Trustco Group Holdings says it has lodged an urgent appeal with the courts, seeking relief against a planned suspension of its listing on the Johannesburg Stock Exchange (JSE) after the Financial Services Tribunal dismissed its application.
The court action comes after the JSE had agreed to 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-enroll 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,” the company said in a SENS announcement.
Trustco had approached the Financial Services Tribunal seeking a review of a JSE decision to suspend its listing.
Trustco and the JSE have been at loggerheads after the bourse accused the Namibian company of not complied with its 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 thus directed the company to take steps to rectify its non-compliance.
The developments regarding Trustco, however, comes as the company secured minority shareholder approval to delist from the bourse and seek a new listing elsewhere.
Trustco’s delisting will also result in the diversified group delisting from the Namibian Stock Exchange, where it has a secondary listing.
The Namibia-headquartered company has operations in insurance and investments, resources, and banking and finance.
