TRUSTCO ANNOUNCES SHARE CONSOLIDATION FOR GLOBAL MARKET ALIGNMENT
Windhoek, Khomas, Namibia, 14th Aug 2024 – Windhoek, Namibia – Trustco Group Holdings Limited (JSE: TTO; NSX: TUC; OTCQX: TSCHY) today announced the decision to implement a share consolidation, also known as a reverse stock split to international investors, following its recent announcement regarding the upgrade of its American Depositary Receipts (ADR) program.
The board of Trustco has approved and recommended to shareholders for approval, the consolidation of shares at a ratio of 20:1. The consolidation of shares coincides with the ADR ratio of 1:20 and ensures alignment between the ADR and the JSE trading platforms. The face value of the share will increase, but not the intrinsic value. Importantly, the consolidation will have no dilutionary effect on shareholders, as the proportional ...