Guest Contributor | Sep 24, 2020 | 0
Quinton van Rooyen and associates write off N$1 billion loan to Trustco
Dr Quinton van Rooyen gave notice of their intention to write off the entire capital amount of N$1 billion, which he and his associates lent to Trustco Resources (Pty) Ltd, effective 30 September 2019.
In a statement issued this week on the SENS platform, shareholders were advised that the Trustco Board of Directors waived the 30 days’ notice period that was required for Dr van Rooyen to give notice of the decision to write-off the capital amount lent to Trustco.
Shareholders were also informed that a related party loan agreement was entered into between Trustco and Dr van Rooyen, a director and majority shareholder of Trustco and Next Capital Limited, an associate of Dr van Rooyen in the amount of N$1 billion.
“The write-off of the capital amount is to further deleverage the balance sheet of Trustco and support the Resources Segment while the Group prepares for a possible initial public offering of the Resources segment,” the statement said.
Meanwhile, Trustco shareholders are referred to the SENS announcements dated 28 September 2018, 10 October 2018, 14 December 2018 and 22 January 2019 together with the circular dated 14 December 2018.