Ann Crotty Writer-at-large

Trencor minority shareholders are up in arms about the payment of generous short-and long-term incentives to executives of 48%-held US-listed Textainer following years of sustained poor performances. On Friday the Textainer share price fell after the release of disappointing quarterly results to end-December 2017. Although the Textainer figures were up on the comparative period in 2016 they fell far short of the expectations of analysts, knocking the share price to $16 from over $20. On Monday Trencor shed 2.93% to close at R42.70. Textainer accounts for 77% of Trencor’s net asset value with cash accounting for an additional 12%. Trencor minority shareholder Chris Logan said during the review quarter Textainer management did nothing more than catch the tail end of the dramatic recovery in the container industry and was still operating well below its competitors. "Textainer is trading below its net asset value unlike its competitors which are at healthy premiums. It pays no dividends...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00.