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TRENCOR LIMITED - Trencors Textainer Acquires Majority Interest In 99 000 Teu Managed Container Fleet

Release Date: 28/12/2012 11:17
Code(s): TRE     PDF:  
Wrap Text
Trencor’s Textainer Acquires Majority Interest In 99 000 Teu Managed Container Fleet

TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506
(“Trencor”)


TRENCOR’S TEXTAINER ACQUIRES MAJORITY INTEREST IN 99 000 TEU
MANAGED CONTAINER FLEET


We draw attention to the following news release issued by Textainer Group Holdings Limited, in
which Trencor has a 48,93% beneficiary interest:

Hamilton, Bermuda - (Business Wire) - Dec. 27, 2012 - Textainer Group Holdings Limited (TGH)
(“Textainer,” “we,” and “our”), the world’s largest lessor of intermodal containers based on fleet
size, today announced that it acquired a 50.1% interest in TAP Funding Ltd., a Bermuda company
that owns an approximately 99,000 TEU (twenty-foot equivalent unit) fleet of containers currently
managed by Textainer for approximately $78 million, including the value of TAP Funding Ltd.’s
existing debt that remains outstanding. This fleet contains a well diversified mix of container types,
including standard dry freight, refrigerated and specialized dry freight containers. Additionally, the
fleet has high utilization and a diversified lessee mix consistent with Textainer’s overall container
fleet. Textainer has agreed with TAP Ltd., the other shareholder in TAP Funding Ltd., to continue
to invest in new containers for this fleet, in order to both grow the portfolio and maintain the
relatively young average age of the containers.


“We have long stated that Textainer’s strategy is to grow our overall fleet and increase the portion
which we own. This transaction reflects our continued execution of that strategy,” commented
Philip K. Brewer, Textainer President and Chief Executive Officer. “Additionally, this investment is
another example of our ability to productively deploy recently raised equity. The TAP Funding Ltd.
fleet consists of seasoned income producing assets, the acquisition of which we expect will be
immediately accretive to earnings and contribute to long-term growth in shareholder value.”

“In 2012, Textainer acquired more than 230,000 TEU from managed container acquisitions.
Textainer has increased the percentage of our owned fleet from 59% at the start of 2012 to 71%
including this transaction. We previously announced that 2012 capital expenditures will be at record
levels and this transaction ensures that we will significantly exceed that goal.”


Textainer Group Holdings Limited
Mr. Thomas J. Gallo, +1-415-658-8227
Investor Relations Director
ir@textainer.com”
Trencor Services (Pty) Ltd
Secretaries

28 December 2012
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)

www.trencor.net

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