Quinton van Rooyen’s Next move
Who will acquire the shares being peddled by family-owned vehicle after downgrade?
Namibian investment company Trustco will again raise eyebrows in the market with a novel proposal to rejig its balance sheet. This week founder, CEO and major shareholder Quinton van Rooyen indicated a willingness to stump up as much as R1bn in loan funding for Trustco, which has been renegotiating its debt and was recently slapped with an ominous credit downgrade by Global Credit Ratings. The much-needed funding line appears to hinge on Van Rooyen’s family-owned vehicle, Next Investments, selling a portion of its Trustco shares to investors, including institutions, individuals, corporates and existing shareholders. Aside from Van Rooyen, Trustco’s major shareholder is the US-based Riskowitz Value Fund and a number of related party investment entities. If the earnout clause attached to Trustco’s acquisition of diamond mining assets from the Van Rooyen family pans out, the family will own more than 1.16-billion Trustco shares, which represents a stake of 72.65%. Officially Trustco re...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.