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9 Jul 2010 16:48
Trikona Trinity Capital PLC (the "Company")
Investment UpdateĀ
Following the announcement made on 6 July 2010, Trikona Trinity Capital PLC (AIM: TRC) confirms the sale of 18.7 million shares in Pipavav Shipyard Limited ("Pipavav"), tendered by one of the Company's wholly-owned Mauritian subsidiaries at a price of INR61.50 per share. The consideration amounting to INR1,150.1 million, or approximately GBP 16.4 million at current exchange rates will be received by the Mauritian subsidiary shortly.
The Company's Mauritian subsidiary acquired a total of 45.9 million shares in Pipavav in January 2007 for a total consideration of GBP 13.5 million, then equivalent to INR1,147.5 million. The aforesaid partial sale has recovered in excess of the original investment of the Mauritian subsidiary.
The Company's Mauritian subsidiary continues to hold a balance of 27.2 million shares in Pipavav, which are subject to lock up until October 2010.
9 July 2010
Enquiries:
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Hogarth
Tim McCall / James White +44 207 357 9477
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IOMA Fund and Investment Management Limited
Philip Scales, Director +44 1624 681250
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Evolution Securities
Nominated Adviser and Joint Broker
Bobbie Hilliam / Chris Clarke, Corporate Finance +44 207 071 4300
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Arden Partners plc, Joint Broker
Chris Hardie, Corporate Finance +44 207 614 5917
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