Windhoek, Khomas, Namibia, 22nd Jan 2025 – Trustco Group Holdings Limited (“Trustco” or “the Company”) announced today that its Board of Directors is evaluating options to delist from its primary listing on the Johannesburg Stock Exchange (JSE), its secondary listing on the Namibian Stock Exchange (NSX), as well as the OTCQX Market in the United States.

“For nearly two decades, Trustco has maintained its listing in Southern Africa, serving a predominantly local shareholder base,” said Quinton van Rooyen, CEO of Trustco Group Holdings. “However, we’ve witnessed a significant shift in our investor demographics, with a substantial portion of our shareholders now based in the United States. This natural evolution, combined with our planned Nasdaq listing, positions us to better serve our investors and enhance shareholder value.”

Quinton van Rooyen, CEO of Trustco Group Holdings

The proposed delisting process will include the appointment of an independent expert to provide an updated fairness opinion as required by JSE Listings Requirements. Trustco is engaging with the affected stock exchanges regarding a formal delisting proposal.

The Company has also requested an immediate suspension of share trading due to several factors affecting market information symmetry. The ongoing engagement with the JSE regarding the delisting process presents challenges in coordinating with shareholders across different time zones and jurisdictions, creating potential information gaps until the formal delisting announcement and offer are made. Additionally, the Company is currently undergoing three simultaneous audits – a PCAOB audit by USA auditors for Nasdaq requirements, along with South African and Namibian audits – each with different jurisdictional requirements and reporting periods. This situation has resulted in varying levels of information being submitted to different regulators for different purposes.

The Board notes that valuation methodologies and requirements differ significantly across these financial jurisdictions, with certain information being price-sensitive in one jurisdiction while holding different relevance in another. These jurisdictional differences affect both stakeholder engagement requirements and the preparation of the fairness opinion required for the delisting offer.

Furthermore, the recent cautionary announcement on SENS could impact share price trading and market volatility, potentially affecting the fairness opinion. The requested suspension aims to protect shareholder value until the fairness opinion is completed and the formal announcement is made.

A comprehensive formal offer detailing the proposed delisting will be communicated to shareholders. This will include, but will not be limited to, how previously announced transactions and corporate actions will be affected, details regarding the planned Nasdaq direct listing announced on November 21, 2024, and all other information required by the Listings Requirements and Namibian Company Law.

About Trustco:

Trustco Group Holdings Limited is a holding company headquartered in Windhoek, Namibia, that owns subsidiaries engaged in diverse business activities spanning the real estate, mining, insurance, micro-finance, and education sectors.

Trustco’s ordinary shares are listed in the JSE under the symbol “TTO” and in the NSX under the symbol “TUC.” Trustco’s American Depositary Shares are quoted on the OTCQX through its ADR program under the symbol “TSCHY.”

About Namibia:

Namibia is a Southern African country with a population of approximately three million and a GDP per capita of USD 5031 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 3.1% in 2024 and 3.9% in 2025, 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, 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: 22012522807

The post TRUSTCO REQUESTS DELISTING FROM CURRENT EXCHANGES IN PREPARATION FOR NASDAQ MOVE appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.

Vilnius, Lithuania, 22nd Jan 2025 – AddUp is an innovative all-in-one cryptocurrency ecosystem. In the latest development, the company has launched its latest innovation—the AddUp Trading Bot on Telegram. Designed to make crypto trading accessible to beginners and experienced traders alike, this new tool is already making waves in the industry, attracting over 1,000,000 active users within its first month.                                                                              

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About the Company – AddUp

AddUp is changing the narratives of the way people engage with cryptocurrency through its all-in-one ecosystem. From trading bots to crypto wallets and centralized exchanges, AddUp combines innovation and accessibility to empower users in their crypto journey. Potential users can visit here for further details and updates. 

Media Contact

Organization: UAB “AddUp Exchange Lithuania”

Contact Person: Max

Website: https://www.addup.com/

Email: Send Email

City: Vilnius

State: Vilnius

Country: Lithuania

Release Id: 22012522810

The post AddUp Simplifies Crypto Trading with Innovative Telegram Trading Bot appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.