Shares in seaborne logistics hub Trencor took a serious beating last week. At one point the shares plunged more than 10% to reach an intraday low of R30. They settled at R33, 15% down on the R39 reached on May 8 and well off the 12-month high of R52 registered in December. As its mainstay investment Trencor holds a 48% stake in container-leasing firm Textainer, which is listed on the New York Stock Exchange. The share-price plunge ironically coincided with Trencor releasing a NAV calculation for the end of December. That calculation pencilled in a value of R7.3bn for the Textainer stake, equivalent to R41.35/share. But there is also a R1bn value accorded to specialist container group TAC (worth R5.67/share), cash of R1.01bn (R6.19/share) and other assets worth R1.95m. Trencor’s end-December NAV was about R54/share, considerably higher than the company’s average share price over the past 16 months. What really appears to have sent shudders through the shareholder body was the release...

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, ProfileData 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. Got a subscription voucher? Redeem it now