Textainer results announcement
( Incorporated in the Republic of South Africa)
( Registration No 1955/002869/06)
Share Code: TRE
TEXTAINER RESULTS ANNOUNCEMENT
Shareholders are referred to the renewal of cautionary announcement issued on 9 February 2017 wherein it was advised, inter alia, that Textainer Group Holdings Limited (“Textainer”) would announce its fourth quarter and full year results on 16 February 2017, when it was also expected to update its investors on the Hanjin Shipping Company (“Hanjin”) bankruptcy and the impact thereof on Textainer under US GAAP. Textainer’s results, now released, can be accessed on its website www.textainer.com.
In Textainer’s results announcement it reported on Hanjin as follows:- “We are pleased with our progress recovering containers from Hanjin, who had been one of our major customers, that filed for bankruptcy in August 2016. To date we have recovered or are in the process of recovering 80 percent of the containers leased to Hanjin. We are also actively negotiating the release of another 13 percent of our containers although we do not know whether all negotiations will result in successful recoveries. The remaining 7 percent of containers are being recovered in small batches. At this time, we expect to recover around 90 percent of our containers. We have $80 million of insurance which we expect will substantially cover unrecovered containers, lost revenue and recovery and repair costs.”
The resultant impact of the Hanjin bankruptcy on Trencor under IFRS remains uncertain and can only be determined after major further analysis. This determination is in progress and will be completed as soon as practically possible. Accordingly, shareholders are reminded to continue to exercise caution when dealing in their Trencor shares until a further announcement is made.
On behalf of the Board
DM Nurek Chairman
17 February 2017
Rand Merchant Bank (A division of FirstRand Bank Limited)