Triton Container International and TAL International have completed merge

Triton Container International Limited (“Triton”) and TAL International Group, Inc. (NYSE: TAL) (“TAL”) announced today that they have completed their combination to form Triton International Limited (NYSE: TRTN) (“TIL”). TIL is the world’s largest, most capable and most efficient lessor of intermodal freight containers. With a combined container fleet of nearly five million twenty-foot equivalent units (TEU), revenue earning assets of $8.7 billion and an estimated global market share of 25%, TIL serves virtually every major shipping line in the world. The newly formed company expects to achieve $40 million in annual cost synergies.

TAL International to trade ex-dividend for special dividend

The Board of Directors of TAL has determined to waive the contingency relating to the payment of the $0.54 per share special dividend declared by TAL on May 26, 2016 so that such dividend is no longer contingent upon TAL stockholder approval of the combination with Triton. As a result, the $0.54 per share special dividend will be paid on June 15, 2016 to holders of TAL common stock as of the close of business on June 8, 2016. TAL has been informed by the New York Stock Exchange that TAL’s common stock will trade ex-dividend commencing on June 15, 2016.

TAL International Group, Inc. Announces Special Dividend in Connection with Triton Merger

PURCHASE, N.Y.--(BUSINESS WIRE)--May 25, 2016-- TAL International Group, Inc. (NYSE:TAL) (“TAL”) today announced it has declared a one-time contingent special dividend of $0.54 per share to TAL stockholders of record as of the close of business on June 8, 2016, in connection with the previously announced combination of TAL and Triton Container International Limited (“Triton”). This dividend is contingent upon approval of the combination by TAL stockholders. Subject to such approval, the dividend will be paid on the first business day following the day of the TAL special meeting of stockholders to approve the proposed transaction, which is scheduled to take place on June 14, 2016. The special dividend will not be paid if TAL stockholders do not approve the proposed transaction.

TAL International Q1 / 2016 dividend

TAL’s Board of Directors has approved and declared a $0.45 per share quarterly cash dividend on its issued and outstanding common stock, payable on May 26, 2016 to shareholders of record at the close of business on May 12, 2016

TAL continues to make progress on its announced merger with Triton Container International Limited. All required anti-trust approvals have been received and the SEC review process of the S-4 registration statement filed by Triton International Limited is progressing. Detailed integration planning is well underway, and the merger is expected to close in the second quarter of 2016.

New purchase: TAL International (TAL)

Added 52 shares of TAL International (NYSE:TAL) at $10.25 per share. I now hold 96 shares of TAL. This purchase brings my average purchase price down to $17.36 per share and yield on cost was raised to 10.47%.

TAL International cut dividends at the end of last year, but yield is still very good and I have trust that current level of dividends is going to hold. Small risk is that TAL International is planning a merge with Triton Container International and the effects on the dividend after the merge are uncertain at the moment.

TAL International Q4 2015 dividend

TAL announced a quarterly dividend of $0.45 per share payable on March 24, 2016 to shareholders of record as of March 10, 2016. 

TAL continues to make progress on its announced merger with Triton Container International Limited. All required anti-trust approvals have been received and the SEC review process of the S-4 registration statement filed by Triton International Limited is progressing. Detailed integration planning is well underway, and the merger is expected to close in the first half of 2016.

TAL International and Triton Container International announced merge

HAMILTON, Bermuda & PURCHASE, N.Y.--(BUSINESS WIRE)--Triton Container International Limited (“Triton”) and TAL International Group, Inc. (NYSE:TAL) (“TAL International”) jointly announced today that they have entered into a definitive agreement under which the companies will combine in an all-stock merger of equals transaction. The transaction, which has been unanimously approved by the Boards of Directors of both companies, will create the world’s largest lessor of intermodal freight containers with a combined container fleet of nearly five million twenty-foot equivalent units (TEU) and revenue earning assets of $8.7 billion.

Under the terms of the transaction agreement, Triton and TAL International will combine under a newly-formed holding company, Triton International Limited (“Triton International”), which will be domiciled in Bermuda and is expected to be listed on the New York Stock Exchange. Triton shareholders will own 55% of the equity of the combined company and TAL International shareholders will own 45%. TAL International shareholders will receive one common share of Triton International for each share of TAL International stock owned. TAL International shareholders will also receive a special dividend of $0.54 per share upon closing of the transaction

Transaction Highlights

• A merger of Triton and TAL International will create the world’s largest and most efficient intermodal container leasing company with a container fleet of 4.8 million TEU, resulting in industry cost leadership and an enhanced container supply capability.
• The combined company expects to realize $40 million per year in annual SG&A synergies, by aligning infrastructure and creating a best-in-class systems environment. The cost savings are expected to be fully implemented by the end of 2016.
• The transaction is expected to be approximately 30% accretive to net income per share for TAL International’s existing shareholders when cost savings are fully realized.
• The regional and product line strengths of Triton and TAL International are highly complementary. The combined company will offer its customer base a broad range of container types and will maintain close customer relationships across all major geographic locations.
• Consummation of the transaction will not require any incremental leverage and existing debt facilities at Triton and TAL International will largely remain in place.
• The new company expects to implement an annual dividend of $1.80 per share and intends to adopt a share repurchase plan of up to $250 million following the close of the transaction. The planned share repurchase program will be completed using the company’s existing liquidity, and will supplant TAL International’s recently announced $150 million buyback program.

TAL International dividend cut Q3

TAL’s Board of Directors has approved and declared a $0.45 per share quarterly cash dividend on its issued and outstanding common stock, payable on December 23, 2015 to shareholders of record at the close of business on December 2, 2015. 

Mr. Sondey commented, “TAL has decided to reduce our dividend to $0.45 per share this quarter, or to $1.80 per share on an annual basis. This represents a reduction of 37.5% from our previous dividend level. We believe the new dividend level is better aligned to the difficult current conditions in our market, and we are confident that our revised dividend level will be sustainable beyond our long-term forecasting horizon.”

New purchase : TAL International Group

Purchased 30 shares of TAL International Group (NYSE:TAL) at price $18.20 per share. TAL International group has been taking a hit and share price has come down quite a lot from my first purchase of TAL. This addition brings down my average price to €23.00 and my Yield on Cost is raised to 11.32%


TAL International is one of the world's oldest and largest lessors of intermodal freight containers. Founded in 1963 soon after the development of containerized trade, and today serving virtually every major shipping line in the world. Operates business through 17 offices in 11 countries and approximately 230 third party container depot facilities in 40 countries.

New purchase : TAL International Group

New position started in portfolio - TAL International Group (NYSE:TAL)

 http://www.talinternational.com/

TAL International is one of the world's oldest and largest lessors of intermodal freight containers. Founded in 1963 soon after the development of containerized trade, and today serving virtually every major shipping line in the world. Operates business through 17 offices in 11 countries and approximately 230 third party container depot facilities in 40 countries.

TAL pays dividend quarterly with 3-6-9-12 schedule. Starting yield at 6.82%