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22 Jun 2010 12:52
Trikona Trinity Capital PLC
(the "Company")
Investment Update
Trikona Trinity Capital PLC (AIM: TRC) announces the sale of its investment in DB Hospitality Private Limited ("DBH") which is held through one of the Company's Mauritian wholly-owned subsidiaries. The subsidiary has today entered into a sale and purchase agreement. The consideration amounts to the USD equivalent of INR1,000.2 million, or approximately GBP14.7 million at current exchange rates.
The subsidiary acquired the holding in DBH in two tranches in December 2006 and January 2008 for a total consideration of GBP12.2 million and therefore a profit on investment of approximately GBP 2.5 million is expected to be realised. In the Company's Interim Results as at 30 September 2009, the carrying value of the investment in DBH was GBP10.6 million.
A further announcement will be made when completion of the sale occurs, which is expected to be before the end of June 2010.
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
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