Trinity Capital Regulatory News (TRC)

29 Jan 2007 08:57

Trinity Capital PLC29 January 2007 Trinity Capital Plc ("Trinity" or the "Company") Update on Share Buyback On 20 September 2006, the Board of Trinity announced that in order to addressshort term weakness in the Company's share price and enhance shareholder value,it was seeking approval to buy back up to 10% of its issued share capital. Trinity subsequently applied to the High Court of Justice of the Isle of Man(the "Court") for authority to cancel and reclassify its share premium accountas a distributable reserve to enable a buy-back of up to 10% of its issued sharecapital. The Company has now received approval from the Court. The Board will meet shortly to consider an appropriate level of share buyback. Since the 20th September 2006, the Company has announced eight transactionswhich together represent an investment of approximately £90 million out of thenet funds raised (£238 million) at IPO and another £75 million is committed topartnerships with IL&FS one of India's leading financial institutions. Thepipeline of prospective deals remains strong. Investments include: • £4.8 million strategic shareholding in ITNL, a major highway developer, which in addition gives Trinity preferred rights to develop real estate alongside the highways. • £10.75 million investment in a £265 million township development in Thane, Mumbai, one of the largest integrated townships in Mumbai. • £11.6 million investment in a £56 million residential project, Mumbai - a unique re-development project in a prime location. • £28.3 million investment in a £215 million IT Park, Greater Noida - a commercial development in the suburbs of Delhi, where infrastructure is already in place. • £11.6 million investment in a hospitality project to develop luxury hotels - including an existing and operating Le-Meridien in Mumbai. The company will also build the first new large luxury hotel in south Mumbai in over three decades • £3.4 million strategic shareholding in Fortis, a leading private healthcare company. Trinity also receives preferred rights to develop real estate alongside the hospitals • £13.1 million strategic shareholding in Pipavav, a shipyard in the state of Gujarat and associated real estate. Trinity also receives rights to develop 150 acres of prime land. • £9.1 million investment to develop commercial, retail and residential space in Hyderabad - this development is situated within the largest township in Asia and in close proximity to Hi-Tech city In addition, Trinity has committed approximately £75 million ($140 million) tojoint ventures with IL&FS and IL&FS Investment Managers: • £48 million committed to a joint venture with IL&FS, that will focus on the development of infrastructure projects such as ports, airports and roads • £27 million committed to a joint venture with IL&FS Investment Managers to develop real estate opportunities Given a deal pipeline in excess of £250 million and with a number of projects inadvanced stages of due diligence, the company remains confident that it will befully invested ahead of the schedule of 18 months set out in the prospectusissued in April 2006. Michael Cassidy, Chairman of Trinity Capital PLC, said: "Trinity is recognised as one of the premier real estate investors in India. Theknowledge and experience of our team on the ground has resulted in Trinitymaking a number of strategically significant investments across a broad range ofreal estate assets and sectors. Now that we have built a strong foundation, thecompany is gathering momentum. This is evidenced by the nine transactions wehave completed and the strong pipeline in place. We expect to maintain ourleadership position in the market and assist in defining the real estate marketin India." ENDS Enquiries: Trikona Capital Aashish Kalra +91 11 2620 7257 Cardew Group Tim Robertson +44 20 7930 0777 Sofia Rehman (London) Gutenberg Communications Harjiv Singh (New York) +1 212 209 3863 Pranav Kumar (Delhi) +91 98100 77898 Numis Iain McDonald +44 20 7776 1567 This information is provided by RNS The company news service from the London Stock Exchange