Trencor has given up key shareholder rights over 48%-owned Textainer in a bid to avoid the delays and hefty costs associated with reporting its controlling stake in the US-listed container company. The move, described by one shareholder as unprecedented, is expected to be a temporary measure that will cover the company until a planned restructuring is completed. That restructuring could result in Trencor’s listing disappearing and Textainer getting a secondary listing on the JSE. But the bourse has rejected the interim plan to give up shareholder rights and told Trencor the plan would render it noncompliant with JSE listing requirements. In response, Trencor proposed to the JSE that it be reclassified as an "investment entity", which would allow it to remain compliant. The JSE is considering that proposal. At the end of June 2017, Textainer accounted for 77% of Trencor’s net asset value and cash accounted for 11.6%. Minority shareholder Chris Logan said the restructuring plan had be...
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