10 Dec 2009 07:00
ANNOUNCEMENT
Trikona Trinity Capital PLC
Termination of Portfolio Management Agreement
Trikona Trinity Capital PLC (AIM:TRC) (the "Company") announces that in the light of breaches by Trikona Advisers Limited ("TAL") of the terms of 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"), 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 notice of termination on 16 March 2010 (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 to TAL and its shareholders.
The Company is in the process of finalising appointments of advisers in Mumbai and Delhi to assist in administering, monitoring and protecting the Company's investments in India in the short term 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 investments after the Termination Date in 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