Trustco Group Holdings says it has won a High Court reprieve after the High Court of South Africa interdicted and restrained the Johannesburg Stock Exchange (JSE) from moving ahead with the suspension of the company pending an appeal.
The High Court, according to SENS announcement issued on Monday also interdicted and restrained the JSE from implementing, or attempting to implement the decision that Trustco restate its annual financial statements for the year ending 31 March 2019 and the interim results for the six months ending 30 September 2019.
“The JSE was ordered to pay the costs of the urgent Court application, including the costs of two counsel.”
This comes as the company lodged an urgent appeal with the courts, seeking relief against a planned suspension of its listing on the JSE after the Financial Services Tribunal had dismissed its application.
Trustco had approached the Financial Services Tribunal seeking a review of the JSE decision to suspend its listing.
Trustco and the JSE have been at loggerheads after the bourse accused the Namibian company of not complying 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.
Meanwhile, Richard Marney has resigned with immediate effect as a Non-Executive Director of the company.
