29th Dec 2016 08:54
LONDON (Alliance News) - Indian real estate fund Trinity Capital PLC said Thursday it made progress in the disposal of its remaining assets in the first half of its financial year.
Trinity Capital reported a pretax profit of GBP4.7 million for the six months to September 30, swinging from a GBP1.3 million loss in the same period in 2015.
The profit was driven by a GBP3.0 million gain in fair value on investments, as well as the release of GBP2.0 million maintained as a provision against possible legal proceedings.
That money was released after the signing of an agreement with funds managed by German asset managers SaschsenFonds and Deutsche Fonds Holding, which permitted the realisation of their joint investments.
Correspondingly, post-period the company realised its investments in Trinity Capital (One) Ltd and Trinity Capital (Five) Ltd for a GBP8.7 million payment.
Trinity Capital said its focus is now on its Trinity Capital (Ten) Ltd investment, which owns equity and mezzanine debt-type securities issued by Indian company DB (BKC) Realtors Private Ltd, financing property development in Mumbai.
Trinity Capital said it is seeking buyers of its compulsorily convertible preference shares issued by DB (BKC) Realtors, which have a face value of approximately GBP11.8 million.
"While we pursue a sale of the CCPS, the board is also reassessing the most appropriate continuing structure of the company and intends to communicate further with shareholders in due course in this regard," said Martin Adams, chairman of Trinity Capital.
Shares in Trinity Capital were up 11% at 1.25 pence Thursday.
By Adam Clark; [email protected]
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