The High Court of Namibia has granted Trustco Group Holdings Limited an interim order attaching 200 million shares held by Riskowitz Value Fund LP (RVF). The order, granted on 25 September 2026, is pending a court hearing on 6 November 2026. The attached shares include 200 million ordinary shares in Trustco and 1,135 unlisted shares in Legal Shield Holdings Limited. This move is part of ongoing disputes between Trustco and RVF.
According to Trustco, the court order directs the Deputy Sheriff to effect the attachment by providing written notice to interested parties and serving the order on Trustco and the administrator of the relevant share registers. Trustco has also been directed to notify its South African transfer secretaries of the attachment for noting against the Johannesburg branch register. The attachment takes immediate effect as an interim order and remains in place pending the return date of 6 November.
The proceedings form part of ongoing disputes involving RVF and Riskowitz Capital Management LLC. Trustco previously referred to the disputes in announcements dated 19 February 2026 and 25 September 2026 concerning the unwinding of the LSH transaction and a demand to call a shareholders’ meeting. Trustco said it would continue taking steps necessary to give effect to the court order and protect the company’s interests.
On 25 September 2026, the board of directors of Trustco received a demand in terms of Section 189 of the Namibian Companies Act from Riskowitz Value Fund LP demanding that the directors convene a Trustco shareholders’ meeting to consider the appointment of a new board of directors. The board said it was considering the content and validity of the demand and a further announcement would be made.
Shareholders previously approved the N$468 million transaction under which Trustco was to acquire a further 11.35% stake in Legal Shield Holdings in exchange for 400 million Trustco shares at an issue price of N$1.17 per share. The transaction would not result in a de facto change of control of Trustco. The Riskowitz group launched two earlier unsuccessful attempts to change the Trustco board, in February and August 2026.
Trustco’s Group Chief Executive Officer, Quinton van Rooyen, stated that no foreign actor or shareholder would take control of Trustco in a hostile manner or by an abuse of process. He added that Namibian law permits members holding at least 5% of the capital carrying voting rights to requisition a general meeting, subject to statutory requirements.
In a non-binding advisory opinion dated 29 July 2026, the Namibian Competition Commission indicated that any arrangement giving RVF the ability to appoint or remove a majority of Trustco’s directors would require merger notification and approval before implementation. Trustco will continue to inform shareholders of further material developments in accordance with the JSE Listings Requirements and applicable requirements of the Namibian Stock Exchange.
Key points
- The High Court of Namibia grants Trustco an interim order attaching 200 million shares held by Riskowitz Value Fund LP.
- The attachment is pending a court hearing on 6 November 2026.
- The disputes between Trustco and RVF involve attempts by RVF to change the Trustco board.
