| Mon 19 May 2008, 16:54 | | TRE/MOB - Trencor Limited/Mobile Industries Limite |
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MOB TRE
MOB TRE
TRE/MOB - Trencor Limited/Mobile Industries Limited - Report on proceedings at
annual general meetings
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
("Mobile")
REPORT ON PROCEEDINGS AT ANNUAL GENERAL MEETINGS
At the annual general meetings of Trencor and Mobile held today, the requisite
majority of shareholders approved all the ordinary and special resolutions as
set out in the notices and proposed at the meetings. The special resolutions
will now be lodged with the Registrar of Companies for registration.
At the annual general meeting of Trencor, Mr NI Jowell (Chairman) made the
following statement:
"In the 2007 Annual Report, I noted that following the implementation over the
last few years of various initiatives to bring greater focus to our business,
which included the listing of Textainer on the New York Stock Exchange, possible
changes to the listed structure in South Africa would be addressed. I would
like to report on and confirm the following aspects that are relevant to this
matter.
Further growth and value enhancement for Trencor`s shareholders will now be
pursued through Textainer, by way of both organic growth and acquisitions.
Being the dominant global player in its core business of container leasing, and
with access to international capital markets following its NYSE listing,
Textainer is well placed for growth in its chosen industry, which we believe is
entering a consolidation phase during which further acquisition opportunities
should become available.
Retaining Trencor`s listing in South Africa is currently merited, as it offers a
useful mechanism for South African shareholders to effectively invest in
Textainer without having to resort to their offshore investment allowances.
Against this background, we have discussed with certain of Mobile Industries`
larger shareholders, the possible collapsing of the Trencor/Mobile structure so
as to have only one listing in South Africa. Following these discussions the
board believes there is insufficient support for a proposal to collapse the
structure.
The board also believes Textainer will be better able to pursue its focus on
mergers and acquisitions with the stable platform provided by the current
shareholding structure."
Trencor Services (Pty) Ltd
Secretaries
19 May 2008
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
www.trencor.net
www.mobile-industries.net
Date: 19/05/2008 16:54:02 Produced by the JSE SENS Department.
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