Trencor, Mobile confirm unbundling

Johannesburg - Listed Mobile Industries [JSE:MOB] and Trencor [JSE:TRE] said on Tuesday that their proposed unbundling would go ahead following the fulfilment of "all conditions".

In terms of the deal, Mobile will unbundle its 46.25% shareholding in Trencor.

As part of this transaction, Trencor will acquire about 50% of the Trencor shares that will be held post the unbundling by trusts related to Neil Jowell and Cecil Jowell, directors of Trencor and Mobile, at a price of R38.61 per Trencor share.

The two companies said "all conditions precedent to the unbundling have been fulfilled".

Based on 86 695 758 Trencor shares held by Mobile and 1 068 039 676 Mobile shares in issue, shareholders who are recorded in the register at the close of business on February 4 will receive 8.117 Trencor shares for every 100 Mobile shares held, Mobile said.

Mobile said the last day to trade in Mobile shares on the JSE to participate in the unbundling was on January 28.

Trencor said it expected the specific share repurchase to occur between March 1 and April 4.