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TTO
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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)
NSX share code: TUC
JSE share code: TTO
ISIN Number: NA000A0RF067
("the Company" or "Trustco")
Voluntary Announcement relating to Trustco Mobile`s transaction with Econet
Wireless and First Mutual Life
Shareholders are referred to the SENS announcement dated 26 July 2011,
regarding the agreement between the Company`s subsidiary, Trustco Mobile (Pty)
Ltd, Econet Wireless (Private) Ltd ("Econet") and First Mutual Life Assurance
Company (Pty) Ltd ("the Parties") entered into for a fixed period of 18 months
together with a notice period of 6 months("the Agreement").
Following a purported appeal by Econet in respect of an order obtained by
Trustco Mobile (Pty) Ltd on 25 July 2011, the following order has been granted
by the High Court of Zimbabwe on 12 October 2011:
"First Applicant (Trustco Mobile (Pty) Ltd) and Second Applicant (Trustco Group
International) are hereby allowed to execute the judgment" as "handed down in HC
6065/11 on 25 July 2011, notwithstanding First Respondent`s (Econet Wireless
(Private) Ltd) appeal under S.C. 171/11"
The High Court of Zimbabwe handed down the following interim order against
Econet on the 25th of July 2011:
"1. The first respondent (Econet Wireless (Private) Ltd) is directed to restore
to the first applicant (Trustco Mobile (Pty) Ltd) 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 Wireless (Private) Ltd ) be directed to refrain
from undertaking and implementing a competing, infringing service to that
provided by the first applicant (Trustco Mobile (Pty) Ltd) in terms of the
agreement."
In order to protect shareholders` interests, the Company shall take all steps
necessary to enforce the Court Order once confirmation has been obtained that
the Order has been served on Econet.
By order of the Board
M Gebhardt
Company Secretary
Windhoek,17 October 2011
JSE Sponsor
QuestCo Sponsors (Pty) Limited
NSX Sponsor
IJG Securities (Pty) Limited
Date: 17/10/2011 17:48:01 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.
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