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 CREDIT AGREEMENT
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 (Pty) Ltd
3 April 2019
RAND MERCHANT BANK (A division of FirstRand Bank Limited)