Specialist investment group Trencor has skipped its interim dividend payment for the first time in decades as the troubled company shores up its dwindling cash resources ahead of a possible share repurchase. The company, whose investments are focused on marine cargo containers, has struggled to deal with poor performances from its key investments in marine container specialist TAC and Textainer. The latter achieved a return on equity of just 3% in 2017 and lost its long-held number one position in the global container market several years ago to the more asset-hungry Triton, which boasts a return on equity of 16%. Trencor’s share price has been on a steady downward trajectory since June 2014 when it peaked at R84. The closing R28 on Monday is at a discount of about 34% to the group’s net asset value (NAV). The gap has prompted the board to look at a repurchase of shares, said CEO Hennie van der Merwe on Friday when he released the latest set of disappointing results. "In view of the...

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