Trencor

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Report on proceedings at the annual general meeting

TRENCOR LIMITED

(Incorporated in the Republic of South Africa)

(Registration No 1955/002869/06)

Share Code: TRE

ISIN: ZAE000007506

(“Trencor” or  “the company)

REPORT ON PROCEEDINGS AT THE ANNUAL GENERAL MEETING

VOTING RESULTS

At the annual general meeting (“AGM”) of shareholders of Trencor held on Thursday, 10 August 2017, all the ordinary and special resolutions proposed were approved by the requisite majority of votes.  The company confirms the voting statistics from the AGM as follows:

Total number of shares in issue 177 068 011
Total number of shares represented at the AGM 164 161 167 (92,71%)

 

                                                                                                                                                                                                               Resolutions

 

Votes carried disclosed as a percentage in relation to the total number of shares voted at the AGM

 

 

Number of shares voted

Shares voted disclosed as a percentage in relation to the total issued share capital

Shares abstained disclosed as a percentage in relation to the total issued share capital

For Against
Ordinary resolution number 1.1: Election of Jimmy McQueen as a director 98,51% 1,49% 164 116 126 92,69% 0,03%
Ordinary resolution number 1.2: Election of Hennie van der Merwe as a director 99,93% 0,07% 164 116 126 92,69% 0,03%
Ordinary resolution number 1.3: Election of Herman Wessels as a director 98,45% 1,55% 164 116 126 92,69% 0,03%
Non-binding advisory vote: Endorsement of remuneration policy 73,02% 26,98% 149 237 062 84,28% 8,43%
Ordinary resolution number 2: Reappointment of KPMG Inc as independent auditor 87,98% 12,02% 164 117 626 92,69% 0,02%
Ordinary resolution number 3.1: Election of Eddy Oblowitz as audit committee member 86,86% 13,14% 164 116 912 92,69% 0,02%
Ordinary resolution number 3.2: Election of Roddy Sparks as audit committee member 100,00% 0,00% 164 117 626 92,69% 0,02%
Ordinary resolution number 3.3: Election of Herman Wessels as audit committee member 99,86% 0,14% 164 116 912 92,69% 0,02%
Special resolution number 1: Approval and authorisation of the provision of financial assistance by the company to related and/or inter-related companies 99,78% 0,22% 164 117 626 92,69% 0,02%
Special resolution number 2: Approval of non-executive directors’ remuneration from 1 July 2017 99,84% 0,16% 164 115 984 92,69% 0,03%
Special resolution number 3: Approval of the granting of a general authority to the company or its subsidiaries to acquire the issued shares of the company 100,00% 0,00% 164 117 826 92,69% 0,02%

REPORT BY THE CHAIRMAN AT THE AGM

The chairman reported that the board has been and is committed to actively pursuing the commercial objectives of:

-   reducing costs and time delays associated with US GAAP to IFRS conversion; and
-   a listed access point for South African investors by way of an inward listing of Textainer Group Holdings Limited and/or an intermediate               entity.

For these objectives to be implemented, each relevant entity is required to consider its own position, its local regulatory and legal considerations, as well as the best interests of its stakeholders in the various jurisdictions concerned.  As a result, the processes to achieve these commercial objectives are complex and time consuming, but the board is hopeful that all related matters may be resolved by the close of the current financial year.

Trencor Services (Pty) Ltd
Secretaries
11 August 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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