Reviewed provisional results 2018: amendment to LAPCO credit agreement
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
REVIEWED PROVISIONAL RESULTS 2018: AMENDMENT TO LAPCO
Trencor refers to note 9 to its reviewed condensed consolidated financial statements for
the year ended 31 December 2018 (“Trencor’s 2018 reviewed provisional results”)
published on SENS on 1 April 2019, in which investors were advised that Leased Asset
Pool Company Limited (“LAPCO”), a TAC subsidiary, had requested from its banks a
waiver of the EBIT ratio breach described in the said note 9, and was awaiting a response
from the banks. Shareholders are advised that, subsequent to the publication of Trencor’s
2018 reviewed provisional results, such waiver was granted. Had such waiver been in
place as at 31 December 2018, the current portion of interest bearing borrowings would
have been reflected as R144 million, instead of the R512 million stated in the said note 9.
Investors are reminded that the bank debt in LAPCO is completely ring-fenced, with no
guarantee from or other recourse to Trencor.
Trencor Services Proprietary Limited
3 April 2019
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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