|
TTO
TTO
TTO - Trustco Group Holdings Limited - Voluntary announcement relating
to Trustco Mobile`s Transaction with Econet Wireless and First Mutual
Life
TRUSTCO GROUP HOLDINGS LIMITED
Incorporated in the Republic of Namibia
(Registration number 2003/058)
JSE share code: TTO
NSX share code: TUC
ISIN Number: NA000A0RF067
("Trustco" or "the Company")
Voluntary Announcement Relating to Trustco Mobile`s Transaction with
Econet Wireless and First Mutual Life
Shareholders are referred to the SENS announcements dated 8 June 2011
and 17 June 2011 whereby Trustco announced that it had instructed its
lawyers in Zimbabwe to apply for an interdict against Econet Wireless
(Private) Limited ("Econet "). The interdict sought to enforce Econet`s
compliance with its contractual obligations, as entered into in its
tripartite agreement ("the agreement") with Trustco Mobile (Pty)
Limited ("Trustco Mobile") and First Mutual Life Assurance Company
(Pty) Limited ("First Mutual Life") ("the parties") dated 17 August
2010, and to prohibit Econet Wireless from infringing in any way on
Trustco Mobile`s Intellectual Property Rights which are protected under
Zimbabwean and International intellectual property laws.
The subject matter of the dispute relates to the "Ecolife" product in
terms of which Econet subscribers were afforded free life insurance.
Shareholders are advised that the High Court of Zimbabwe handed down
the following interim order against Econet on the 25th of July 2011:
"1. The first respondent (Econet) is directed to restore to the first
applicant (Trustco Mobile) the internet based reporting links and
all access to Trustco Mobile hardware and software, thus enabling
it to monitor and process airtime purchase transactions and
otherwise perform its obligations in terms of the agreement; and
2. The first respondent (Econet) be directed to refrain from
undertaking and implementing a competing, infringing service to
that provided by the first applicant (Trustco Mobile) in terms of
the agreement."
It is foreseen that none of the almost two million subscribers to
"Ecolife" will loose any of their accumulated life cover, as Trustco
Mobile anticipates the continuation of the venture in Zimbabwe to the
benefit of all parties concerned.
By order of the Board
J Bazuin
Company Secretary
Windhoek, 26 July 2011
JSE Sponsor
QuestCo Sponsors (Pty) Limited
NSX Sponsor
IJG Securities (Pty) Limited
Date: 26/07/2011 08:37:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
