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TRE
TRE
TRE - Trencor Limited - Announcement to Trencor Shareholders
TRENCOR LIMITED
Incorporated in the Republic of South Africa
(Registration Number 1955/002869/06)
Share code: TRE
ISIN: ZAE000007506
("Trencor")
ANNOUNCEMENT TO TRENCOR SHAREHOLDERS
Trencor shareholders are referred to the detailed Trencor announcement and the
circular of 22 November 2010 wherein it was stated that:
- the JSE Limited ("JSE") ruled that Mobile Industries Limited ("Mobile") is
an associate of the trusts related to Neil Jowell and Cecil Jowell
(collectively the "Trusts") in terms of the Listings Requirements of the
JSE and therefore may not vote on the specific share repurchase by Trencor
from the Trusts of 10 800 881 Trencor shares at R38,61 each, as detailed in
the abovementioned announcement and circular; and
- Mobile disagrees with this ruling and indicated that it reserved its right
to pursue the matter further in order to protect its shareholder rights.
Following further discussion with the JSE in this regard, Trencor is pleased to
announce that it has been resolved that the JSE will withdraw its objection to
the exercise by Mobile of its right to vote all of its Trencor shares if:
a ) Neil Jowell and Cecil Jowell do not participate in the board resolutions
relating to the exercise by Mobile of its votes on its Trencor shares
insofar as concerns the specific share repurchase. This is in line with
Neil Jowell and Cecil Jowell`s previously indicated intention as regards
the aforementioned resolutions. In this regard the requisite board
resolutions have been passed; and
b ) holders of more than 50% of the shares in Mobile, excluding the Mobile
shares held by the Trusts (i.e. approximately 37,5% of the Mobile shares)
agree in writing that Mobile can exercise its voting rights in respect of
all of its shares in Trencor in favour of the specific share repurchase
resolution. In this regard Mobile has secured the requisite approval.
By order of the board of directors
Trencor Limited
Cape Town
30 November 2010
Investment bank and transaction Corporate law Sponsor
sponsor adviser
Investec Bank Limited Edward Nathan Rand Merchant Bank (A
Sonnenbergs Inc. division of FirstRand
Bank Limited)
Date: 30/11/2010 10:31:01 Produced by the JSE SENS Department.
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