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...

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