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TRUSTCO GROUP HOLDINGS LIMITED - Change in Financial Year End of the Company

Release Date: 31/03/2020 11:00
Code(s): TTO     PDF:  
 
Wrap Text
Change in Financial Year End of the Company

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 “the Company”)

CHANGE IN FINANCIAL YEAR END OF THE COMPANY

Trustco Shareholders (“Shareholders”) are advised that the board approved the amendment to
the financial year of the Company from the period 1 April to 31 March to the period 1 October to
30 September.

The financial year end of the Company will therefore change from 31 March to 30 September.
The subsidiaries within the Trustco group of companies will align their financial years with that of
Trustco Group Holdings.

The reasons for the change in financial year include inter alia:

    •   The group’s capital and funding base is predominantly based in the Northern hemisphere, and
        Trustco aims to time the release of full-year results to coincide with the working calendars of
        those regions. The current year-end results in financial information being distributed during
        European and American Summer breaks, while the new year end will allow full-year results to
        be released in December, allowing roadshows during January, which is ideal for capital raising
        exercises.

    •   With the changed year end, the group will have sufficient time to integrate financial and
        operational reporting with its proposed acquisitions, in order to report on combined
        operations by the new year-end date, as well as optimally align its business strategies going
        forward by that time.

The change in Trustco’s year end, which is allowed in terms of the Namibian Companies Act (Act 28 of
2004) is beyond that which is allowed in terms of the South African Companies Act (Act 71 of 2008).
As a result a request for a ruling has been submitted to the JSE in terms whereof the JSE would provide
a ruling on the type on assurance engagement required for the interim period results to be released
for the period 1 April 2019 to 31 March 2020.

Shareholders are further referred to the SENS announcement, published on 27 March 2020
where Shareholders were advised on the Legal Shield Holdings Transaction and that upon
implementation of the Legal Shield Holdings Transaction, Trustco would end up in a pyramid
structure as set out in Section 14 of the JSE Listings Requirements. Trustco is currently
reviewing alternatives to resolve this pyramid structure and is awaiting a ruling from the JSE
in this regard.

31 March 2020
Komada Holdings (Pty) Ltd

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: 31-03-2020 11:00:00
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