TRUSTCO GROUP HOLDINGS LIMITED - Update Regarding The Disposal By Trustco Of Up To 20% Of Legal Shield Holdings (Proprietary) Limited

Update Regarding The Disposal By Trustco Of Up To 20%  Of Legal Shield Holdings (Proprietary) Limited

TRUSTCO GROUP HOLDINGS LIMITED
Incorporated in the Republic of Namibia
(Registration number 2003/058)
NSX Share Code: TUC
JSE Share Code: TTO
ISIN Number: NA000A0RF067
(“Trustco”, or “the Company”)

UPDATE REGARDING THE DISPOSAL BY TRUSTCO OF UP TO 20% (TWENTY PERCENT) OF LEGAL
SHIELD HOLDINGS (PROPRIETARY) LIMITED (“LEGAL SHIELD HOLDINGS”)

1.    INTRODUCTION

      Trustco shareholders (“Shareholders”) are referred to the announcement published on SENS
      on 24 November 2017 wherein shareholders were advised that Trustco and Riskowitz Value
      Fund LP (“Purchaser”) have entered into a sale of share agreement (“Agreement”) in terms of
      which Trustco will dispose of 20% (twenty percent) of the issued share capital of Legal Shield
      Holdings, a wholly-owned subsidiary of Trustco for R1.2 billion (“Consideration”)
      (“Transaction”).

2.    TERM OF THE TRANSACTION

      It was provided in the Agreement that the Purchaser would conduct a due diligence on Legal
      Shield Holdings between 8 January 2018 and 31 January 2018. The Purchaser instructed
      Deloitte South Africa to conduct the Due Diligence on its behalf.

      In accordance with the Agreement, the Purchaser has confirmed that the due diligence is to
      its satisfaction and consequently, the Purchaser will acquire 20% of Legal Shield Holdings for
      the Consideration.

3.    CIRCULAR

      The Transaction is a Category 2, related party transaction requiring the approval of
      Shareholders in general meeting. The Company is in the process of finalising the circular
      relating to the Transaction (“Circular”). Consequently, the Issuer Regulation Division of JSE
      Limited (“JSE”) has been approached and has granted Trustco an extension of the 60 day rule
      pursuant to paragraph 9.20(b) of the JSE Listings Requirements to dispatch the Circular to
      Shareholders. The extension has been granted until 31 March 2018.



Windhoek, Namibia
1 February 2018
Amanda Bruyns
Company Secretary: Trustco Group Holdings Limited

JSE Sponsor
Sasfin Capital Proprietary Limited (a member of the Sasfin group)

NSX Sponsor
Simonis Storm Securities Proprietary Limited

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