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TRUSTCO ISSUES SHARES TO INDEPENDENT NON-EXECUTIVE DIRECTORS

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4 months ago

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Windhoek, Khomas, Namibia, 13th Aug 2024 – Trustco Group Holdings Limited (JSE: TTO; NSX: TUC; OTCQX: TSCHY) is pleased to announce a proposal for ad hoc compensation in lieu of historical Independent Non-Executive Directors (INEDs) compensation during successive years.

The INEDs voluntarily implemented a 20% reduction in their compensation, effective 1 April 2020. The reduction was implemented alongside the Company’s proactive response to the unknown economic ramifications of the COVID-19 pandemic at the time and was part of a comprehensive strategy to bolster the Company’s reserves. The reduced compensation structure remained in effect through 2022, at which point a further organizational restructuring resulted in additional reductions. This revised compensation framework has remained constant to date.

Dr Quinton van Rooyen, CEO of Trustco Group Holdings Limited

In acknowledgment of their ongoing commitment and financial concessions, Trustco proposes a one-time issuance of equity instruments to the INEDs. The proposed share allocation is a total of 9,500,000 ordinary shares and will be issued as follows:

• Adv. Raymond Heathcote SC, Chairperson: 3,000,000 ordinary shares

• Mr. Winton Geyser, Chairperson of the Audit and Risk Committee: 2,000,000 ordinary shares

• Mr. Renier Taljaard, Independent Non-Executive Director: 1,500,000 ordinary shares

• Ms. Janene van den Heever, Independent Non-Executive Director: 1,500,000 ordinary shares

• Mr. Tom Newton, Independent Non-Executive Director: 500,000 ordinary shares

• Mr. Richard Chetwode, Independent Non-Executive Director: 500,000 ordinary shares

• Mr. Stanley Similo, Independent Non-Executive Director: 500,000 ordinary shares.

The issuance price of the equity instruments will be determined based on the 30-day volume-weighted average price (VWAP) and will be executed prior to any potential share consolidation events. The VWAP as of 6 August 2024 was N$0.3695, which is the issuance price of the equity instruments.

Dr Quinton van Rooyen, CEO of Trustco Group Holdings Limited, commented on the proposal: “Our Independent Non-Executive Directors have demonstrated unwavering commitment to Trustco through various market cycles, exemplifying their exceptional professional acumen and conviction in the Company’s long-term strategic objectives. Their proactive decision to reduce compensation during the height of the pandemic underscores their leadership qualities and dedication to stakeholder interests.”

The proposed specific issue of shares requires approval by ordinary resolution, necessitating at least a 75% majority of votes cast in favour at a general meeting. A comprehensive circular detailing the specific share issuance, along with a notice convening the general meeting, will be distributed to shareholders in due course.

 About Trustco:

Trustco Group Holdings Ltd is an investment entity headquartered in Windhoek, Namibia, which manages a diverse portfolio of investments spanning the insurance, real estate, commercial banking, micro-finance, education, and mining sectors. Decisions are biased towards generational investment performance alongside shareholder wealth creation, and short-term hurdles are viewed as catalysts for future growth.

Since inception in 1992, Trustco’s investment portfolio has delivered strong returns with a CAGR of 68.97%, with a well-balanced asset mix, with a current average weighting of 34% in US Dollar based assets, while the remaining 66% is invested in Namibia Dollar (1 NAD = 1 ZAR) based assets. Trustco enjoys the backing of a wide range of coinvestors, including 3 610 from Namibia, 1 443 from abroad, and 94 from institutional entities.

 About Namibia:

Namibia is a Southern African country with a population of approximately three million and a GDP per capita of USD 5 031 in 2022. The country is endowed with rich natural resources, with recent major discoveries of oil and gas reserves, lithium deposits and rare earth minerals that are vital for technology demand globally, with developments also underway in its green hydrogen projects.The Namibian government has heralded these discoveries as a transformative period, holding the potential to double the nation’s GDP by 2040.

The country’s economy expanded by 4.2% in 2023 and is projected to expand by 3.7% in 2024, following a recovery of 5.3% in 2022 from the COVID-19 pandemic. With its wealth of natural resources, pro-business environment, political stability and increasingly skilled workforce, Namibia offers attractive investment prospects across all sectors.

