15 Feb 2011 07:00
Trinity Capital plc
Settlement
Trinity Capital PLC ("Trinity") and Trikona Advisers Limited ("Trikona") are pleased to announce that an agreement has been reached settling all disputes between the parties.
Under the terms of the settlement agreement Trinity will make certain payments to Trikona in cash and other consideration, the terms of which are confidential. Under the settlement, the Trinity group, the Trikona group and Trikona's founders, Aashish Kalra and Rak Chugh, will withdraw all claims made against one other. The parties have additionally agreed to co-operate to further the interests of Trinity's shareholders.
"The dispute was a commercial one and with this settlement both parties can continue to move forward in their respective endeavours" said Martin Adams, Chairman of Trinity. "Trikona and its investment management team played a key role in creating the value present in Trinity today. The settlement will have no material impact on NAV as it has been covered by provisions previously made by Trinity. The Board can focus on releasing value now and in the future for our shareholders."
The principals of Trikona commented, "Trikona played an important role in the successful investment of Trinity's funds in the growth sectors of Indian real estate and infrastructure development. We are delighted that, through this settlement, Trinity's shareholders can benefit from the value we helped to create."
Further information, please contact:
Enquiries:
MHP Communications
Tim McCall / James White +44 20 3128 8756
IOMA Fund and Investment Management Limited
Philip Scales, Director +44 1624 681250
Evolution Securities Ltd
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