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Voting Limitation Deed between HALCO and TEXTAINER
TRENCOR LIMITED
Incorporated in the Republic of South Africa
Registration No 1955/002869/06
Share Code: TRE
ISIN: ZAE000007506
(“Trencor”)
VOTING LIMITATION DEED BETWEEN HALCO AND TEXTAINER
Shareholders are advised that, as announced on 11 August 2017, the Trencor board continues to actively
pursue the commercial objectives of:
- reducing costs, time delays and reputational risks associated with having to convert the US GAAP
financial results of Textainer Group Holdings Limited (“Textainer”) to IFRS for purposes of reporting by
Trencor; and
- a possible simplification of Trencor’s interests.
Trencor has a 48% beneficiary interest in Textainer (NYSE: TGH) through Halco Holdings Inc (“Halco”)
under the Halco Trust. At Halco’s request, Textainer and Halco have entered into a Voting Limitation Deed
(“VLD”), effective 1 January 2018, whereby Halco has agreed to limit its shareholder voting rights in
Textainer, solely in respect of the appointment and/or removal of directors and then only to the extent
necessary to ensure that Trencor will be regarded for purposes of IFRS as being neither in control of nor
having significant influence over Textainer. All Halco’s voting rights, save for the said limitation, will be
unaffected by the VLD. The VLD should have no material impact on the economic value of Trencor’s
beneficiary interest in Textainer.
Accordingly, as from 1 January 2018, the financial results of Textainer, reporting under US GAAP, will no
longer be required to be consolidated and converted into IFRS for inclusion in the results of Trencor, thus
eliminating significant commercial issues (e.g. the time-consuming and expensive conversion process, delays
in Trencor’s financial reporting, reputational risks and the like) for Trencor and Textainer and their
respective shareholders. As Trencor will be regarded in terms of IFRS as being neither in control of nor
having significant influence over Textainer, Textainer will be accounted for by Trencor at fair value through
profit or loss, which fair value information is more meaningful.
The JSE Limited (“JSE”) has advised that the effect of the VLD, entered into between Textainer and Halco,
has rendered Trencor non-compliant with its Listing Requirements. Prior to the VLD being entered into,
Trencor had proposed to the JSE that Trencor be reclassified as an “investment entity” under section 15 of
the Listing Requirements with a view to remaining compliant with the requirements of the JSE. This
proposal is currently being considered by the JSE and, if and when approved, will be subject to Trencor
complying with the relevant requirements of section 15, as well as obtaining various Trencor shareholder and
JSE approvals.
In relation to a possible simplification of Trencor’s interests, each of Halco, Halco Trust and Trencor has
independently sought professional advice in exploring its own position, applicable local regulatory and legal
considerations, as well as the best interests of its stakeholders in the various jurisdictions concerned, and will
continue to do so. The processes involved are however complicated and require time to formulate and
implement. Shareholders will be advised of further developments as appropriate.
Trencor Services Proprietary Limited
Secretaries
2 January 2018
Transactional sponsor
Investec Bank Limited
www.trencor.net
Date: 02/01/2018 05:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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