Post-Jowell options to the fore
More to Trencor than just Textainer
The timely release of an updated NAV breakdown reminds investors that there is more to Trencor than just Textainer
The share price of Trencor, which owns a majority stake in New York Stock Exchange-listed container-leasing business Textainer, has climbed more than 40% in the past six months. Trencor is one of the oldest and purest rand hedges on the JSE, but it has perhaps reached a corporate crossroads after the last two executives representing the founding Jowell family retired late last year. Many investors have mulled possible outcomes, including a takeover of Trencor or, more enticingly, an unbundling of the Textainer shareholding (which might have to be tagged to a secondary listing on the JSE). The shift upwards in Trencor’s share price has been helped by the weaker rand/dollar exchange rate, which tends to mask the travails at Textainer. Textainer’s shares are at the same level as in May last year, which contrasts with the share price performance of some of its biggest competitors. Larger rival Triton International’s share price has doubled over the same period, while CAI International h...
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