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MOB TRE
MOB TRE
TRE/MOB - Trencor Limited/Mobile Industries Limited - Interim results unuaudited
for the six months ended 30 June 2010 and declaration of cash dividends
TRENCOR LIMITED
REG NO 1955/002869/06
("Trencor")
SHARE CODE: TRE
ISIN: ZAE000007506
MOBILE INDUSTRIES LIMITED
REG NO 1968/014997/06
("Mobile")
SHARE CODE: MOB
ISIN: ZAE000091435
INTERIM RESULTS UNUAUDITED FOR THE SIX MONTHS ENDED 30 JUNE 2010 AND DECLARATION
OF CASH DIVIDENDS
HIGHLIGHTS
TRENCOR: GROUP
- Trading profit, which is earned in US dollars, after net finance costs,
increased by 12% from US$49,8 million to US$55,8 million during the period
under review. However, translated at the much stronger average exchange rate
that prevailed in the current period, this declined in rand terms by 7% to
R419 million from R451 million in 2009.
- Net exchange gains, realised and unrealised, arising on translation into rand
of the net dollar receivables and the related valuation adjustment amounted to
R36 million (2009: loss R235 million); this non-cash adjustment had the effect
of increasing earnings per share by 13,6 cents (2009 effect: 90,2 cents per
share decrease).
- Headline earnings per share (including the effect of realised and unrealised
foreign exchange translation gains and losses and, in 2009 only, gains realised
by Textainer on the early extinguishment of debt) were 121,1 cents (2009:
68,8 cents).
- Adjusted headline earnings per share (which excludes the effect of foreign
exchange translation gains and losses and gains realised by Textainer on the
early extinguishment of debt) were 107,5 cents (2009: 113,1 cents).
- The differing measures of earnings are better presented in tabular form:
6 months ended 6 months ended Year ended
30 June 2010 30 June 2009 31 December 2009
Headline earnings 121,1 68,8 134,8
(Deduct)/Add:
Unrealised foreign
exchange translation
(gains)/losses (13,6) 90,2 114,6
107,5 159,0 249,4
Deduct:
Gains realised on
the repurchase and
early extinguishment
of debt by Textainer - (45,9) (45,9)
Adjusted headline
earnings 107,5 113,1 203,5
- Based on the spot exchange rate of US$1 = R7,63 and the price of Textainer`s
shares listed on the NYSE on 30 June 2010 (US$24,14) the net asset value of
Trencor at that date was as follows:
R Million Rand per share
Net interest in Textainer 5 484,9 29,26
Net interest in long-term receivables 741,8 3,96
Cash 658,2 3,51
US dollar currency note 267,0 1,44
Net liabilities (mainly net deferred tax) (102,9) (0,55)
7 053,4 37,62
- Consolidated gearing ratio at 30 June 2010 was 80% (2009: 82%).
- Interim dividend of 40,0 cents per share declared (2009: 35,0 cents per
share).
TEXTAINER: 61,9% interest
- Net profit attributable to Textainer shareholders for the half-year in US
GAAP was US$49,3 million (2009: US$51,9 million including US$15 million
realised on the early extinguishment of debt). Adjusted to conform with
International Financial Reporting Standards, net profit was US$45,2 million
(2009: US$53,0 million, including US$15 million realised on the early
extinguishment of debt).
- Fleet utilisation currently stands at a record high of 98,6%, compared with
spot utilisation of 85,4% at 30 June 2009 and 88,6% at 31 December 2009.
- Purchased 70 670 TEU of new containers that were delivered in the first half
of 2010, and ordered an additional 128 150 TEU for delivery in the second half
of 2010, representing a total of US$458 million of capital expenditures. 90% of
the total new containers ordered in 2010 will be owned by Textainer.
- Extended the term and increased the size of the funding facility from a total
revolving commitment of US$475 million to US$750 million for a two-year
revolving period, effective 29 June 2010.
- Declared dividends of US$0,24 and US$0,25 per share in respect of quarters
1 and 2 of 2010 respectively.
- Textainer`s results may be viewed on its website www.textainer.com.
