Guest Contributor | Feb 22, 2024 | 0
Trustco Holdings shares resume trading after nearly 5 months in the doldrums
After the Johannesburg Securities Exchange lifted the suspension of trading in Trustco Group Holdings, its first day of trading on Thursday saw a quick gain from 41c per share to 55c. This was further amplified on Friday morning when the share rose another 19c to 74c per share.
Notice of the lifting of the suspension was published in the JSE SENS a day earlier. The suspension started on 07 November last year, and was only lifted at 10:00 on 23 March.
In the interim, Trustco restated its Annual Financial Statements for which independent auditors issued an unmodified audit report. The suspension was lifter in Johannesburg, in Windhoek and in the United States over-the-counter market.
Group Chief Executive, Dr Quinton van Rooyen expressed his satisfaction with the share’s rapid progress on Wednesday and Thursday but cautioned investors that equity investments require long horizons. Always the entrepreneur to spot an opportunity, Dr van Rooyen however invited investors to participate in any of the group’s many investment channels that cover other sectors.
The Trustco Group’s dispute with the JSE started in 2020 when the JSE advised Trustco that the way it valued certain real estate assets in its Annual Financial Statements for the period ended 31 March 2019 did not comply with the bourse’s listing requirements. Trustco was directed to bring its reporting in line with the JSE listing requirements.
A year later, near the end of 2021, Trustco seeked the judgement of the Financial Services Tribunal in South Africa, but its plea was dismissed.
Eventually, Trustco had to concede, restated its financials and published same on 28 February this year, after which the suspension was lifted.
On Thursday 23 March, Trustco Group Holdings had just over 987 million shares in issue.