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Textainer results announcement
TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506
(“Trencor”)
TEXTAINER RESULTS ANNOUNCEMENT
Shareholders are referred to the renewal of cautionary announcement issued on
9 February 2017 wherein it was advised, inter alia, that Textainer Group Holdings
Limited (“Textainer”) would announce its fourth quarter and full year results on
16 February 2017, when it was also expected to update its investors on the Hanjin
Shipping Company (“Hanjin”) bankruptcy and the impact thereof on Textainer under US
GAAP. Textainer’s results, now released, can be accessed on its website
www.textainer.com.
In Textainer’s results announcement it reported on Hanjin as follows:- “We are pleased
with our progress recovering containers from Hanjin, who had been one of our major
customers, that filed for bankruptcy in August 2016. To date we have recovered or are in
the process of recovering 80 percent of the containers leased to Hanjin. We are also
actively negotiating the release of another 13 percent of our containers although we do
not know whether all negotiations will result in successful recoveries. The remaining 7
percent of containers are being recovered in small batches. At this time, we expect to
recover around 90 percent of our containers. We have $80 million of insurance which we
expect will substantially cover unrecovered containers, lost revenue and recovery and
repair costs.”
The resultant impact of the Hanjin bankruptcy on Trencor under IFRS remains uncertain
and can only be determined after major further analysis. This determination is in
progress and will be completed as soon as practically possible. Accordingly,
shareholders are reminded to continue to exercise caution when dealing in their Trencor
shares until a further announcement is made.
On behalf of the Board
DM Nurek Chairman
17 February 2017
Sponsor: Rand Merchant Bank (A division of FirstRand Bank Limited)
www.trencor.net
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