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Trinity Capital in bumper pay-out

Thu, 02nd Dec 2010 10:28

Shares in Indian property investor Trinity Capital shot up after the company said it is awash with cash after recent disposals and plans to distribute some of the dosh to shareholders.The company intends to make a distribution of 16.6p per share to shareholders, at a cost of £35m to the company.As at 30 September 2010, Trinity held £82.7m of cash (31.4% NAV), £92.2m in listed equities (35.0% of NAV), and £126.2m in unlisted investments (45.0%).Since the end of the reporting period, £32.4m has been generated from the sale of shares in Pipavav Shipyard and £12.9m from the sale of the DB Hospitality investment.As at 30 November 2010, cash balances amounted to £126.2 million, equivalent to £0.60per share.In the six months to end September the company saw its net asset value (NAV) per share ease by 3.8% to 125p from 130p.