MARC HASENFUSS: Hard work pays off for Workforce Holdings
There have been indications that Workforce might consider separately listing its vibrant training cluster
Trencor remains an intriguing rand hedge option, premised mainly on the anticipation of a potential unbundling of its significant 47.8% stake in New York Stock Exchange-listed container leasing specialist Textainer. Such a development would entail an inward listing of Textainer on the JSE, though no time frames have officially been disclosed. Trencor’s results for the year to end-December do, however, reflect the tribulations of Textainer, whose share price has plunged from $13.95 in mid-February to under $10. A breakdown of value in Trencor’s latest accounts shows that the stake in Textainer carried a value of R3.8bn on March 26 compared with R7.25bn at the end of December 2017. Trencor’s 100% stake in marine container business TAC has remained static at R1.7bn with the cash pile at R900m. Trencor’s NAV was R6.1bn as at March 26 — down more than 35% on the R9.6bn NAV reflected at the end of 2017. Right now the stake in Textainer is worth around R22 a share to Trencor, with TAC repr...
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