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Title: TRUSTCO STRENGTHENS CORE HOLDINGS WITH SHARE REPURCHASE FROM INVESTOR

Windhoek, Khomas, Namibia, 24th Jun 2024 -  Trustco Group Holdings Limited (TTO.SJ) announced today that it has entered into an agreement to repurchase a significant block of publicly traded shares on the Johannesburg stock exchange from the University of Notre Dame du Lac (Notre Dame), for USD 5 million in cash. The transaction also allows Trustco to increase its holdings in key investees Legal Shield Holdings and Trustco Resources.In terms of the agreement, Trustco will repurchase 120.5 million of its shares from Notre Dame, representing 12.8% of total shares in issue. These repurchased Trustco shares will be cancelledby the company to enhance shareholder value whilst the repurchase remains in line with the company's longstanding policy of buybacks when shares trade at a discount to their intrinsicvalue. As of August 31, 2023, Trustco's audited net asset value per share stood at 117 Namibian cents."At Trustco, we firmly believe that the market has significantly undervalued our shares relative to the true potential of our assets and future growth prospects," said Floors Abrahams, Group Financial Director of Trustco. "This share repurchase allows us to capitalize on that disconnect by acquiring equity at a substantial discount, which will immediately boost investor returns."Floors Abrahams, Group Financial Director of TrustcoTrustco will also acquire an additional 8.65% equity interest in Legal Shield Holdings, which houses the group's insurance operations and vast real estate portfolio. This includes Trustco Insurance Limited, Trustco Life Limited, and an extensive real estate portfolio spanning an impressive 2,473 sellable hectares (6,112 acres) of prime real estate strategically positioned across Namibia. Trustco’s real estate portfolio has demonstrated its valu...

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