CHAMWE KAIRA
Trustco Group Holdings Limited has announced the late submission of its annual statements for the financial period ending 31 August.
The company advised that the annual financial statements for 2024 would not be published by 31 December.
“Shareholders of Trustco are advised that Trustco’s annual financial statements for the financial year ending for the period 31 August 2024 were earmarked to be reviewed by 30 November 2024 and completed by 31 December 2024,” the company said.
The company advised shareholders that the annual financial statements would not be published by 31 December 2024 due to a number of reasons, including that auditors have completed their audit planning and pre-work as far as possible but only received their work visas to enter Namibia during the end of the first week in December.
The company said completing the transaction circular for the Legal Shield Holdings transaction, as announced on 5 December 2024, was delayed longer than expected with the auditors being heavily engaged in the process.
The transaction pertains to the N$460 million equity acquisition of additional shares in Legal Shield Holdings.
The transaction involves Trustco acquiring 1,135 shares from Riskowitz Value Fund LP (RVF), which will increase the company’s stake in LSH to 91.35%.
On 12 November, Trustco advised shareholders that it had filed its application to upgrade its primary listing to a direct listing on the Nasdaq Stock Market.
The other reason for the delay is that the company is in the process of completing the US regulatory requirements of the Nasdaq, which also includes a Public Company Accounting Oversight Board audit of the annual financial year for the period ended 31 August 2023 and the annual financial statements for the 2024 financial year by USA auditors.
“These processes are being run concurrently with the South African and Namibian audits and will resume on the 6th of January 2025. Trustco aims to publish financial year-end results on or before 31 January 2025,” the company announced.
Trustco owns subsidiaries engaged in diverse business activities spanning the real estate, mining, insurance, micro-finance, and education sectors.