DECLARATION OF CASH DIVIDENDS
Cash dividends in respect of the six months ended 30 June 2010 have been
declared as follows:
Trencor No 89 40,0 cents per share
Mobile No 74 3,2 cents per share
The salient dates pertaining to the cash dividend payments are as follows:
Last day to trade cum dividend Friday, 10 September 2010
Trading commences ex dividend Monday, 13 September 2010
Record date Friday, 17 September 2010
Payment date Monday, 20 September 2010
Share certificates may not be dematerialised or rematerialised between Monday,
13 September 2010 and Friday, 17 September 2010, both days inclusive.
On behalf of the boards
NI Jowell C Jowell
Chairman Trencor Limited Chairman Mobile Industries Limited
18 August 2010
Condensed consolidated statement of comprehensive income for the six months
ended 30 June 2010
TRENCOR
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2010 2009 2009
R Million
Revenue (Note 2) 1 292 901 1 958
Continuing operations
Trading profit 538 492 885
Realised and unrealised exchange
gains/(losses) on translation
of long-term receivables, included
in revenue, excluding fair value
adjustment 60 (358) (442)
Net long-term receivable fair value
adjustment (13) 123 130
Impairment of plant and equipment (5) (9) (16)
Net gain on disposal of
available-for-sale financial asset
transferred from equity - 7 7
Profit from operations 580 255 564
Net finance (expenses)/income (Note 3) (119) 134 71
Finance expenses - Interest expense (40) (56) (95)
- (Losses)/Gains on derivative
financial instruments (86) 3 (29)
Finance income - Interest income 7 12 20
- Gain on early extinguishment
of debt - 175 175
Profit before tax 461 389 635
Income tax (expense)/credit (61) 14 32
Profit after tax from continuing
operations 400 403 667
Discontinued operations
Profit for the period from
discontinued operations (net of
income tax) - 25 24
Profit for the period 400 428 691
Other comprehensive income/(loss) 191 (962) (1 205)
Foreign currency translation
differences 191 (953) (1 196)
Net change in fair value of
available-for-sale financial asset - (2) (2)
Net gain on disposal of
available-for-sale financial asset
transferred to profit or loss - (7) (7)
Total comprehensive income/(loss)
for the period 591 (534) (514)
Total comprehensive income/(loss)
for the period attributable to:
Equity holders of the company 339 (438) (471)
Non-controlling interest 252 (96) (43)
591 (534) (514)
Profit attributable to:
Equity holders of the company 225 146 259
Non-controlling interest 175 282 432
400 428 691
Basic earnings per share (cents)
Entity as a whole 120,0 77,8 138,1
Continuing operations 120,0 70,1 134,7
Discontinued operations - 7,7 3,4
Diluted earnings per share (cents)
Entity as a whole 119,9 77,7 138,0
Continuing operations 119,9 70,0 134,6
Discontinued operations - 7,7 3,4
Number of shares in issue (million) 187,5 187,5 187,5
Weighted average number of shares
in issue (million) 187,5 187,4 187,4
Period-end rate of exchange: SA
rand to US dollar 7,63 7,74 7,35
Average rate of exchange for the
period: SA rand to US dollar 7,50 9,07 8,33
Condensed consolidated statement of financial position at 30 June 2010
TRENCOR
Unaudited Unaudited Audited
30 June 30 June 31 December
2010 2009 2009
R Million
ASSETS
Property, plant and equipment 8 563 7 217 7 858
Intangible assets 488 574 493
Investments 281 14 272
Net investment in finance leases 424 763 447
Long-term receivables 837 1 045 838
Deferred tax assets 94 85 101
Derivative financial instruments - - 5
Restricted cash 105 93 48
Total non-current assets 10 792 9 791 10 062
Inventories 22 7 9
Trade and other receivables 678 688 767
Current tax assets - - 2
Assets classified as held for sale - 135 11
Cash and cash equivalents 1 121 1 124 1 104
Current assets 1 821 1 954 1 893
Total assets 12 613 11 745 11 955
EQUITY
Share capital and premium 457 457 457
Reserves 3 568 3 471 3 384
Equity attributable to equity
holders of the company 4 025 3 928 3 841
Non-controlling interest 2 119 1 963 1 905
