleen Steyn
Acting Company Secretary
Trustco Group Holdings Limited
JSE Sponsor
Vunani Corporate Finance - Johannesburg
NSX Sponsor
Simonis Storm Securities Proprietary Limited – Windhoek
OTCQX Sponsor
J.P Galda & Co – New York
Date: 24/10/2019 01:55:00
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