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Termination of Portfolio Management Agreement

10 Dec 2009 07:00

RNS Number : 8837D
Trikona Trinity Capital PLC
10 December 2009
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ANNOUNCEMENT

Trikona Trinity Capital PLC

Termination of Portfolio Management Agreement

Trikona Trinity Capital PLC (AIM:TRC) (the "Company") announces that in the light of breachesĀ byĀ Trikona Advisers Limited ("TAL") of the terms of the Portfolio Management Agreement dated 13 April 2006 between the Company,Ā Trinity Capital Mauritius LimitedĀ ("TCML")Ā (a wholly-owned subsidiary of the Company)Ā andĀ TAL (theĀ "Portfolio Management Agreement"),Ā the Company and TCML have served notice of termination of the Portfolio Management Agreement on TAL. In accordance with the terms of the Portfolio Management Agreement the appointment of TAL will therefore cease 60 business days from receipt of the noticeĀ of terminationĀ onĀ 16Ā March 2010Ā (the "Termination Date"). The Company is currently in the process of evaluating the claims which it may have against TAL in respect of its breaches of the Portfolio Management Agreement and otherwise.

The Company is also seeking, through its subsidiaries and investee companies, the immediate termination of all contracts in India with companies related toĀ TALĀ and its shareholders.

The CompanyĀ is in the process of finalising appointments of advisers in Mumbai and Delhi toĀ assist inĀ administering,Ā monitoring and protecting the Company's investments in India in the short termĀ in a manner consistent with the terms of the Portfolio Management Agreement. It is the intention of the Board to invite proposals from other fund managers active in India with a view to managing and realising the Company's investmentsĀ after the Termination DateĀ inĀ accordance with the Company's investment policy.

Further announcements will be made in due course.

For further information, please contact:

Hogarth Partnership

Tim McCall/ Julian Walker/ James White +44 207 357 9477

IOMA Fund and Investment Management Limited

Philip Scales, Director +44 1624 681335

Evolution Securities

Bobbie Hilliam, Corporate Finance

Chris Sim, Corporate Banking +44 207 071 4300

Arden Partners plc

Chris Hardie, Corporate Finance +44 207 398 1600

This information is provided by RNS
The company news service from the London Stock Exchange
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