Friday 18 June 2021
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Trustco updates shareholders

Trustco this week released a statement in which it provided an update about its pending acquisition of the entire shareholding in Huso Investments Proprietary Limited (“Huso”), through its subsidiary Trustco Resources Proprietary Limited, which was subject to the fulfilment of certain outstanding conditions including shareholder approval.“Shareholders were advised in the announcement published on 5 October 2015, that the requisite shareholder approval for the Huso Transaction had been obtained and details of the status of the remaining conditions to the Huso Transaction were provided,” revealed the company in the statement.
It further stated that while the Huso Transaction has not yet closed, shareholders are advised that the parties to the Huso Transaction are currently in discussions to amend the terms of the settlement of the consideration for the Huso Transaction to move away from subsequent payments being based on future resources and rather issuing the remaining shares due and payable in terms of the transaction based directly and wholly on earnings.“The discussions are expected to be concluded within two weeks from the date of this announcement and Shareholders will be advised of the outcome of the discussions once concluded,” the company said, adding that shareholders will be advised once the outstanding conditions to the Huso Transaction have been fulfilled.
It further added: “The revised discussions regarding the Huso Transaction, if successfully concluded may have a material effect on the price of the Company´s securities.”Shareholders were also advised to exercise caution when dealing in the Company´s securities until a further announcement regarding the Huso Transaction is made.

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