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Trustco shareholders approve Evo transaction

Trustco shareholders approve Evo transaction

Staff Reporter

Trustco shareholders voted overwhelmingly in favour of the Evo transaction that will allow the Group to raise more than NAD 2 billion through the issuance of 97 427 000 shares this morning at the company’s Namibian headquarters in Windhoek.
The shareholders’ approval follows an earlier official Stock Exchange announcement on 27 June wherein the shareholders were advised that Trustco and the Japanese based Evo-fund entered into a warrant agreement.
The warrants issued to Evo allow for the subscription of Trustco shares at fixed prices – between N$9 and N$30 – in four tranches over three years. With this shareholder approval, the warrant agreement became effective this morning, providing capital for the group and paving the way for Evo to become a long-term shareholder in Trustco.
The CEO of Trustco, Dr Quinton van Rooyen, said the Evo transaction will drive an aggressive expansion of the mining operations of Trustco Resources and its ‘Mine to Market Strategy. The expansion will be from the exploratory process to full production at NNDC, a mining entity operating in the Kunene region, Morse Investments, a diamond cutting and polishing factory in Windhoek and the Meya Mining which operates in Sierra Leone. Both mining licences were secured.
This will also capitalize the group’s property investments – the Elisenheim Property Development, Elisenheim Nature Estate, Lafrenz Industrial Park, the Omabala Estate in Ondangwa and Farm Herboths (provisionally approved recently) – that will contribute significantly to the high public demand for serviced land and housing to Namibians from all walks of life.
According to their website, Evo Fund is a financial group with a focus on investment and asset management. Evo operates in the investment banking business, in the brokerage of commodity products, the development and sales of financial IT systems in addition to its core investment and asset management business, across 7 countries.