Questions remain
MARC HASENFUSS: What went on at the Trencor AGM …
And, by my calculations, Greenbay has raised about R14bn by accelerated bookbuilds and developments may reinforce rumours that Sabvest is interested in some of Stellar’s investments
One of the key moments at last week’s Trencor AGM was when shareholder activist Chris Logan asked whether the company is not "like [underperforming retail giant] Pick n Pay five years before [CEO] Richard Brasher got there?" Trencor chairman David Nurek assured him this was not the case, but the interaction at the AGM highlighted the marked underperformance of 49%-controlled container leasing specialist Textainer against that of its listed rivals. Textainer has produced losses in six consecutive quarters, its situation worsened by a large exposure to bankrupt shipping line Hanjin (though most of the containers involved in this debacle have been recovered).
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