17th Dec 2015 13:26
LONDON (Alliance News) - Trinity Capital PLC on Thursday said it will be of "little surprise" to shareholders that progress remains painfully slow in realising the three remaining Indian assets held by the company.
"Cash from sales of the property investments is the catalyst essential to permit the final resolution of the various issues faced by Trinity. However, the company continues to be frustrated by a combination of the poor state of India's property markets, our complicated relationship with the German funds managed by SachsenFonds and the inefficiencies of the Mauritian judicial system," Chairman Martin Adams said.
Trinity Capital, a fund created for investing in Indian real estate and infrastructure, said its net asset value declined by 7.3% to GBP17.2 million over the six months to September 30.
The value of Trinity's share of investments declined by 6.7% to GBP13.6 million, caused largely by the depreciation of the Indian rupee against sterling during the first half of the financial year.
Shares in Trinity Capital were down 3.6% at 6.51 pence on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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