14th Jan 2010 15:07
TRIKONA TRINITY CAPITAL PLC
NOTIFICATION OF CLAIM
Trikona Trinity Capital PLC (the "Company") announces that on 12 January 2010 it received a notification of claim (the "Notification of Claim") from Immobilien Development Indien I GmbH & Co. KG ("Immobilien I") and Immobilien Development Indien II GmbH & Co. KG ("Immobilien II"), being limited partnerships incorporated in Germany. In addition to the Company, the Notification of Claim is also addressed to Trinity Capital Mauritius Limited ("TCML") (a wholly owned subsidiary of the Company), Trikona Advisers Limited ("TAL") (the investment manager of the Company), Mr Aashish Kalra, Mr Rakshitt Chugh (who together control TAL) and TSF Advisers Mauritius Limited (a joint venture between TAL and SachsenFonds Asset Management GmbH).
By way of background, in November 2007 and May 2008 Immobilien I and Immobilien II (which were both sponsored by SachsenFonds GmbH) purchased from TCML interests in various Mauritian companies (the "Mauritian TC Companies") which in turn owned equity stakes in Indian investment vehicles (the "Indian Companies") which held certain of the Company's development projects in India (the "Transactions"). Accordingly, Immobilien I and/or Immobilien II are partners with the Company in respect of five of its development projects in India.
The Notification of Claim makes serious allegations against Messrs Kalra and Chugh and TAL in connection with the Transactions and their subsequent behaviour in relation to the Mauritian TC Companies and the Indian Companies. In respect of the Company and TCML the Notification of Claim alleges a general failure to supervise and prevent the activities of Messrs Kalra and Chugh and TAL, that they colluded with Messrs Kalra and Chugh and TAL and benefited from completion of the Transactions. The amount claimed by Immobilien I and Immobilien II is the original cost of their investment of nearly €116 million in aggregate, plus interest and costs.
Insofar as the Company and TCML are concerned they intend to resist the claims made against them. The Company intends to seek further detail and information from Immobilien I and Immobilien II and will respond in due course. The Company will make further announcements as and when appropriate.
14 January 2010
ENQUIRIES:
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Hogarth Partnership |
+44 207 357 9477 |
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Tim McCall/Julian Walker/James White |
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IOMA Fund and Investment Management Limited |
+44 1624 681 1335 |
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Philip Scales, Director |
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Evolution Securities, Nominated Adviser and Joint Broker |
+44 207 071 4300 |
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Bobbie Hilliam/Chris Clarke, Corporate Finance |
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Arden Partners plc, Joint Broker |
+44 207 614 5900 |
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Chris Hardie, Corporate Finance |
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