16 Nov 2016 15:12
TRINITY CAPITAL PLC
Completion of Disposal of Assets - CORRECTION
The announcement made at 07.00 on 16 November contained an incorrect figure for the value of the Company's holdings in TC-1 and TC-5 at 31 March 2016. It should have read £5.1m instead of £8.3m. No other changes are required. The full text of the corrected announcement is given below.
"Following the announcement made on 21 October 2016, the Board of Trinity Capital PLC (the "Company") is now pleased to announce that the Company's wholly owned subsidiary, Trinity Capital Mauritius Limited ("TCML"), completed the realisation of its investments in Trinity Capital (One) Limited ("TC-1") and Trinity Capital (Five) Limited ("TC-5") on 15 November 2016. Disposal proceeds of £8.7 million were received by TCML.
The only remaining investment is Trinity Capital (Ten) Limited ("TC-10"), held together with Immobilien Development Indien I GmbH & Co. KG and Immobilien Development Indien II GmbH & Co. KG (together the "Immobilien Funds"). The Immobilien Funds have provided a formal commitment to permit and facilitate TC-10 to distribute to TCML the proceeds from a future sale of its indirect interests held in DB (BKC) Realtors Private Limited (formerly MK Malls & Developers Private Limited).
The Immobilien Funds and TCML will now proceed and co-operate to discontinue all pending legal proceedings in Mauritius.
At 31 March 2016, the Company's holdings in TC-1 and TC-5 were valued at an aggregate of £5.1 million. The Company's sole remaining investment is TCML's holding in TC-10.
The Board intends to announce in due course a further distribution to shareholders and to commence consultations on the future of the Company.
More information on the Company is available at http://www.trinitycapitalplc.com/."
Enquiries:
FIM Capital Limited | |
Graham Smith | +44 1624 681250 |
Arden Partners | |
Nominated Adviser and Broker | |
Chris Hardie | +44 207 614 5900 |