Trustco Group Holding has been given an ultimatum by the Johannesburg Stock Exchange to submit its provisional financial statements by the end of this month or face suspension from the bourse.
According to the JSE, Trustco has failed to submit its provisional reports within the four-month period as stipulated in its Listings Requirements.
“Accordingly, the companies’ listing on the JSE trading system have been annotated with a “RE” to indicate that they have failed to submit its provisional reports timeously and that the listing of these companies’ securities is under threat of suspension and possible removal,” the JSE said in a SENS announcement.
The latest announcement comes as Trustco has accused the exchange of undermining the independence, accountability and integrity of its board, a development that has seen it securing minority shareholder approval to delist from the bourse and seek new listing elsewhere.
The diversified conglomerate’s minority shareholders recently voted in favour of all resolutions set out in the group’s non-binding advisory vote conducted.
Trustco’s delisting from one of Africa’s largest stock exchanges will also result in the diversified group delisting from the Namibian Stock Exchange, where it has a secondary listing.
The Namibia based company is currently in a protracted fight with the JSE over its financial information for the year ended March 31, 2019 and interim results for the six months to September 30, 2019, after the South Africa-based bourse claimed it found errors that pushed up Trustco’s profits by a combined N$2.1 billion, a position which the company has disputed.
