10 Nov 2017 13:58
Trinity Capital PLC
Completion of Disposal of Investment
Trinity Capital PLC (the "Company") (AIM: TRC) is pleased to announce that, following the announcements made on 25 August 2017, 22 September 2017 and 18 October 2017, Trinity Capital (Ten) Limited ("TC-10") has today completed the sale to DB Realty Limited ("DB") of all of the compulsorily convertible preference shares issued by DB (BKC) Realtors Private Limited ("CCPS") to TC-10 (the "Transaction"). Under the Transaction, DB has paid to TC-10 £1.7 million, being the equivalent of INR 149.6 million. The Company's wholly owned subsidiary, Trinity Capital Mauritius Limited ("TCML"), owns the entire economic interest in the CCPS.
In accordance with the Company's announcement made on 18 October 2017, given the completion of the Transaction, the Board has cancelled with immediate effect the auction of TCML announced on 25 August 2017.
TC-10 is controlled by Immobilien Indien I GmbH & Co. KG and Immobilien Indien II GmbH & Co. KG (together the "Immobilien Funds"). Under the terms of an agreement between the Immobilien Funds and the Company, TC-10 will pay the proceeds received from DB to TCML. TCML will then remit those proceeds to the Company.
At 31 March 2017, the Company's holding in TC-10 was valued at £1.7 million.
After the Company has received the funds from TCML, the Board intends to convene a shareholder meeting to approve a final distribution, cancel the admission to trading of the Company's shares on AIM and appoint a liquidator of the Company.
Enquiries:
FIM Capital Limited | |
Graham Smith | +44 1624 681250 |
Arden Partners | |
Nominated Adviser and Broker | |
Chris Hardie | +44 207 614 5900 |