Total equity 6 144 5 891 5 746
LIABILITIES
Interest-bearing borrowings 4 527 4 441 4 538
Amounts attributable to third
parties in respect of long-term
receivables 192 237 204
Derivative financial instruments 111 88 66
Deferred income 51 19 83
Deferred tax liabilities 230 232 230
Total non-current liabilities 5 111 5 017 5 121
Trade and other payables 740 241 389
Current tax liabilities 171 170 138
Current portion of interest-bearing
borrowings 393 399 500
Current portion of deferred income 54 12 58
Liabilities classified as held for
sale - 15 3
Current liabilities 1 358 837 1 088
Total liabilities 6 469 5 854 6 209
Total equity and liabilities 12 613 11 745 11 955
Capital expenditure incurred during
the period 781 141 1 496
Capital expenditure committed and
authorised, but not yet incurred 336 3 62
Directors` valuation of unlisted
investments 281 14 272
Ratio to aggregate of total equity:
Total liabilities (%) 105,3 99,4 108,1
Interest-bearing debt (%) 80,1 82,1 87,7
Condensed consolidated statement of cash flows for the six months ended 30
June 2010
TRENCOR
Re-presented*
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2010 2009 2009
R Million
Cash generated from operations 947 988 1 483
Acquisition of container leasing
equipment (450) (156) (1 162)
Finance income received 7 14 20
Finance expenses paid (72) (114) (201)
Dividends paid to equity holders of
the company (159) (141) (206)
Dividends paid to non-controlling
interest (66) (77) (139)
Taxation paid (30) (54) (82)
Net cash inflow/(outflow) from
operating activities 177 460 (287)
Cash inflow from investing
activities 36 69 55
Cash (outflow)/inflow from
financing activities (245) (594) 74
Net decrease in cash and cash
equivalents before exchange rate
changes (32) (65) (158)
Net cash and cash equivalents at
the beginning of the period 1 115 1 526 1 526
Effects of exchange rate changes on
cash and cash equivalents 38 (205) (253)
Net cash and cash equivalents at
the end of the period 1 121 1 256 1 115
* Re-presented - the disclosure of the acquisition and disposal of container
leasing equipment has been re-presented in accordance with the disclosure in
the 2009 annual financial statements.
Condensed consolidated statement of changes in equity for the six months ended
30 June 2010
TRENCOR
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2010 2009 2009
R Million
Balance at the beginning of the
period 3 841 4 502 4 502
Total comprehensive income/(loss)
for the period 339 (438) (471)
Profit for the period 225 146 259
Foreign currency translation
differences 114 (575) (721)
Net change in fair value of
available-for-sale financial asset - (2) (2)
Net gain on disposal of
available-for-sale financial asset
transferred to profit or loss - (7) (7)
Dividends paid (159) (141) (206)
Share-based payments 12 14 25
Change in holding in subsidiary (8) (10) (10)
Shares issued - 1 1
Shareholders` interest 4 025 3 928 3 841
Non-controlling interest in
subsidiaries 2 119 1 963 1 905
Balance at the beginning of the
period 1 905 2 117 2 117
Total comprehensive income/(loss)
for the period 252 (96) (43)
Profit for the period 175 283 432
Foreign currency translation
differences 77 (379) (475)
Dividends paid to non-controlling
interest (66) (77) (139)
Share-based payments 7 9 15
Liquidation dividend paid by
subsidiary company - - (55)
Shares issued by subsidiary 13 - -
Change in holding in subsidiary 8 10 10
Equity 6 144 5 891 5 746
Notes to the condensed consolidated annual financial statements for the six
months ended 30 June 2010
1. These condensed consolidated interim financial statements have been prepared
in accordance with International Financial Reporting Standards (IFRS) including
IAS 34 Interim Financial Reporting and the Companies Act of South Africa. The
accounting policies applied in the preparation of these consolidated condensed
financial statements are consistent with those used in the annual financial
statements for the year ended 31 December 2009.
