On Monday this week, a South African judge ordered that the Johannesburg Stock Exchange (JSE) is interdicted and restrained from suspending Trustco and implementing a ruling by South Africa’s Financial Services Tribunal that had dismissed the Namibian company’s appeal to remain on Africa’s largest stock exchange.
According to the JSE, the ruling and Suspension Decision will now depend on the outcome of the Review Application, which is set for a hearing on 5 September 2022.
The JSE this week stated it will publish a further announcement on its Stock Exchange News Service (SENS) once the South African court has ruled on the review application.
Meanwhile, Trustco this week basked in the aftermath of the initial victory against the JSE, stating on Monday that: “In the aftermath of a struggle of gigantic proportions, Trustco finally saw justice prevail, as its urgent interdict to restrain the JSE from suspending its listing was upheld today”.
In a statement, Trustco spokesperson Neville Basson explained it became necessary for Trustco to launch an application to the South African High Court on an urgent basis to prevent the JSE from enforcing what Trustco termed “its unjustified issued suspension decision”.
Basson added it is important to note this is the second urgent application Trustco successfully won against the JSE in the High Court and emphasised this latest matter was “argued in the High Court, where the judge dismissed each and every argument the JSE (as the first respondent) made against Trustco”.
In her decision, the presiding judge also commented that in determining Trustco’s prima facie right to this urgent interdict, the Court “peeked” at the grounds for review.
Meanwhile, Basson pointed out Trustco’s grounds for review included a JSE official who lacked authority, as he is not a director of the JSE but assumed the authority of a director; the JSE not following its own listings requirements as well as the composition of the Financial Services Tribunal that was composed of a retired judge, a senior counsel and an attorney, which Trustco argued lacked the necessary accounting experience required for an informed decision.
“The grounds of review are all deserving of a proper hearing in due course, and I am satisfied that Trustco has asserted a prima facie right to fair and just administrative action,” the judge stated in her judgement.
Basson continued in the statement that over 98% of Trustco’s minority shareholders voted on 8 December 2021 that the responsible parties be held accountable for any shareholder’s value destruction during this process, and vowed that Trustco will in due course ensure this comes to pass.
Furthermore, this week’s judgement held the JSE is interdicted and restrained from suspending Trustco’s listing on the Johannesburg Stock Exchange; from implementing the Financial Services Tribunal’s restatement decision, and implementing or attempting to implement the decision that Trustco restates its annual financial statements for the year ending 31 March 2019 and the interim results for the six months ending 30 September 2018.
Also, Trustco pointed out the JSE was ordered to pay the costs of the urgent Court application, including the costs of two counsels.
“Shareholders will be kept up to date as matters progress, and the website will be updated to keep shareholders informed at all times,” Trustco stated.