12 Oct 2009 11:33
Trikona Trinity Capital PLC (the "Company")
Statement re Investment Holding in Pipavav Shipyard Limited
Trikona Trinity Capital plc (AIM:TRC) announces an update with respect to its investment in Pipavav Shipyard Limited ('PSL').
On 9 October 2009, the shares of PSL (BSE Ticker: PIPAVAVYD) listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) in India. The closing price for the shares was INR 57 (NSE) and INR 56.80 (BSE) with approximately 131 million shares traded.
The Company holds 45.9 million shares representing a 6.9% interest in PSL. The shareholding is subject to a one year lock-up under Indian securities regulations. TRC acquired the shares at a price of INR 25 per share in January 2007.
TRC invested GBP14.34 million in PSL in January 2007. The INR closing price per share on the first day of trading implies a market value of approximately GBP35.5 million at current exchange rates.
Further information, please contact:
IOMA Fund and Investment Management Limited
Philip Scales, Director +44 (0) 1624 681250
Evolution Securities
Bobbie Hilliam, Corporate Finance
Chris Sim, Corporate Broking +44 207 071 4300
Arden Partners plc
Chris Hardie, Corporate Finance +44 207 398 1600