TRENCOR
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2010 2009 2009
R Million
2. Revenue
Goods sold and services rendered 311 277 562
Leasing income 806 854 1 596
Management fees 100 108 210
Finance income 15 20 32
1 232 1 259 2 400
Realised and unrealised exchange
differences 60 (358) (442)
1 292 901 1 958
3. Net finance expenses/(income)
Finance expenses 126 53 124
Interest expense - Textainer 40 56 95
Losses/(Gains) on derivative
financial instruments 86 (3) 29
Finance income (7) (187) (195)
Interest income - cash and cash
equivalents (7) (12) (20)
Gain on early extinguishment of debt - (175) (175)
119 (134) (71)
4. Headline earnings
Profit attributable to equity
holders of the company 225 146 259
Impairment of plant and equipment 5 9 16
Net gain on disposal of
available-for-sale financial asset
transferred from equity - (7) (7)
Profit on disposal of discontinued
operations - (27) (26)
Total tax effects of adjustments - 1 (1)
Total non-controlling interests`
share of adjustments (2) 7 12
Headline earnings 228 129 253
Weighted average number of shares
in issue (million) 187,5 187,4 187,4
Headline earnings per share (cents) 121,1 68,8 134,8
Diluted headline earnings per share
(cents) 121,0 68,8 134,7
Adjusted headline earnings
Headline earnings (as above) 228 129 253
Gain on early extinguishment of debt - (175) (175)
Net (gain)/loss on translation of
net US dollar receivables (36) 235 298
Total tax effects of adjustments 10 (61) (79)
Total non-controlling interests`
share of adjustments - 84 84
Adjusted headline earnings 202 212 381
Undiluted adjusted headline
earnings per share (cents) 107,5 113,1 203,5
Diluted adjusted headline earnings
per share (cents) 107,4 113,0 203,3
5. Segmental reporting
Revenue
Reportable segments
Containers - finance (including
exchange differences) 76 (337) (410)
Containers - owning, leasing,
management and reselling 1 215 1 237 2 365
1 291 900 1 955
Unallocated 1 1 3
1 292 901 1 958
Profit/(Loss)
Reportable segments
Containers - finance 59 (217) (286)
Containers - owning, leasing,
management and reselling 535 481 878
594 264 592
Unallocated (14) (9) (28)
580 255 564
In order to provide a better appreciation of the results of the group`s
activities, a condensed consolidated income statement and a statement of
financial position are also presented in US dollars, as virtually all of the
group`s revenue and assets and much of its expenditure are denominated in that
currency. The amounts stated in US dollars have been prepared by management and
are unaudited.
Unaudited Trencor condensed consolidated income statement in US dollars for
the six months ended 30 June 2010
Unaudited Unaudited
6 months 6 months Unaudited
ended ended Year ended
30 June 30 June 31 December
2010 2009 2009
US$ Million
Revenue 282,2 133,8 282,2
Continuing operations
Trading profit 71,6 54,1 106,1
Realised and unrealised exchange
gains/(losses) arising on
translation 0,5 (4,9) (5,8)
Net long-term receivables fair
value adjustment 2,2 (0,6) (4,7)
Impairment of plant and equipment (0,6) (1,0) (2,0)
Other - 1,0 1,0
Profit from operations 73,7 48,6 94,6
Net finance (expenses)/income (15,8) 15,2 7,0
Finance expense - Interest expense (5,3) (6,1) (11,4)
- (Losses)/Gains on derivative
financial instruments (11,4) 0,4 (3,5)
Finance income - Interest income 0,9 1,4 2,4
- Gain on early extinguishment of
debt - 19,5 19,5
Profit before tax 57,9 63,8 101,6
Income tax expense (7,3) (4,2) (3,5)
Profit after tax from continuing
operations 50,6 59,6 98,1
Discontinued operations
Profit for the period from
discontinued operations (net of
income tax) - 3,3 3,1
Profit for the period 50,6 62,9 101,2
Attributable to:
Equity holders of the company 27,3 31,5 49,8
Non-controlling interest 23,3 31,4 51,4
50,6 62,9 101,2
Number of shares in issue (million) 187,5 187,5 187,5
