Trinity Capital Regulatory News (TRC)

21 Jan 2008 07:16

Trikona Trinity Capital PLC21 January 2008 Trikona Trinity Capital PLC ("Trikona TC" or "the Company") Pipavav Shipyard Limited - Update Following the announcement on Friday 18 January from Pipavav Shipyard Limited("PSL") on its initial public offering (IPO) on the Bombay Stock Exchange,Trikona Trinity Capital PLC (AIM: TRC) announces a PSL update. Trikona TC acquired 45.9 million shares at a price of INR 25 per share inJanuary 2007. The public listing, following the recent US$50 million investmentat INR 80 per share by Blackstone in PSL, provides Trikona TC with confidencethat there has been a significant uplift in the value of its investment. PSL Operational Update Marketing and Sales Firm contracts have been entered into with three parties from Bermuda/Norway,France and Marshall Islands for construction of twenty two DWT 74500 PanamaxBulk Carriers, with a total value of US$872 million. There is an option for afurther four ships of similar size valued at US$173 million, bringing thepotential total order to US$1.05 billion. The delivery schedule spans from March2009 to December 2012. Strategic Alliance A strategic alliance ("the Alliance") has been established between PSL and PunjLloyd Limited ("PLL"), who acted as co-promoter with a 25.1% ownership stake.PLL is a leading Indian Engineering and EPC company, with a current marketcapitalization of US$1.76 billion. The Alliance, with minimal lead time, enables PSL to enter into the fabricationand construction of offshore platforms, single buoy moorings and rigs. Thissegment offers excellent synergies with the shipbuilding business and providesoptimum utilisation of facilities, space and available waterfront. Development Staffing, vendor selection and the acquisition of materials remain on target.Mobilisation is underway for construction of the dry dock, with an expectedcompletion date of 31 March 2008. Construction of the compound wall for the shipyard site is also in progress. The Alliance with PLL, combined with PSL's development progress and the strengthof its order book, supports Trikona TC's confidence in PSL's future growth. Aashish Kalra, Managing Director of Trikona Capital said: "The Pipavav shipyard is making significant progress at all levels frommarketing and sales, to development and financing. The intention to IPO furtherreinforces our belief that PSL represents an excellent investment. We aredelighted to have played a key role as a supportive shareholder, helpingaccelerate the growth and success of the company. We shall continue to guide thecompany through our membership of the board." ends Enquiries Trikona Trinity Capital PLC managed by Trikona Capital LimitedAashish Kalra, Managing Director +91 11 4659 6000Ashesh C. Shah, Global Head of Corporate Development +44 20 7870 3454 Bell Pottinger Corporate & Financial +44 20 7861 3232Nick LambertAmy Rajendran Gutenburg CommunicationsMichael Sherrill (New York) +1 212-239-8741Pranav Kumar (New Delhi) +91 98100 77898 Numis Securities +44 20 7260 1000Jag MundiCharles Farquhar About Trikona Trinity Capital PLC: Trikona Trinity Capital PLC (AIM: TRC) joined the Alternative Investment Market(AIM) in 2006 and is a fund that is focused on investing in real estate and realestate related entities across India. Investments will typically be structuredas special purpose vehicles or joint ventures, and investments in equity, with atarget size of between £5m and £30m per transaction. Trikona TC holds a diverseportfolio of projects ranging across seven asset classes and became fullyinvested six months ahead of schedule. In November 2007, the Company became the first AIM-listed fund of its kind tosuccessfully realise significant returns on its investments. Attracting anumber of blue-chip investors, Trikona TC is rapidly becoming a leading fund forforeign investment into a lucrative area. The Company currently has a market capitalisation of £233 million. Trikona TCis managed by Trikona Capital, the leading real estate management firm. http://www.trikonacapital.com This information is provided by RNS The company news service from the London Stock Exchange