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Results of the Odd-lot Offer and Specific Offer in respect of Trencor Shares

11 November 2019

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

RESULTS OF THE ODD-LOT OFFER AND SPECIFIC OFFER IN RESPECT OF TRENCOR SHARES

Capitalised terms (i.e. denoted by words with a capitalised first letter) used in this announcement and not expressly defined herein shall bear the same meaning as ascribed to them in the Circular.

Shareholders are referred to the Circular posted on Wednesday, 18 September 2019, which contained details regarding the Odd-lot Offer and Specific Offer to Trencor Shareholders. Shareholders are further referred to the General Meeting of Shareholders held on Friday, 18 October 2019, and to the subsequent announcements that were released on the Stock Exchange News Service on (i) Friday, 18 October 2019, advising the voting results of the General Meeting; (ii) Tuesday, 22 October 2019, advising that the Offers were approved by Shareholders at the General Meeting; and (iii) Tuesday, 29 October 2019, advising the finalisation announcement relating to the Offers.

Shareholders are hereby advised of the results of the Offers, both of which closed on Friday, 8 November 2019.

Results of the Odd-lot Offer:

Shares retained by election Shares sold by election Shares sold by default*       Total Shares sold
Certificated 65 87 18 031 18 118
Dematerialised 1 563 3 153 3 564 6 717
Total 1 628 3 240 21 595 24 835

*Odd-lot Holders who did not make an election were automatically regarded as having chosen to sell their Odd-lot Holdings.

Results of the Specific Offer:

Shares retained by default Shares sold by election
Certificated 48 814 1 903
Dematerialised 116 328 116 419
Total 165 142 118 322

Accordingly, Trencor will repurchase a total of 143 157 Shares, representing 0,08% of the total issued share capital of the Company, for a total Offer Consideration of R4 621 107,96.

The total issued Shares of Trencor will accordingly be reduced from 173 677 833 to 173 534 676.

The requisite payments of Cash Consideration to qualifying Shareholders pursuant to the Offers will be made today, 11 November 2019.

This repurchase will result in Trencor’s shareholder base reducing by 1 236 shareholders (c.41%) and will benefit Trencor (and ultimately Textainer, post the implementation of the Unbundling) in reducing its on-going administration costs in relation to the large number of shareholders that would have held a relatively small shareholding in the respective companies.

Trencor Services Proprietary Limited
Secretaries
11 November 2019

Financial Advisor and Transaction Sponsor
Investec Bank Limited

Legal and Tax Advisor
Edward Nathan Sonnenbergs Inc.