Trustco Group, which aims to be the first Namibian company to be listed on the Nasdaq stock market, said on Monday that its board is considering options to delist the company from the JSE, Namibia Stock Exchange, and the OTCQX Market in the US.
A fairness opinion from an independent expert, as prescribed under the JSE listings requirements, is being engaged on the proposed delisting. The company submitted an application for a Nasdaq listing on 11 November 2024.
It’s management also intends to engage the JSE regarding the formal delisting proposal and request the suspension of shares trading on the JSE.
Three formal audit processes are currently underway at the financial services, real estate, media, and mining company: the South African, Namibian, and PCAOB (Public Company Accounting Oversight Board) audits.
A formal offer detailing the proposed delisting, still to be issued, would also provide details regarding the planned direct listing to the US’s Nasdaq, Trustco’s management said in a statement on Monday.
On December 18, the company’s directors said the annual financial statements for the year to August 31, 2024, earmarked to be completed by December 31, 2024, would now only be released on or before January 31, 2025.
This delay was because the auditors had completed audit planning and pre-work as far as possible, but only received work visas to enter Namibia at the end of the first week of December.
Another reason was that the transaction circular for the LSH (Legal Shield Holdings) transaction, announced on December, 5, had been delayed longer than expected. This deal involved Trustco lifting its stake in LSH by 11.35% to 91.35%.
BUSINESS REPORT