TTO - Trustco Group Holdings Limited - Board Resolution On Payment of Dividends
TTO
TTO
TTO - Trustco Group Holdings Limited - Board Resolution On Payment of Dividends
TRUSTCO GROUP HOLDINGS LIMITED
Incorporated in the Republic of Namibia
(Registration number 2003/058)
NSX share code: TUC
JSE share code: TTO
ISIN Number: NA000A0RF067
("the Company" or "the Group" or "Trustco")
Board Resolution On Payment of Dividends
The Company announces that the Board of Directors passed a resolution at its
meeting held on 11 August 2010 to recommend to shareholders at the Annual
General Meeting that the Company will not pay any dividend for the financial
year ended 31 March 2010.
The decision by the Board was prompted by the following facts:
1. The company`s fund raising exercise, although in an advanced stage, is
still not finalized.
2. Trustco Mobile, the Company`s free insurance model, has not expanded
into Africa within the time frame envisaged initially. The process
although delayed is continuing.
3. The loan book of Trustco Finance (Pty) Ltd is showing a strong demand
for loans, which necessitates the reservation of capital to meet the
demand.
The Board resolved to re-assess the position of the Company during
November 2010 as far as the declaration of a dividend is concerned.
By order of the Board
PJ Miller
Company Secretary
Windhoek, 13 August 2010
NSX Sponsor: IJG Securities (Pty) Ltd
JSE Sponsor: QuestCo Sponsors (Pty) Ltd
Date: 13/08/2010 13:55:01 Produced by the JSE SENS Department.
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