Trinity Capital set to offload assets

Trinity Capital announced on Friday that on 20 October, an agreement was signed with Immobilien Development Indien I and Immobilien Development Indien II, and their associated parties which - if and when fully implemented - should facilitate the realisation of all of the company's remaining investments held jointly with the Immobilien Funds.

The AIM-traded company said that under the terms of the agreement, it will dispose of its investments in Trinity Capital (One) Limited and Trinity Capital (Five) Limited ("TC-5") held by its wholly owned subsidiary Trinity Capital Mauritius Limited in return for a payment of INR 720m - currently equivalent to approximately £8.8m.

It siad the Immobilien Funds will also permit and facilitate Trinity Capital (Ten) Limited to distribute to TCML the proceeds from a future sale of the indirect interests held in DB (BKC) Realtors Private Limited.

“As part of the agreement the parties will discontinue pending legal proceedings,” Trinity’s board said in a statement.

“The agreement requires that the disposals of TC-1 and TC-5 be concluded within eight weeks, failing which it will terminate.”

Trinity Capital said it will make a further announcement to shareholders as and when it has further clarity regarding the completion of the disposals of assets.