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MOB TRE
MOB TRE
TRE / MOB - Trencor / Mobile Industries - Sale Of Trenstar South Africa
TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506
("Trencor")
MOBILE INDUSTRIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1968/014997/06)
Share Code: MOB
ISIN: ZAE000091435
SALE OF TRENSTAR SOUTH AFRICA
In the 22 February 2008 announcement of Trencor`s results for the year ended 31
December 2007, we reported that, in the context of attaining greater focus on
Trencor`s core marine container businesses, TrenStar Inc (58% owned by Trencor)
and TrenStar SA (Pty) Ltd (100% owned by Trencor) had been categorised as "held
for sale". On 4 March 2007 we announced the sale of the three operating
subsidiaries of TrenStar Inc active in North America.
We are now pleased to announce that all of Trencor`s interests in TrenStar South
Africa (i.e. TrenStar SA (Pty) Ltd) have been sold to a consortium comprising
the management of that company and Investec Bank Limited ("the sale"). The
effective date of the sale is 31 December 2007. Trencor will receive R80
million, which includes repayment of Trencor`s current shareholder loan account
of R72 million.
As the sale constitutes a "small related party transaction" in terms of the JSE
Listings Requirements, implementation thereof is subject to compliance with the
JSE Listings Requirements, which includes the JSE being furnished with written
confirmation from an independent professional expert, that the terms of the sale
are fair as far as the shareholders of Trencor are concerned.
In Trencor`s said announcement of results to 31 December 2007, we advised that
in view of the "held for sale" status of the assets and liabilities of the
TrenStar companies, they had in the said results been treated for accounting
purposes as "discontinued operations". Thus the effects of the above transaction
do not impact the results of Trencor`s continuing operations and headline
earnings as published on 22 February 2008.
Trencor Services (Pty) Ltd
Secretaries
2 April 2008
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
www.trencor.net
www.mobile-industries.net
Date: 02/04/2008 16:38:01 Produced by the JSE SENS Department.
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