Forward-Looking Statements:

All statements made in this media release with respect to Trustco’s current plans, estimates, strategies beliefs and other statements that are not historical facts, including statements regarding Trustco’s plans to upgrade its ADR program and the results of such an upgrade, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or the negative of these words or other similar terms or expressions. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on these forward-looking statements. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

Media Contact

Organization: Trustco Group Holdings

Contact Person: Neville Basson

Website: https://www.tgh.na

Email: Send Email

Contact Number: +264612754501

Address: 2 Keller Street, Trustco House

Address 2: Windhoek

City: Windhoek

State: Khomas

Country: Namibia

Release Id: 13082415654

The post TRUSTCO ISSUES SHARES TO INDEPENDENT NON-EXECUTIVE DIRECTORS appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.

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Press Release

Academic Labs (AAX) Selected as the Official Educational Sponsor for the 2024 World Chess Championship in Singapore

Published

3 hours ago

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November 28, 2024

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SINGAPORE – 28/11/2024 – (SeaPRwire) – Academic Labs (AAX), the trailblazing EduFi ecosystem built on the Solana blockchain, proudly announces its sponsorship of the 2024 World Chess Championship, taking place in Singapore from November 25 to December 13. As one of the main sponsors alongside Google, AAX celebrates this landmark event that sees global tech giants supporting the prestigious chess tournament for the first time in its history.

The 2024 World Chess Championship: Ding Liren vs. Gukesh Dommaraju

This year’s championship showcases a gripping battle between the reigning Chinese world champion Ding Liren and the 18-year-old Indian prodigy Gukesh Dommaraju. Ding, hailing from Wenzhou, China, has dominated the Chinese chess scene from 2009 to 2016 and claimed the world champion title in 2023 by defeating Ian Nepomniachtchi. Gukesh, on the other hand, is the youngest-ever Candidates Tournament winner and aims to make history as the youngest classical world champion, potentially surpassing the legendary Garry Kasparov’s record.

The championship, held in Singapore, is expected to draw an audience of 200 million viewers across more than 80 countries, with an estimated 40 million viewing hours. The event’s unprecedented global interest underscores chess’s enduring appeal and ongoing resurgence, unparalleled since the iconic 1972 World Championship.

“As a project founded by born and bred Singaporeans, we are immensely proud to sponsor this landmark event taking place in our city,” said Kingston Kwek, Chief Visionary Officer of AAX. “Having a strong local sponsor creates an impactful ‘wow’ factor right here at home. It’s an honor to celebrate the beauty and global appeal of chess, which continues to inspire and challenge millions.”

Chess: A Game of Global Reach and Technological Significance

With over 500 million players worldwide, including 100 million on the online platform Chess.com, chess enjoys an immense global following. The 2024 championship, featuring a faceoff between champions from chess powerhouses China and India, is poised to attract massive viewership from these two nations – critical markets for AAX, given their vast populations.

Moreover, chess has been pivotal in developing Artificial Intelligence (AI). The game’s perfect blend of well-defined rules and complex strategy makes it an ideal testbed for AI algorithms before scaling up to real-world challenges. AI techniques originally designed for chess, such as the Minimax algorithm and Alpha-Beta pruning, have found extensive applications in robotics, game theory, and decision-making systems. Chess AI has advanced pattern recognition capabilities, with implications spanning computer vision and natural language processing. To date, chess remains a crucial benchmark for evaluating state-of-the-art AI models.

Academic Labs: Pioneering EduFi on Solana, Bolstered by Recent Milestones

Academic Labs (AAX) stands at the forefront of the EduFi revolution as the first ecosystem of its kind on the Solana blockchain. By harnessing Web3 technology, AAX aims to democratize education, making it more engaging, accessible, and community-driven. The project has recently achieved significant milestones, boasting over 100,000 registered users, a 250,000-strong community, and 5,000 Daily Active Users.

The sponsorship of the 2024 World Chess Championship is set to significantly impact Academic Labs’ future growth and development. By aligning itself with one of the most prestigious events in the chess world, AAX is positioning itself as a key player in the intersection of education, technology, and strategic thinking.

The global exposure gained through this sponsorship will help AAX reach a wider audience, attracting chess enthusiasts and learners from around the world to its platform. As the championship unfolds, AAX will have the opportunity to showcase its innovative approach to education, demonstrating how its EduFi ecosystem can enhance the learning experience and foster community engagement.

