18 Jun 2008 07:01
Trikona Trinity Capital PLC
('Trikona TC' or 'the Company')
Completion of Portfolio Sale
Trikona Trinity Capital Plc (AIM: TRC), a fund created for investing in Indian infrastructure and real-estate and managed by Trikona Capital Limited, announced on 12 May 2008 that Trikona TC had signed a definitive agreement to divest a further part of its equity share holdings in four of its off-shore entities to SachsenFonds Holdings GmbH ("SF") for an aggregate sale price of £54.33* million. The Company is now pleased to report that the transaction successfully closed on 17 June 2008 and Trikona TC realised a cash-on-cash return of 115% from the receipt of sale proceeds.
This transaction represents the second successful sale of part of Trikona TC's asset portfolio to SF in the last six months. In December 2007, Trikona TC completed its first divestment for an aggregate sale price of £32.11 million, realising a cash-on-cash return of 108%. The transaction also marks Trikona TC's sale of 100% of its interest at the Mauritian SPV level in Development Project 3 and Development Project 5.
As part of the 12 May 2008 definitive agreement, Trikona TC and SachsenFonds have also co-invested £20.04** million in a new project; MIG Bandra (Development Project 13), a residential redevelopment located within the MIG Bandra area in a 49:51 partnership with Rustomjee Constructions Pvt. Ltd. Under the terms of the arrangement, SachsenFonds will own 55% of the 49% stake in this new project and Trikona TC will own 45%.
Aashish Kalra, Managing Director of Trikona Capital Limited, said: "Trikona TC is the first fund of its kind to realise significant gains on its investments and this second divestment is yet another example of our ability to execute deals and deliver significant value to our shareholders. Despite tough market conditions, we continue to make money for our inverstors through sourcing lucrative investment opportunities, creating long-term partnerships and consistently delivering on our strategy."
Notes:
* Exchange Rate is 1.2606 Euro = 1 GBP
** Exchange Rate is 80.79 INR = 1 GBP
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Enquiries:
Trikona Trinity Capital PLC managed by Trikona Capital Limited
Aashish Kalra, Managing Director +91 11 4659 6000
Ashesh C. Shah, Global Head of Corporate Development +44 207 870 3454
Bell Pottinger Corporate & Financial +44 207 861 3232
Mike Davies/ Sarah Williams/ Amy Rajendran
Gutenberg Communications
Michael Sherrill (New York) +1 212 239 8741
Pranav Kumar (New Delhi) +91 981 007 7898
Numis Securities +44 207 260 1000
Jag Mundi, Head of Corporate Finance
Charles Farquhar
Fairfax I.S. PLC +44 207 598 5368
Paul Richards, Head of Corporate Finance
About Trikona Trinity Capital PLC:
Trikona Trinity Capital PLC (AIM: TRC) was listed on the London Stock Exchange as Trinity Capital in 2006, raising £250m of equity. The fund invests in real estate and infrastructure related entities across India, with a target size of between £5m and £30m per transaction. Becoming fully invested six months ahead of schedule, its investment strategy is unique - Trikona TC selects developers with a proven track record in the asset class or in the local market, with the specific notion of contributing to India's growth. The Company also adopts a socially aware attitude to development, investing in projects which will actively improve India's underdeveloped social and physical infrastructure. The Company is managed by Trikona Capital, a leading fund manager focused on investing in Indian real estate and infrastructure.
www.trikonatrinitycapitalplc.com