6 Jul 2010 07:00
Trikona Trinity Capital plc ("the Company")
Notice of EGM and Investment Update
Trikona Trinity Capital plc announces that an Extraordinary General Meeting ("EGM") will be held at 11.00am on 30 July 2010 at IOMA House, Hope Street, Douglas, Isle of Man, in connection with recommended proposals for the appointment of a new investment manager, the adoption of a directors' incentive plan and a change of name of the Company. A circular containing a notice of EGM together with background information (the "Circular") has been sent to shareholders and is available from the Company's website, http://www.trinitycapitalplc.com.
The Circular includes an investment and operating update which includes details of a part realisation of the Group's investment in Pipavav Shipyard, the text of which is as follows:
"The shares of Pipavav Shipyard listed on the Bombay Stock Exchange and the National Stock Exchange of India in October 2009. Sale of shares held by the relevant Mauritian TC Company is subject to a lock-up expiring in October 2010. An open offer by the promoters of Pipavav Shipyard to acquire up to 133,159,678 shares at a fixed price of INR 61.50 per share closed on 26 June 2010. Notwithstanding the lock-up, the Mauritian TC Company holding the Group's investment in Pipavav Shipyard was permitted to participate in the open offer and tendered 18.7 million of its holding of 45.9 million shares. If the tender is accepted in its entirety, this will recover the INR cost of the Group's original investment. The number of shares accepted by the promoters under the tender offer will be announced by 10 July 2010. If the Mauritian TC Company is successful in selling the shares it tendered, approximately £16.6 million is expected to be received by the Company. TTC will make a further announcement to Shareholders once confirmation has been received of the number of shares that have been successfully tendered. Assuming that all of the Group's Pipavav Shipyard shares tendered are accepted by the promoters, the mark-to-market value of the remainder of the Group's holding as at 30 June 2010 was £39.5 million."
Further information, please contact:
Enquiries:
Hogarth
Tim McCall / James White +44 207 357 9477
IOMA Fund and Investment Management Limited
Philip Scales, Director +44 1624 681250
Evolution Securities
Nominated Adviser and Joint Broker
Bobbie Hilliam / Chris Clarke, Corporate Finance +44 207 071 4300
Arden Partners plc, Joint Broker
Chris Hardie, Corporate Finance +44 207 614 5917