21 Oct 2016 07:00
TRINITY CAPITAL PLC
(the "Company")
Disposal of Assets
The Board of Trinity Capital PLC (the "Company") is pleased to announce that on 20 October 2016, an agreement was signed with Immobilien Development Indien I GmbH & Co. KG and Immobilien Development Indien II GmbH & Co. KG and their associated parties (together the "Immobilien Funds") which, if and when fully implemented, should facilitate the realisation of all of the Company's remaining investments held jointly with the Immobilien Funds.
Under the terms of the agreement, the Company will, subject to fulfilment of various conditions precedent, dispose of its investments in Trinity Capital (One) Limited ("TC-1") and Trinity Capital (Five) Limited ("TC-5") held by its wholly owned subsidiary Trinity Capital Mauritius Limited ("TCML") in return for a payment of INR720,000,000 (currently equivalent to approximately £8.8 million). The Immobilien Funds will also permit and facilitate Trinity Capital (Ten) Limited ("TC-10") to distribute to TCML the proceeds from a future sale of the indirect interests held in DB (BKC) Realtors Private Limited (formerly MK Malls & Developers Private Limited). As part of the agreement the parties will discontinue pending legal proceedings.
The agreement requires that the disposals of TC-1 and TC-5 be concluded within eight weeks, failing which it will terminate.
The Company will make a further announcement to Shareholders as and when it has further clarity regarding the completion of the disposals of assets.
Enquiries:
FIM Capital Limited |
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Graham Smith | +44 1624 681250 |
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Arden Partners |
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Nominated Adviser and Broker |
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Chris Hardie | +44 207 614 5900 |