Moreover, the association with a high-profile event like the World Chess Championship will boost AAX’s credibility and reputation within the education and technology sectors. This increased visibility and trust will help AAX to forge new partnerships, attract top talent, and secure further investments to support its growth and expansion.

In the long term, the exposure and connections gained through the World Chess Championship sponsorship will serve as a catalyst for AAX’s growth, helping it to establish itself as a leader in the EduFi space. As more people discover the benefits of decentralized education and the power of Web3 technology, AAX will be well-positioned to capitalize on this growing trend and drive the adoption of its platform on a global scale.

About Academic Labs

Academic Labs (AAX) is the pioneering EduFi ecosystem built on the high-performance Solana blockchain. AAX leverages Web3 technology to empower learners and educators, making education more accessible, engaging, and community-driven. With a strong focus on social and gamified learning experiences, AAX aims to revolutionize the way educational resources are shared and consumed, fostering growth and collaboration among its users.

Social Links

X: https://x.com/Acad_Labs

Telegram Group: https://t.me/academic_labs

Linktree: https://linktr.ee/academic_labs

Discord: https://discord.gg/academic-labs

Media Contact

Brand: Academic Labs

Contact: Media team

Email: admin@acad.live

Website: https://acad.live

 

The article is provided by a third-party content provider. SeaPRwire ( https://www.seaprwire.com/ ) makes no warranties or representations in connection therewith.

Sectors: Top Story, Corporate News

SeaPRwire provides real time press release distribution for companies and organizations to 6,500+ media outlets & 3.5 million professional desktops in 90 regions. It distributes press releases in different languages, including: IndonesiaFolk, IndoNewswire, SEATribune, IDNewsZone, LiveBerita, DailyBerita, TaiwanPR, SinchewBusiness, AsiaEase, BuzzHongKong, SingapuraNow, TIHongKong, TaipeiCool, TWZip, AsiaFeatured, dePresseNow, THNewson, KULPR, VNFeatured, MENAEntry, HunaTimes, DubaiLite, ArabicDir, BeritaDaring, TekanAsia, JamKopi …

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Press Release

Scientology in Europe: Spreading Festive Cheer with a Purpose

Published

7 hours ago

on

November 28, 2024

By

Brussels, Brussels, Belgium, 28th Nov 2024 – As the festive season approaches nearer and nearer in Europe, the Church of Scientology is planning activities to enrich the festivities with meaning and significance. They are engaging in activities such as advocating for rights and preventing drug abuse aiding children in need and fostering a culture of behavior during this time of generosity to positively impact their communities.

Inspired by holiday events at their Los Angeles headquarters and Saint Hill in the UK—formerly the home of Scientology founder L. Ron Hubbard—members across Europe are engaging with local communities to address pressing social issues while spreading festive joy.

Helping Valencia Recover from Devastation

This year in Valencia, Spain, the Church is exemplifying its dedication to serving the community. Volunteer Ministers swiftly responded to the aftermath of floods working around the clock to clean up the mud from residences, roads and public spaces, provide resources and provide emotional solace to families with the purpose of rebuilding their livelihood. 

In an effort to uplift those most impacted by the events the Volunteer Ministers arranged a toy collection drive, for children who suffered losses in the flooding incidents. Volunteers from across Spain are generously donating toys and funds to bringing some joy and comfort to families enduring the difficult circumstances. This initiative reflects a desire to assist children in finding moments of joy and normalcy amidst the holiday season.

Festive Giving Across Europe

In cities like Madrid, Paris, Brussels, Berlin, Copenhagen, and Milan among others, Scientologists are embracing the holiday spirit by hosting events that blend celebration with community service. These gatherings often feature talks on human rights, drug awareness, and ethical principles, alongside fun activities for children. By bringing people together in a festive atmosphere, they inspire there a meaningful action on important social issues.

The Church’s programs also align with its global initiatives, including The Way to Happiness, Youth for Human Rights, and Drug-Free World. These campaigns encourage kindness, integrity, and responsibility—values that resonate strongly during the holiday season.

A Focus on Ethical Living

A significant part of the Church’s holiday outreach is the promotion of The Way to Happiness, a non-religious moral guide written by L. Ron Hubbard. Its 21 principles for ethical living, such as “Love and Help Children” and “Be Competent,” are shared at events to encourage acts of compassion and positive change. Volunteers often distribute copies at gatherings, inviting people to incorporate these principles into their daily lives and New Year’s goals.

