Namibian investment company Trustco completed an astounding specific share buyback exercise last week. Early in 2017 Trustco announced a forward-dated specific share buyback arrangement with one of its large American shareholders, Buckley Partners and Buckley Capital. It was agreed that before the end of January this year Trustco would repurchase Buckley’s shareholding at a price of 480c/share “irrespective of the trading price on the JSE or Namibian Stock Exchange”. At the time of announcing the buyback, Trustco’s share price of around 338c was well below the buyback price. The total purchase price was set at around R201m. Last week there were uncharacteristically large trading volumes in Trustco (more than 40m shares changed hands in a day), followed by a confirmation by the company that the Buckley shares had been r epurchased via subsidiary Legal Shield Holdings. Trustco indicated that these shares would be held as treasury shares by Legal Shield. As things stand, the Trustco sh...

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