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Title: TRUSTCO FOUNDING FAMILY RECEIVES PRIVATE OFFER FROM VELDBRIDGE HOLDINGS IN ORDER TO ACCELERATE LISTING ON SENIOR STOCK EXCHANGE IN THE UNITED STATES
Trustco Group Holdings Ltd (“Trustco”) announced that the founding family shareholder of Trustco, and the Group Chief Executive Officer, Dr Quinton van Rooyen, have received a private acquisition offer from VeldBridge Holdings Ltd, a Cayman Islands-incorporated investment company.The offer encompasses Dr van Rooyen’s entire shareholding in Trustco. Additionally, VeldBridge seeks to acquire debt assets, that include both interest-bearing and non-interest-bearing components, subordinated and first-ranked obligations, as well as secured and unsecured claims totaling NAD 5,053,073,500 (USD 281 million). This is held by the family against various Trustco entities, with the family currently holding 71% of long-term debt across the group.In terms of the offer, VeldBridge or any of its subsidiaries would provide Trustco with access up to USD 250 million (NAD 4.5 billion) in debt financing at interest rates not exceeding 6.5% per annum. The transaction would also require Trustco to withdraw its current application for a NASDAQ listing under the "TRCO" ticker, enabling VeldBridge to pursue its own international listing strategy.From Left: Quinton Z van Rooyen, Deputy CEO of Trustco Group Holdings, Advocate Raymond Heathcote SC, Chairman of the Board of Trustco Group Holdings, and Dr Quinton van Rooyen, Group MD of Trustco Group Holdings Limited."This offer represents an exciting opportunity for Trustco to accelerate plans for listing on a senior US stock exchange," said Quinton Z van Rooyen, Deputy CEO of Trustco Group Holdings. "The proposed capital investment of up to USD 250 million (NAD 4.5 billion) would allow the group to pursue growth opportunities and represents another vote of confidence in Trustco's ability to generate superior returns for its investors."“The family has...
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