| Fri 30 Nov 2007, 12:09 | | TRE / MOB - Trencor /Mobile - Textainer Increases |
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MOB TRE
MOB TRE
TRE / MOB - Trencor /Mobile - Textainer Increases Its Interest In Textainer
Marine Containers Limited
TRENCOR LIMITED MOBILE INDUSTRIES LIMITED
(Incorporated in the Republic of (Incorporated in the Republic of
South Africa) South Africa)
(Registration No 1955/002869/06) (Registration No 1968/014997/06)
Share Code: TRE Share Code: MOB
ISIN: ZAE000007506 ISIN: ZAE000091435
("Trencor") ("Mobile")
TEXTAINER INCREASES ITS INTEREST IN TEXTAINER MARINE CONTAINERS LIMITED
Textainer Group Holdings Limited (NYSE:TGH) ("Textainer"), in which Trencor has
a 62,6% beneficiary interest, reported on 29 November 2007 that it purchased
additional shares in Textainer Marine Containers Limited ("TMCL") effective
1 November 2007. Textainer previously announced its intention to complete this
transaction upon consummation of its initial public offering in October 2007 and
had assumed that the transaction would be completed this year in connection with
planning and forecasting operating results for 2008.
TMCL, a joint venture with FB Transportation Capital LLC ("FBTC"), is engaged in
the business of owning and leasing marine containers. Textainer purchased an
additional 25% interest in TMCL from FBTC for a price of US$71,4 million. As a
result, it now owns 75% of TMCL and FBTC 25%. Prior to this purchase, each party
owned 50%.
This transaction will reduce the amount of minority interest expense that
Textainer reports each period by 50%. For the nine months ended 30 September
2007 (unaudited), Textainer reported minority interest expense of US$14,0
million. If Textainer had purchased the additional shares in TMCL on 1 January
2007 the minority interest expense for the nine months ended 30 September 2007
would have been US$7,0 million, resulting in an increase in net income before
income taxes of a similar amount.
The full announcement by Textainer can be accessed on its website:
www.textainer.com
Cape Town
30 November 2007
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
www.trencor.net
www.mobile-industries.net
Date: 30/11/2007 12:09:53 Produced by the JSE SENS Department.
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