Supporting Children and Families in Need

The Church of Scientology places a special emphasis on helping children during the holiday season. In many European cities, parishioners organize toy drives and gift distributions in partnership with local charities, providing also essentials like clothing, school supplies, and holiday meals for families who are struggling.

The Church’s holiday activities in Europe echo the festive celebrations at its Los Angeles headquarters, where families gather for an annual holiday lighting festival. With attractions like ice skating, face painting, and visits from Santa Claus, the event is dedicated to fostering joy and community spirit.

Scientologists aim to do more than just light up city streets—they strive to brighten lives. By combining festive celebrations with meaningful outreach, church parishioners have through decades encouraged acts of kindness and a shared commitment to building a better future for everyone.

For Scientologists, the holiday season is about more than festivities. It’s an opportunity to give back, support those in need, and leave a positive impact on the world.

Media Contact

Organization: European Office Church of Scientology for Public Affairs and Human Rights

Contact Person: Ivan Arjona

Website: https://www.europeanaffairs.eu

Email: Send Email

Address: Boulevard de Waterloo 103

City: Brussels

State: Brussels

Country: Belgium

Release Id: 28112420545

The post Scientology in Europe: Spreading Festive Cheer with a Purpose appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.

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Press Release

STAR KIDS officially launches innovative kids gym with indoor playground at AEON Mall Tebrau City

Published

7 hours ago

on

November 28, 2024

By

Starkids is a facility where children can feel a sense of achievement by creating an environment for challenges through classes with dedicated coaches.

JOHOR BAHRU, November 28, 2024 –

 Drawing inspiration from the highly successful Molly Edutainment Sports model in China, STAR KIDS is dedicated to creating an engaging space where children aged 3 to 12 can enjoy a unique blend of fitness, fun, and play.

From left, Mr. Wataru Koiwa (Board of Director), Yang Berhormat Liow Cai Tung (State Assembly Person of Johor Jaya), Mr. Naritomo Yamazaki (Managing Director), Mr. Utsunomiya Satoshi (Deputy Managing Director), Ms. Ito Kanako (General Manager Business Strategy), Mr. Mohd Faizal Bin Isa (Amusement Division Manager)

STAR KIDS is a dynamic space where children can explore, learn, and grow through the concept of “learning through play,” with a strong emphasis on physical activity. Our facility offers age-specific classes led by experienced coaches with sports backgrounds, along with events tailored to each child’s developmental stage. On weekends, STAR KIDS partners with external coaches to bring a diverse range of sports activities, ensuring a variety of fun and engaging experiences.

       Indoor playground at STAR KIDS

Adding to the excitement, the first-ever ‘GET! Stage’ in Malaysia will open right next to STAR KIDS. This unique retail area will feature a range of collectible and interactive merchandise, including trading cards, figurines, Gashapon, Kuji items, blind boxes, and exclusive Ichiban KUJI items. The space will also host trading card events and teaching workshops, making it an interactive hub for both learning and entertainment.

  An interactive digital screen at the big stage for players

STAR KIDS is equipped with thrilling facilities like trampolines, a ball pool, a sand pool, and the imaginative “Toy Master” zone. These areas are designed to ignite creativity and inspire physical activity, providing a fun and vibrant environment for kids.

   The interesting slides for kids and adults with terms and conditions

With a mission to inspire a lifelong love of fitness and play, STAR KIDS is dedicated to creating a safe, engaging, and joyful space where children can build confidence, stay active, and create cherished memories with friends and family.

We invite parents and children to experience the joy of active play at STAR KIDS! For more information, please visit our website at www.aeonfantasy.com.my or follow STAR KIDS Facebook page at https://www.facebook.com/starkidsmalaysia.

About Star Kids

STAR KIDS is an all brand new indoor playground concept from AEON Fantasy! STAR KIDS focuses on fitness and health among children with an all new gym and sports based indoor playground. This playground only offers the best gym facilities catered for children. STAR KIDS also provide a dedicated fitness classroom for children to stay healthy and fit!

Connect with Star Kids Malaysia

Facebook | Instagram | Website | Email

Media Contact

Organization: Star Kids Malaysia

Contact Person: Future Marketing Group

Website: https://www.aeonfantasy.com.my/brand/star-kids/

Email: Send Email

Country: Malaysia

Release Id: 28112420521

The post STAR KIDS officially launches innovative kids gym with indoor playground at AEON Mall Tebrau City appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.

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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

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