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Riskowitz Value Fund has called a Feb. 16 meeting to replace Trustco’s board, escalating a long, messy fight with founder Quinton van Rooyen.
The JSE imposed a ZAR 5 million fine on Trustco and flagged “unacceptable” conduct tied to the sale of its mining arm without shareholder consent.
Trustco loses court bid as Namibia upholds NAD305.5 million ($16.7 million) tax recovery.
Trustco Group’s debt to Next Capital hit $280 million, boosting the Van Rooyen family’s financial control.
The move comes after Trustco revealed that it is considering delisting from the Johannesburg Stock Exchange as part of its plan to pursue a direct listing on Nasdaq.
The new shares were allocated to Riskowitz Value Fund on Jan. 21, 2025, marking the first tranche of the acquisition.
Trustco Group considers delisting from the JSE, NSX, and OTCQX to streamline operations, focus on growth, and pursue broader international opportunities.
The deal, which marks a major move for Trustco, will proceed as planned, with all conditions either met or waived.
The financial maneuver follows Trustco’s announcement of a new loan agreement that obviates the necessity for a previously issued cautionary statement.
This revelation follows Trustco’s divestiture of a 70-percent stake in the Meya Mining diamond mine to Sterling Global Trading last year, retaining a 19.5-percent interest.
Trustco is primarily owned and managed by the Namibian van Rooyen family, which holds a substantial 63.94-percent ownership stake, or 1,004,000,060 ordinary shares.
Quinton van Rooyen, who owns a 63.94 percent stake in Trustco Group, is regarded as one of Namibia’s wealthiest individuals.
Van Rooyen, who owns a 63.94-percent stake in Trustco Group Holdings, ranks as one of Namibia’s wealthiest men.
Van Rooyen owns a 63.94-percent stake in Trustco Group.