9 Feb 2010 10:50
TRIKONA TRINITY CAPITAL PLC
("the Company")
Termination of Management Agreement - Update
Trikona Trinity Capital PLC (AIM:TRC) (the "Company") announces that it has received a detailed response to the notice of termination served by the Company on Trikona Advisers Limited ("TAL") on 9 December 2009, terminating the Portfolio Management Agreement dated 13 April 2006 between the Company, Trinity Capital Mauritius Limited ("TCML") (a wholly owned subsidiary of the Company) and TAL (the "Portfolio Management Agreement"). TAL's response disputes that the Company has validly served notice of termination on TAL under the terms of the Portfolio Management Agreement and denies that TAL is in material breach of the terms of the Portfolio Management Agreement. It also notifies the Company that if it seeks to contend that the Portfolio Management Agreement is terminated on 16 March 2010 (the "Termination Date") TAL will seek to recover substantial damages from the Company.
The Company's position remains unchanged. In accordance with the notice served by the Company and TCML on 9 December 2009 the Portfolio Management Agreement will terminate on 16 March 2010. Any attempts by TAL to bring claims against the Company and/ or TCML in relation to the termination of the Portfolio Management Agreement or otherwise will be resisted.
The Company will now proceed to finalise its claims against TAL in respect of breaches of the Portfolio Management Agreement and otherwise.
The Company is also proceeding with its advisers to invite proposals from other fund managers active in India with a view to managing and realising the Company's investments after the Termination Date in accordance with the Company's investment policy.
| Hogarth Partnership |
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| Tim McCall/ Julian Walker/ James White | +44 207 357 9477 |
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| IOMA Fund Management and Investment Management Limited |
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| Philip Scales, Director | +44 1624 681 250 |
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| Evolution Securities, Nominated Adviser and Joint Broker |
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| Bobbie Hilliam/ Chris Clarke, Corporate Finance | +44 207 071 4300 |
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| Arden Partners plc, Joint Broker |
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| Chris Hardie, Corporate Finance | +44 207 614 5900 |