Riskowitz Value Fund LP loses N$468 million after failed Trustco takeover

Trustco Group Holdings Limited has confirmed that a N$468 million transaction involving Legal Shield Holdings (LSH) will be fully reversed following a failed takeover attempt by the Riskowitz Value Fund LP (RVF).

According to Trustco, about 400 million shares that were issued as part of the deal will now be returned to the company’s treasury. This move is expected to benefit existing shareholders.

In a statement issued on Thursday, Trustco`s head of public relations, Neville Basson, said he transaction was originally approved by shareholders on 4 December 2024. However, it was approved on strict conditions including that the deal would not lead to any change of control of Trustco.

Bason further said RVF later tried to remove the company’s board and replace it with its own nominees. The company claims this action went against the original agreement, which clearly stated that the transaction could not be used to gain control of the company.

On 28 January 2026, Trustco’s board announced it had accepted what it called RVF’s breach of the agreement and decided to reverse the transaction in line with the law and stock exchange regulations.

Furthermore, it has been explained that the first 200 million shares issued under the deal are currently under dispute and are being formally cancelled.

“The remaining 200 million shares have been suspended from issuance. Total shares in issue will decrease by approximately 200 million, restoring the Company’s capital structure to 992.2 million shares. RVF will be reduced to approximately 22% of voting rights in issue. The founding family, pension funds, institutional investors, the public and employees hold the balance,” the statement read.

Trustco also said it may take further legal steps to recover any damages or losses linked to the failed transaction