Cash holding company Trencor forecasts improved interim loss
|Published
Cash holding company Trencor said it expects its basic loss and headline loss per share to narrow sharply to between 0.7 and 0.2 cents a share compared with the basic and headline loss per share of 9 cents for the six months to June 30, 2021 representing a positive change of between 92 to 98 percent.
The interim results for the company are expected to be published on or about August 17, 2022.
The share price fell 4.07 percent to R5.18 yesterday. At the year ending December 31, 2021 the net asset value was R1.21 billion. The company’s strategy is to distribute it’s cash resources to shareholders when these become commercially available.
The availability of the cash has been restricted by indemnities from the simplification of Trencor’s interests, providing for operating expenses until the group can be dissolved; and the need for a cash buffer against unforeseeable future expenses.
The remaining indemnity is that provided by Trencor to the Halco Trust indemnitees of $62 million (R1bn) – Trencor is required to retain sufficient cash and liquid assets equal to the full face value of the maximum potential exposure, until the indemnity terminates on December 31, 2024.
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