| Tue 24 Jul 2007, 11:55 | | Trencor/Mobile -- Trencor's Textainer |
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MOB TRE
MOB TRE
TRE / MOB - Trencor / Mobile - Trencor`s Textainer To Manage Capital Lease`s
Container Fleet
TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration no 1955/002869/06)
("Trencor")
Share Code: TRE
ISIN: ZAE000007506
MOBILE INDUSTRIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration no 1968/014997/06)
("Mobile")
Share Code: MOB
ISIN: ZAE000091435
TRENCOR`S TEXTAINER TO MANAGE CAPITAL LEASE`S CONTAINER FLEET
In a transaction that closed on 23 July 2007, CIF 3, an investment fund advised
by DVB Bank, acquired Capital Lease Limited, Hong Kong, the world`s 8th largest
container leasing company, and simultaneously sold the management rights to
Capital Lease`s over 500 000 TEU (20-foot equivalent unit) container fleet to
Textainer, a company in which Trencor has a 72% interest.
Ian Karan, Chairman of Capital Lease, stated: "After an extensive bidding
process, involving other container lessors, banks, hedge funds and equity
players, the fund advised by DVB Bank emerged as the winner. A prime factor for
this choice is the involvement of Textainer to manage the entire fleet. DVB Bank
is a leading funding partner for the container leasing market whilst Textainer
is a leading manager of container portfolios. The business that we have worked
so hard to build is therefore, we believe, in safe hands."
Dagfinn Lunde, Member of the Board of Managing Directors of DVB Bank AG and head
of DVB`s Shipping Division, commented: "I am delighted that the combined offer
of Textainer and the fund advised by DVB was finally successful in a bidding
process which had attracted numerous bidders. We were able to successfully
combine the high expertise of DVB in the field of container box financing with
the in-depth market know how of Textainer in managing large container fleets."
Eric Snellen, head of DVB`s Container Business Unit, said: "Winning the
competitive bidding process to acquire Capital Lease proves that DVB has built
up a competitive advantage in acquiring container portfolios for the funds
advised by it. The Capital Lease portfolio contains high quality well maintained
containers leased to world class lessees. We are also pleased to work with
Textainer, as it is the largest and most experienced manager of container
portfolios."
John Maccarone, President and CEO of Textainer, noted that: "Capital Lease is
one of the leaders in our industry, with a high quality fleet of containers. We
are extremely pleased and proud to be taking over the management of such an
excellent container fleet and will continue its tradition of first class
service. In the past 20 years, we have either purchased, or assumed management
of the container fleets of seven other lessors, now including Capital Lease. We
strongly believe that more leasing industry consolidation is justified, and are
actively seeking other opportunities."
Mr Maccarone added: "Our strategy is to be the most reliable supplier to our
shipping line customers of containers in high demand locations. We do this not
only by having the largest lessor-operated container fleet in the world, over 2
million TEU, but also by purchasing an average of over 90 000 TEU of new
containers each year, and by aggressively repositioning off-lease containers.
Increasing our fleet by 33% with the acquisition of the Capital Lease fleet will
help ensure that we have the containers our customers want in the locations they
want them."
Mr Neil Jowell, Chairman of Trencor, stated: "We are delighted that Textainer
secured the management rights for the Capital Lease fleet. The consideration
paid by Textainer is a sound investment that meets our investment criteria.
Although its impact on earnings in the first year will be modest, we look
forward to a satisfactory contribution over future years."
24 July 2007
Sponsor
RAND MERCHANT BANK (A Division of FirstRand Bank Limited)
Notes:
Trencor is a holding company listed on the JSE Limited. The group`s core
business focus worldwide is: owning, leasing and managing marine cargo
containers (Textainer); owning and leasing returnable packaging units together
with the related management and technology (TrenStar); and finance related
activities. www.trencor.net
Mobile is an investment holding company listed on the JSE Limited. It`s main
investment is a holding of 46% in Trencor. www.mobile-industries.net
Textainer is a 28 year old organisation and is the largest lessor of marine
containers and one of the two largest sellers of second hand containers in the
world. With offices and depots in more than 150 locations around the globe,
Textainer serves more than 300 leasing customers, which include virtually all of
the world`s leading international shipping lines, and over 700 container sales
customers. www.textainer.com
DVB Bank AG, based in Frankfurt/Main, is an international advisory bank and
finance house that specializes in the global transport market. DVB offers
integrated financing solutions and advisory services in respect of Shipping,
Aviation, and Land Transport. The Bank operates out of offices in
Frankfurt/Main, Hamburg, London, New York, Rotterdam, Hong Kong, Singapore,
Tokyo, Bergen/Oslo, Piraeus and Cura?ao. DVB Bank AG is listed on the Frankfurt
Stock Exchange (ISIN: DE0008045501). www.dvbbank.com
Capital Lease is an industry leader in the leasing of marine containers. Founded
in November 1996, it has grown to over 500 000 TEU and operates a fleet of top
quality containers with an average age of 4,8 years. Employing 71 people
globally, Capital Lease has offices in Amsterdam, Hamburg, Hong Kong, Miami and
Shanghai, supported by agents in major international shipping and trading
centres. www.capital-lease.com
Date: 24/07/2007 11:41:37 Produced by the JSE SENS Department.