Weighted average number of shares
in issue (million) 187,5 187,4 187,4
Basic earnings per share (US cents)
Entity as a whole 14,6 16,8 26,6
Continuing operations 14,6 15,8 26,1
Discontinued operations - 1,0 0,5
Diluted earnings per share (US
cents)
Entity as a whole 14,5 16,8 26,6
Continuing operations 14,5 15,8 26,1
Discontinued operations - 1,0 0,5
Headline earnings per share (US
cents) 14,7 15,5 26,0
Diluted headline earnings per share
(US cents) 14,7 15,5 26,0
Adjusted headline earnings per
share (US cents) 14,5 12,3 23,2
Diluted adjusted headline earnings
per share (US cents) 14,4 12,3 23,1
Period-end rate of exchange: SA
rand to US dollar 7,63 7,74 7,35
Average rate of exchange for the
period: SA rand to US dollar 7,50 9,07 8,33
Trading profit/(loss) from
continuing operations comprises:
Textainer 71,8 54,0 107,4
Other (0,2) 0,1 (1,3)
71,6 54,1 106,1
Unaudited Trencor condensed consolidated statement of financial position
in US dollars at 30 June 2010
Unaudited Unaudited Unaudited
30 June 30 June 31 December
2010 2009 2009
US$ Million
ASSETS
Property, plant and equipment 1 122,3 932,4 1 069,1
Long-term receivables 109,7 135,0 114,0
Other non-current assets 182,4 197,6 186,0
Non-current assets 1 414,4 1 265,0 1 369,1
Current assets 238,5 252,4 257,5
Inventories 2,9 0,9 1,3
Trade and other receivables 88,8 88,9 104,4
Current tax assets - - 0,2
Assets classified as held for sale - 17,4 1,5
Cash and cash equivalents 146,8 145,2 150,1
Total assets 1 652,9 1 517,4 1 626,6
Equity and liabilities
Equity attributable to equity
holders of the company 527,3 507,3 522,7
Non-controlling interest 277,7 253,7 259,1
Total equity 805,0 761,0 781,8
LIABILITIES
Interest-bearing borrowings 593,3 573,7 617,4
Amounts attributable to third
parties in respect of long-term
receivables 25,2 30,7 27,8
Derivative financial instruments 14,6 11,3 9,0
Deferred income 6,6 2,5 11,3
Deferred tax liabilities 30,2 29,9 31,3
Total non-current liabilities 669,9 648,1 696,8
Current liabilities 178,0 108,3 148,0
Trade and other payables 97,0 31,2 53,9
Current tax liability 22,4 22,0 17,8
Current portion of
interest-bearing borrowings 51,5 51,5 68,0
Current portion of deferred income 7,1 1,5 7,9
Liabilities classified as held for
sale - 2,1 0,4
Total liabilities 847,9 756,4 844,8
Total equity and liabilities 1 652,9 1 517,4 1 626,6
Ratio to aggregate of total equity:
Total liabilities (%) 105,3 99,4 108,1
Interest-bearing debt (%) 80,1 82,2 87,7
Condensed consolidated statement of comprehensive income for the six months
ended 30 June 2010
MOBILE
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2010 2009 2009
R Million
Revenue (Note 2) 0,2 0,4 0,6
Trading loss (1,1) (0,6) (1,1)
Other - (0,8) (0,6)
Loss from operations (1,1) (1,4) (1,7)
Share of profit of associate 104,0 67,4 119,7
Profit before tax 102,9 66,0 118,0
Income tax credit - - 0,1
Profit for the period 102,9 66,0 118,1
Other comprehensive income/(loss) 52,8 (269,7) (336,7)
Share of other comprehensive
income/(loss) of associate 52,8 (269,7) (336,7)
Total comprehensive income/(loss)
for the period attributable to the
equity holders of the company 155,7 (203,7) (218,6)
Profit attributable to the
equity holders of the company 102,9 66,0 118,1
Basic earnings per share (cents) 9,6 6,2 11,1
Diluted earnings per share (cents) 9,6 6,2 11,1
Number of shares in issue (million) 1 068,0 1 068,0 1 068,0
Weighted average number of shares
in issue (million) 1 068,0 1 068,0 1 068,0
Condensed consolidated statement of financial position at 30 June 2010
MOBILE
Unaudited Unaudited Audited
30 June 30 June 31 December
2010 2009 2009
R Million
ASSETS
Goodwill - 0,2 -
Investment in associate 2 120,8 2 075,8 2 036,0
Participation in export
partnerships 1,9 2,2 2,0
Total non-current assets 2 122,7 2 078,2 2 038,0
