Trencor

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Net asset value (“NAV”) of Trencor

TRENCOR LIMITED

(Incorporated in the Republic of South Africa)

(Registration No 1955/002869/06)

Share Code: TRE

ISIN: ZAE000007506

(“Trencor”)

NET ASSET VALUE (“NAV”) OF TRENCOR

Following requests from investors that Trencor provides a breakdown of its NAV, it is Trencor’s intention to in future publish such a breakdown, calculated as at the end of each calendar quarter.

30 September 2017, the NAV of Trencor at that date was as follows:

 

30 September 2017

  30 June 2017

Textainer share price

         US$17,15

    US$14,50

Spot exchange rate US$1 equals

           R13,52

      R12,99

Number of Textainer shares held by Halco Holdings Inc 

                                                        27 278 802     

                                                  27 278 802

R million

  R per Trencor share

R million

R per Trencor share

Beneficiary interest in Textainer

6 325

35,72

5 138

29,02

Beneficiary interest in TAC (US GAAP NAV)

                       1095

                          6,18

                   1025

                       5,79

Cash (excluding in Textainer and TAC)

                        1235

                        6,98

                   1243

                          7,02

Other net assets

245

1,38

224

1,26

 

8 900

50,26

7 630

43,09

It is pointed out that at any time between the quarterly dates on which Trencor publishes the  NAV caused by variations in the Textainer share price and/or the spot exchange rate used to translate same into Rand. For example, using the Textainer share price of US$23,55 at 10 November 2017 and the spot exchange rate of R14,36 ruling on that date, the value of Trencor’s beneficiary interest in Textainer will be 27 278 802 shares X US$23,55 X R14,36 = R9 225million in total or R52,10 per Trencor share, and the total NAV values in the table above will change to R11 799 million in total or R66,64 per Trencor share. Note that the calculation in this example assumes that all other elements remain the same as at 30 September 2017.  

These amounts have been prepared by management and are unaudited.

Trencor Services (Pty) Ltd
Secretaries
13 November 2017

Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)

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About Trencor

TRENCOR LIMITED is an investment holding company listed on the JSE. Trencor benefits from operations that focus on owning, leasing, managing and trading marine cargo containers worldwide, and related finance activities. Trencor has a beneficiary interest in Textainer.

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