Trinity Capital completes assets offload

16th Nov 2016 09:40

(ShareCast News) - AIM-listed Trinity Capital said its wholly-owned subsidiary, Trinity Capital Mauritius Limited (TCML), had completed the realisation of its investments in Trinity Capital (One) Limited and Trinity Capital (Five) Limited and received proceeds of £8.7m.The only remaining investment is Trinity Capital (Ten) Limited, held together with Immobilien Development Indien I GmbH & Co. KG and Immobilien Development Indien II GmbH & Co. KG (the Immobilien Funds).The funds have provided a formal commitment to permit and facilitate TC-10 to distribute to TCML the proceeds from a future sale of its indirect interests held in DB (BKC) Realtors Private Limited (formerly MK Malls & Developers Private Limited)."The Immobilien Funds and TCML will now proceed and co-operate to discontinue all pending legal proceedings in Mauritius," Trinity said in a statement.At 31 March 2016, the company's holdings in TC-1 and TC-5 were valued at an aggregate of £5.1m. The company's sole remaining investment is TCML's holding in TC-10.Trinity said it intended to announce "in due course" a further distribution to shareholders and to commence consultations on the future of the company.