The Revel Collective Regulatory News (TRC)

14 Jul 2009 07:00

Trikona Trinity Capital plc (the "Company")

Directorate Changes 

Trikona Trinity Capital (AIM:TRC) today announces the resignation of Michael Cassidy, Paul Orchard-Lisle and Bill Hamilton-Turner from the Board of the Company with immediate effect. Stephen Coe has been appointed as a Non-Executive Director, also with immediate effect. 

Stephen Coe, aged 43, qualified as a Chartered Accountant with Price Waterhouse in 1990 and remained in audit practice, specialising in financial services, until 1997. From 1997 to 2003 he was a director of the Bachmann Group of fiduciary companies and Managing Director of Bachmann Fund Administration Limited, a specialist third party fund administration company. Since 2003, Stephen has been a director with Investec in Guernsey and was formerly Managing Director of Investec Trust (Guernsey) Limited prior to becoming self-employed in 2006 providing advisory services to financial services clients. He is a director of a number of listed and unlisted investment funds and offshore companies, including Raven Russia Limited, Matrix European Real Estate Investment Trust Limited, ACP Capital Limited and ACP Mezzanine Limited. He has been involved with offshore investment funds and managers for the last 16 years with significant exposure to emerging markets, property and equity investments. In accordance with Paragraph (g) of Schedule 2 of the AIM Rules, further information in relation to Mr. Coe's appointment is set out below. 

The Board intends to appoint a further director with relevant experience in due course. It is intended that, after the appointment of the additional director, a majority of the five Directors will be independent, as defined under AIM rules.

The changes to the Board will further the implementation of the Company's investment policy adopted by shareholders at an Extraordinary General Meeting held on 24 March 2009. The investment policy requires that "the Company shall promptly, but having due regard to all applicable legal, governmental and regulatory restraints and with a view to maximising Shareholder value, dispose of all of its existing assets in an orderly fashion. If the Company's Ordinary Shares are trading at a price below the NAV per Ordinary Share, the Company shall immediately effect a return of capital through a cash distribution to Shareholders. The Company shall continue to seek new investment opportunities. If the Company's Ordinary Shares are trading at a price above the NAV per Ordinary Share, the Board will selectively determine, on a periodic basis, whether or not to make new investments." 

Martin Adams has been appointed as Chairman of the Board with immediate effect. Mr. Coe will become the new Chairman of the Audit Committee. Pradeep Verma will also join Philip Scales on the Audit Committee. 

The changes to the Board have been consensual and are solely as a result of the new strategy. The retiring Directors have agreed to co-operate fully with the handover of responsibilities to their successors. 

Mr. Adams said: "Since its flotation on AIM in 2006, the outgoing directors have invested significant time and effort into building up the Company's business. However, shareholders have determined that the change in the financial and economic environment merits a different investment policy. We are very grateful for the contributions of the retiring directors and look forward to working with them, in particular Michael Cassidy who has agreed to act as a consultant to the Company for an initial period of 12 months, to ensure a smooth transition."

The new Board intends to announce the preliminary results for the year ended 31 March 2009 results in September 2009.

14 July 2009

Enquiries:

Trikona Trinity Capital PLC

Martin Adams, Chairman +351 21 48 48 234 

Evolution Securities, Nominated Adviser and Joint Broker 

Tom Price/Bobbie Hilliam, Corporate Finance +44 207 071 4300 

Chris Sim, Corporate Broking 

Arden Partners plc, Joint Broker 

Chris Hardie, Corporate Finance +44 207 398 1600

No further information in relation to Mr. Coe's appointment is required to be disclosed under Paragraph (g) of Schedule 2 of the AIM Rules, save that:

Mr. Coe is currently a director of the following companies:

Mr. Coe was, during the last five years, a director of the following companies: