Trencor shareholders welcomed the company’s decision to remove one of the layers in the convoluted structure used to control US-listed Textainer, in which it has a 48% stake. Almost a decade after the existence of a Liberian-governed trust was revealed to the public by shareholder activist Theo Botha, Trencor has announced it has instituted moves to wind it up. The Halco Trust, now registered in the British Virgin Islands, holds Trencor’s 48% stake in Textainer through Halco Holdings. Last week, Trencor informed shareholders it had received a vesting and distribution from the Halco Trust of the entire issued share capital of Halco Holdings. Trencor shareholder Chris Logan of Opportune Investments said he welcomed the decision to remove one layer in the Trencor control structure but was dismayed that they have set down a deadline of end-December 2024 to complete this step. "This is slower than glacial," said Logan. The pace indicated the board and executives were reluctant to make th...

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.