Trencor dodges JSE suspension despite results delay

Johannesburg - Trencor [JSE: TRE], which operates marine cargo containers, on Wednesday said it would delay the presentation of its annual financial results due to an accounting exercise.

The firm said the delay was caused by an “onerous and time-consuming” exercise of converting the results of Textainer Group Holdings Limited from International Financial Reporting Standards (IFRS) to Generally Accepted Accounting Principles (GAAP).

Trencor has a 48%  interest in the NYSE-listed Textainer.

The company said provisional results for the year ended December 2017 were expected to be released on or before 31 May 2018.

Trencor was threatened with suspension from the JSE as a result of the delay.

“On the basis of the company’s formal objection, the JSE has undertaken not to suspend trade in Trencor’s shares, pending its consideration of further representations by the company,” Trencor said in a note to shareholders.

The company advised shareholders to exercise caution when dealing in Trencor shares until a further announcement is made.

Trencor shares were trading 4.53% firmer at R36.20 by 11:23 on the JSE.