Conduit Capital halts reporting amidst legal challenges and failed asset sale

Conduit Capital Limited announced a suspension of interim results and audit work for the year ended 30 June 2023, citing ongoing litigation with the liquidators of Constantia Insurance Company Limited (CICL). The company stated no timeline is available for the conclusion of this litigation, which concerns alleged advances of R37.4 million between Conduit Capital and CICL.

The provisional liquidation of CICL continues, maintaining the suspension status of Conduit Capital, with no certainty on a final winding-up date. Additionally, the planned disposal of Constantia Risk and Insurance Holdings (CRIH) and Constantia Life Limited (CLL) for an aggregate cash purchase price of R55 million has lapsed. This was due to the non-fulfillment of conditions, including the Prudential Authority's approval. CLL's insurance business remains in run-off, and the company is exploring options for transferring its liabilities and assets.

Conduit Capital also noted the resignation of two directors, Mr. Christian Solberg and Mr. Peter Todd, effective September 19, 2025, and has initiated the process to appoint replacements. Further announcements regarding the enforcement of an arbitration award concerning Trustco Properties will be made as developments occur.