Key points drawn from coverage. Tap a point to see the original sentence.
October 2026
Windhoek Observer
Riskowitz Value Fund LPhad shares attached viaHigh Court interim order on 200 million Trustco shares
Source
“The High Court has granted an interim order attaching 200 million Trustco Group Holdings shares held by Riskowitz Value Fund LP (RVF), pending a court hearing on 6 November 2026.”
Riskowitz Value Fund LPdemanded via Section 189 thatTrustco directors convene shareholders' meeting to appoint new board
Source
“On 25 September, the board of directors of Trustco said it had 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.”
Riskowitz Value Fundis leadinga shareholder campaign to remove the current board
Source
“The shareholder campaign is being led by Riskowitz Value Fund (RVF), whose representatives have argued that the wishes of the majority of shareholders should be respected.”
Riskowitz Value Fund LPused the very shares it received under the transaction to pursuethe outcome the transaction expressly prohibited
Source
“By requisitioning a general meeting to remove the Board and install its own nominees, RVF used the very shares it received under the transaction to pursue the outcome the transaction expressly prohibited.”
“As announced on 28 January 2026, the Board accepted RVF's repudiation of the shareholder-approved transaction framework and resolved to pursue the reversal and unwinding of all performance already rendered, strictly in accordance with applicable law, the Listings Requirements, and any required regulatory or court process.”
The High Court has ordered the attachment of 200 million Trustco Group Holdings shares and 1,135 unlisted Legal Shield Holdings shares linked to US-based Riskowitz Value Fund LP, temporarily preventing the investor from selling or transferring the shares. The interim order was granted on 25 September as the two parties dispute control of the Namibian investment group, with the dispute linked to a N$468 million transaction and RVF's attempts to influence Trustco's board.
The High Court has ordered the attachment of 200 million Trustco Group Holdings shares and 1,135 unlisted Legal Shield Holdings shares linked to US-based Riskowitz Value Fund LP, temporarily preventing the investor from selling or transferring the shares. The interim order was granted on 25 September as the two parties dispute control of the Namibian investment group, with the dispute linked to a N$468 million transaction and RVF's attempts to influence Trustco's board.
Namibia's High Court granted an interim order on 25 September attaching 200 million Trustco Group Holdings shares held by Riskowitz Value Fund LP, pending a court hearing on 6 November 2026. The order also covers 1,135 unlisted shares in Legal Shield Holdings Limited and directs the Deputy Sheriff to effect the attachment and notify relevant share registers.
Trustco Group Holdings has secured an interim High Court order authorizing the attachment of 200 million Trustco shares and 1,135 Legal Shield Holdings shares held by US-based Riskowitz Value Fund LP, placing them under court control and preventing their sale or transfer. The move follows Riskowitz's earlier unsuccessful attempts to change Trustco's board in February and August 2026.
Shareholders of Trustco Group Holdings Limited rejected all substantive resolutions proposed by Riskowitz Capital Management LLC at a general meeting, with each nominee and resolution to remove incumbent directors securing no more than 35.77% support. This marks the second failed attempt by Riskowitz parties to replace the board in six months.
Trustco Group Holdings has received a formal demand from major shareholder Riskowitz Capital Management LLC to convene a shareholders' meeting to appoint a new board. This follows a contentious February shareholder meeting where a majority voted to remove the current board, but the outcome was invalidated by board chairman Raymond Heathcote on procedural grounds.
Trustco shareholders voted by 43.75% to remove the current board, but chairman Raymond Heathcote invalidated the meeting on the grounds that it lacked the required 21-day notice period under the Companies Act. The Riskowitz Value Fund, which proposed five replacement directors, says it will take the matter to court.
Trustco Group Holdings is returning 400 million shares to treasury or suspension following a failed takeover bid by its largest minority shareholder, Riskowitz Value Fund, which held 23% of shares and attempted to fire the board. The reversal of the Legal Shield Holdings transaction, originally approved in December 2024, restores capital structure and reduces total shares in issue to approximately 992.2 million.
Trustco Group Holdings has confirmed the full unwinding of its Legal Shield Holdings transaction following a failed hostile takeover attempt by Riskowitz Value Fund LP, which had received 400 million shares under an agreement that expressly prohibited a change of control but then used those shares to attempt exactly that. Approximately 400 million shares are being returned to treasury, restoring Trustco's shareholder structure and reducing RVF's voting rights to approximately 22%, with Trustco reserving all rights to pursue damages and restitutionary remedies.
Trustco Group Holdings' largest minority shareholder, Riskowitz Value Fund LP (RVF), failed in its attempt to remove and replace the board at a general meeting on Monday. The meeting was ruled illegally convened under the Namibian Companies Act; a condonation vote to remedy defects failed, and RVF could not secure majority support even on the merits, according to the company.
Trustco Group Holdings rejected a hostile takeover bid by Riskowitz Value Fund LP at a shareholders' general meeting. The Chairman ruled the meeting illegally convened under Namibian law, a condonation vote to cure the defect failed to achieve the required majority, and even on the substance of the proposal, the fund could not secure board reconstitution support.
Riskowitz Value Fund, a 23% shareholder in Trustco Group Holdings, has called a general meeting for 16 February to elect five new directors and remove founder Quinton van Rooyen and the current board after they refused to convene the meeting. The board claims the requisition is invalid and accuses the proposed directors of value destruction, but Section 189 of the Namibian Companies Act allows members holding at least 5% of voting shares to require such a meeting.