Trencor directors — as reported last week in Business Day — fought hard to convince the JSE not to suspend the company’s shares for an unavoidable delay in publishing financial results that was caused by mind-boggling accounting intricacies. Frankly, it might have been better to take the suspension because Trencor shareholders endured considerable pain on Wednesday morning, with their shares down as much as 14% at one point. The share recovered a tad in the afternoon, but the brittle sentiment is worrying. The price weakness followed the release of first-quarter results by Trencor’s mainstay investment, container leasing firm Textainer, which is listed on the New York Stock Exchange. At first glance, the headline numbers for Textainer don’t look too bad. Lease rental income was up 3% to $120m, with net income up 9% to $18.7m, or $0.33/share. Utilisation averaged 97.8% for the quarter, which represented an improvement of 40 basis points over the previous quarter average. Textainer di...

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