Trade and other receivables 0,1 0,2 0,4
Cash and cash equivalents 6,4 6,9 6,9
Current assets 6,5 7,1 7,3
Total assets 2 129,2 2 085,3 2 045,3
EQUITY
Share capital and premium 192,7 192,7 192,7
Reserves 1 933,4 1 889,4 1 849,7
Total equity 2 126,1 2 082,1 2 042,4
LIABILITIES
Deferred tax liabilities 1,9 2,2 2,0
Total non-current liabilities 1,9 2,2 2,0
Trade and other payables 1,1 0,9 0,9
Current tax liabilities 0,1 0,1 -
Current liabilities 1,2 1,0 0,9
Total liabilities 3,1 3,2 2,9
Total equity and liabilities 2 129,2 2 085,3 2 045,3
Market value of listed investments 2 775,1 1 733,9 2 275,8
Condensed consolidated statement of cash flows for the six months ended 30
June 2010
MOBILE
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2010 2009 2009
R Million
Cash utilised by operations (0,7) (1,7) (2,4)
Finance income received 0,2 0,4 0,6
Dividends received 73,6 65,0 95,4
Dividends paid to equity holders
of the company (73,6) (64,6) (94,5)
Taxation paid - (0,2) (0,4)
Net cash outflow from
operating activities (0,5) (1,1) (1,3)
Cash inflow from investing
activities - - 0,2
Net decrease in cash and cash
equivalents (0,5) (1,1) (1,1)
Net cash and cash equivalents at
the beginning of the period 6,9 8,0 8,0
Net cash and cash equivalents at
the end of the period 6,4 6,9 6,9
Condensed consolidated statement of changes in equity for the six months ended
30 June 2010
MOBILE
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2010 2009 2009
R Million
Balance at the beginning of the
period 2 042,4 2 348,7 2 348,7
Total comprehensive income/(loss)
for the period 155,7 (203,7) (218,6)
Profit for the period 102,9 66,0 118,1
Share of other comprehensive
income/(loss) of associate 52,8 (269,7) (336,7)
Dividends paid (73,6) (64,6) (94,5)
Share of net increase in
non-distributable reserves of
associate 1,6 1,7 6,8
Equity 2 126,1 2 082,1 2 042,4
Notes to the condensed consolidated annual financial statements for the six
months ended 30 June 2010
1. These condensed consolidated interim financial statements have been prepared
in accordance with International Financial Reporting Standards (IFRS) including
IAS 34 Interim Financial Reporting and the Companies Act of South Africa. The
accounting policies applied in the preparation of these consolidated condensed
financial statements are consistent with those used in the annual financial
statements for the year ended 31 December 2009.
MOBILE
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2010 2009 2009
R Million
2. Revenue
Finance income 0,2 0,4 0,6
0,2 0,4 0,6
3. Headline earnings
Profit attributable to equity
holders of the company 102,9 66,0 118,1
Net loss on dilution of investment
in associate - 0,8 0,6
Attributable share of headline
earnings adjustments of associate 1,0 (7,8) (2,9)
Headline earnings 103,9 59,0 115,8
Weighted average number of shares
in issue (million) 1 068,0 1 068,0 1 068,0
Headline earnings per share (cents) 9,7 5,5 10,8
Diluted headline earnings per share
(cents) 9,7 5,5 10,8
Directors:
Trencor: NI Jowell* (Chairman), HR van der Merwe* (Managing), JE Hoelter (USA),
C Jowell*, JE McQueen*, DM Nurek, E Oblowitz, RJA Sparks (* executive)
Mobile: C Jowell (Chairman), NI Jowell, DM Nurek, E Oblowitz (all non-executive)
Secretaries to Trencor and Mobile: Trencor Services (Pty) Ltd
Registered office: 1313 Main Tower, Standard Bank Centre, Heerengracht,
Cape Town 8001
Transfer secretaries: Computershare Investor Services (Pty) Ltd,
70 Marshall Street, Johannesburg 2001 (PO Box 61051, Marshalltown 2107)
Sponsors: RAND MERCHANT BANK (A division of FirstRand Bank Ltd)
These results can be viewed on the websites
www.trencor.net
www.mobile-industries.net
Date: 18/08/2010 11:00:01 Produced by the JSE SENS Department.
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