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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.
Based on the spot exchange rate and the price of Textainer’s shares listed on the NYSE on 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)