| Thu 5 Apr 2007, 15:31 | | TRE/ MOB - Trencor/ Mobile - Distribution of Annua |
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MOB TRE TED2 MOBD
MOB TRE
TRE/ MOB - Trencor/ Mobile - Distribution of Annual Reports, Notice of Annual
General Meetings and Modifications to Reviewed
Results
TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration no 1955/002869/06)
Share Codes: ISIN:
TRE ZAE000007506
TED2 ZAE000007282
("Trencor")
MOBILE INDUSTRIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration no 1968/014997/06)
Share Codes: ISIN:
MOB ZAE000091435
MOBD ZAE000004610
("Mobile")
DISTRIBUTION OF ANNUAL REPORTS, NOTICE OF ANNUAL GENERAL MEETINGS AND
MODIFICATIONS TO REVIEWED RESULTS
DISTRIBUTION OF ANNUAL REPORTS
The annual financial statements in respect of the year ended 31 December 2006
will be distributed to holders of securities of Trencor and Mobile on or about
12 April 2007.
NOTICE OF ANNUAL GENERAL MEETINGS
The annual general meetings of Trencor and Mobile shareholders will be held on
Wednesday, 23 May 2007, at 1313 Main Tower, Standard Bank Centre, Heerengracht,
Cape Town, commencing at 15:00 to transact the business as stated in the annual
general meeting notices forming part of the annual financial statements.
MODIFICATIONS TO REVIEWED RESULTS
Subsequent to the publication of the reviewed results in respect of the year
ended 31 December 2006 released on SENS on 22 February 2007 ("the reviewed
results announcement"), the following modifications have been made:
Contractual disputes between certain UK subsidiaries of 58% owned TrenStar Inc
and two of the subsidiaries` larger UK brewer customers regarding responsibility
for replacing beer kegs lost due to theft, coupled with declined draught beer
sales by these customers, made the underlying contracts uneconomic. Subsequent
to the year-end and in order to facilitate a solution, the special purpose
TrenStar subsidiary that contracted with one of these customers was placed into
administration and the contract was thereafter terminated, triggering the
customer`s right to purchase the kegs.
Depending upon the value placed on the keg fleet, it is probable that the
TrenStar subsidiary concerned will forfeit approximately UKGBP4,5 million of the
UKGBP8,5 million currently held in restricted security deposit accounts by the
bank that financed the purchase of the kegs.
As a consequence, the keg fleet has been impaired by UKGBP4,5 million (R61,5
million) of which UKGBP2,6 million (R35,7 million) is attributable to Trencor.
Furthermore, goodwill attributable to Trencor`s interest in TrenStar Inc
amounting to R33,9 million has also been impaired.
Accordingly, while Trencor`s headline earnings per share and adjusted headline
earnings per share for 2006 remain unchanged, basic earnings per share from
continuing operations in the annual report will decrease from those published in
the reviewed results announcement as follows:
Annual Reviewed
Report Results
R million R million
Basic earnings attributable to equity holders of
the company 319,4 389,0
Minority interest 175,4 201,2
Basic earnings per share continuing operations
(cents) 202,2 246.7
Diluted earnings per share (cents) 176,6 212,3
The effects of the above matters on certain balance
sheet items are as follows:
Intangible assets and goodwill 136,2 170,1
Property, plant and equipment 7 981,5 8 043,0
Equity attributable to equity holders of the
company 2 357,8 2 427,4
Minority interest 1 078,8 1 104,6
Effect on Mobile:
Annual Reviewed
Report Results
R million R million
Basic earnings attributable to equity holders of
the company 252,8 284,8
Basic earnings per share (cents) 28,2 31,7
Diluted earnings per share (cents) 24,2 27,2
Effects on certain balance sheet items:
Investment in associate 1 085,9 1 117,9
Equity attributable to equity holders of the
company 1 354,6 1 386,6
ON BEHALF OF THE BOARDS
NI JOWELL CHAIRMAN TRENCOR LIMITED
C JOWELL CHAIRMAN MOBILE INDUSTRIES LIMITED
Cape Town
5 April 2007
www.trencor.net
www.mobile-industries.net
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 05/04/2007 14:21:09 Produced by the JSE SENS Department.
