16 Jan 2009 16:30
Trikona Trinity Capital PLC
('Trikona TC' or 'the Company')
Transaction Update
Trikona TC (AIM: TRC) announced in November 2008 that in light of market conditions and corporate action, it had granted its strategic partner, SachsenFonds Holdings GmbH ("SF"), an extension period of up to 90 days from 17 October 2008 to complete the first tranche of its third transaction with the Company.
The Company has been informed by SF that funding of the transaction will not take place until the outcome of Trikona TC's strategic review has been confirmed. Specifically, SF has stated that it will be willing to conclude its investment in SFIII within 90 days of being informed of Trikona TC's strategic direction and long-term commitment to the partnership with SF.
SF has informed the company that it remains committed to building on its partnership with Trikona TC. However, SF has indicated it requires a clear understanding of Trikona TC's future investment plans and clarification on its investment position in development projects where Trikona TC also holds investments.
As stated in note 11 to the interim accounts announced on 9 December 2008, a further £9.6m may become payable in certain circumstances which the Board does not currently believe will arise.
Trikona TC has previously announced that conclusion of the strategic review will take place in no event later than 15 February 2009, when the Board will seek the consent of its shareholders for its investment strategy.
Enquiries:
Trikona Trinity Capital PLC +44 207 148 5360
Michael Cassidy, Chairman
Trikona Capital +44 207 148 5360
Sally Lewis, Director of Investor Relations
Bell Pottinger Corporate & Financial +44 207 861 3232
Mike Davies / Rosanne Perry / Laura Pope
Numis Securities +44 207 260 1000
NOMAD: Lee Aston, Head of Corporate Finance
Corporate Broking: Charles Farquhar
Fairfax I.S. PLC +44 207 598 5368
Paul Richards, Head of Corporate Finance