| Thu 16 Apr 2009, 16:11 | | TRE / MOB - Trencor / Mobile - Trencor`s Textainer Strategically Expands Managed |
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MOB TRE
MOB TRE
TRE / MOB - Trencor / Mobile - Trencor`s Textainer Strategically Expands Managed
Container Fleet: Obtains Rights To Manage Amficon`s Fleet
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")
TRENCOR`S TEXTAINER STRATEGICALLY EXPANDS MANAGED CONTAINER FLEET: OBTAINS
RIGHTS TO MANAGE AMFICON`S FLEET
We draw attention to the following news release issued by Textainer Group
Holdings Limited, in which Trencor has a 62,3% interest:
"Hamilton, Bermuda (Business Wire) - April 16, 2009. Textainer Group Holdings
Limited (NYSE: TGH) ("Textainer" or the "Company"), the world`s largest lessor
of intermodal containers based on fleet size, today reported that it entered
into an agreement with Amphibious Container Leasing Limited ("Amficon") to
purchase the rights to manage Amficon`s 150,000 twenty-foot equivalent unit
("TEU") container fleet effective as of May 1, 2009. As a result of this
purchase, Textainer will now operate a fleet of approximately 2.2 million TEU.
John Maccarone, President and CEO of Textainer, commented: "With this agreement,
Textainer has once again capitalized on an attractive opportunity with a view
toward strengthening the Company`s leading industry position and increasing its
earnings power in a prudent manner. Importantly, we expect this acquisition of
management rights to provide the Company with economies of scale by reducing our
overhead cost per container below its already very low level. Additionally,
Amficon`s significant number of flat rack and open top containers will more than
double Textainer`s fleet of specialized containers, a market segment in which we
have made a decision to grow as we are focused on strategically increasing the
scope of our service in a profitable manner. Going forward, we plan to continue
to utilize our management`s expertise and our financial strength, which includes
over $300 million of liquidity with its credit facilities and available cash, to
take advantage of the current market conditions and seek opportunities in
acquisitions, purchase-leasebacks and long-term lease transactions that we
expect will be accretive to earnings. In accomplishing this critical objective,
we remain dedicated to utilizing Textainer`s experience, size and scope to best
serve its customers."
Basil Henley, Managing Director of Amficon, commented, "We are very proud of
Amficon`s achievements, having built up a world class leasing company with a
strong presence in the specialized container market. However, we firmly believe
that the container leasing business should continue to consolidate in order to
achieve further financial and operational efficiencies and are excited to work
with the industry leader. Given Textainer`s favorable reputation and
experience, we felt that they were the best choice for this agreement. I would
like to thank our customers and our suppliers for their enduring and close
relationships with Amficon over the years; and I would like to give particular
thanks to my colleagues within Amficon, whose unrivaled dedication and loyal
support has made Amficon an outstanding company."
Important Cautionary Information Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of
U.S. securities laws. Forward-looking statements include statements that are
not statements of historical facts, and include, without limitation, statements
regarding the Company`s expectation that (i) its acquisition of management
rights to Amficon`s container fleet will provide the Company economies of scale
by reducing its overhead cost per container and (ii) the Company`s expectation
that its management`s expertise and financial strength will allow it to take
advantage of the current market conditions and seek opportunities in
acquisitions, purchase-leasebacks and long-term lease transactions that it
expects will be accretive to earnings. Readers are cautioned that these forward-
looking statements involve risks and uncertainties, are only predictions and may
differ materially from actual future events or results. These risks and
uncertainties include, without limitation, the possibility that the economies of
scale, cost savings, and any other synergies expected from the acquisition may
not be fully realized or may take longer to realize than expected; the risk that
the acquisition could present unforeseen integration obstacles or costs; the
continued downturn and other adverse developments in the global economy; the
Company`s continued ability to finance any future transactions, including the
Company`s continued borrowing availability under its debt facilities; and other
risks and uncertainties, including those set forth in the Company`s filings with
the Securities and Exchange Commission. For a discussion of some of these risks
and uncertainties, see Item 3, "Key Information - Risk Factors" and Item 5,
"Operating and Financial Review and Prospects" in the Company`s Annual Report on
Form 20-F for the fiscal year ended December 31, 2008 filed with the Securities
and Exchange Commission on March 16, 2009.
The Company`s views, estimates, plans and outlook as described in this press
release may change subsequent to the release of this press release. The Company
is under no obligation to modify or update any or all of the statements it has
made herein despite any subsequent changes the Company may make in its views,
estimates, plans or outlook for the future.
About Textainer Group Holdings Limited
Textainer has operated since 1979 and is the world`s largest lessor of
intermodal containers based on fleet size. We currently have a total of more
than 1.3 million containers, representing over 2,000,000 TEU, in our owned and
managed fleet. We lease containers to more than 400 shipping lines and other
lessees. We principally lease dry freight containers, which are by far the most
common of the three principal types of intermodal containers, although we also
lease refrigerated and other specialized containers. We have also been one of
the largest purchasers of new containers among container lessors over the last
10 years. We believe we are also one of the largest sellers of used containers,
having sold more than 170,000 containers during the last two years. We provide
our services worldwide via a network of 14 regional and area offices and over
330 independent depots in more than 130 locations.
Contact: Textainer Group Holdings Limited
Mr. Tom Gallo
Investor Relations Director
Ph: 415-658-8227
ir@textainer.com"
Trencor Services (Pty) Ltd
Secretaries to Trencor and Mobile
16 April 2009
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
www.trencor.net
www.mobile-industries.net
Date: 16/04/2009 16:11:29 Produced by the JSE SENS Department.
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