Trencor commits to restructuring
Solution to costly and time-consuming accounting headache could lead to Johannesburg listing of core investment Textainer
Directors of rand hedge counter Trencor endured a storm of criticism at an annual general meeting on Thursday, but committed to a long-anticipated restructuring that could result in the inward listing on the JSE of its core investment in container-leasing specialist Textainer, which is listed on the New York Stock Exchange. Chairman David Nurek confirmed to the meeting that Trencor — which holds about 49% of Textainer, the world’s second-largest container leasing company — was committed to slashing costs and time delays caused by converting US Generally Accepted Accounting Principles to International Financial Reporting Standards (IFRS)."This is a decision for the Textainer board. They are, I believe, minded to do it — but we can’t compel them. We are hopeful it will be achieved. If not, we will look at other alternatives to counter the IFRS issue." The accounting complexities meant Trencor battled to produce financial results within stipulated JSE reporting deadlines. Consequently,...
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