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Trikona Trinity Capital Share Discussion Threads
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Fairly straightforward in that as of 30th Sept 2016 the 3 investments had a value of £11.2m with TC-1 & TC-5 being sold for £8.7m and the company saying that the sale price was the value used for the half year valuation. Hence TC10 was valued at £11.2m- £8.7m = £2.5m.
At 30th Sept there was also net £3m cash to make NAV of £14.2m (6.7p per share). Obviously 5p per share has been since been returned.|
|I read it as £2.5m|
|Any idea what the TRC current book value for tc10 or any of its holdings are?|
It's not a straightforward 12%, you need to read the paragraph under the table you linked, the structure of TC10 now has different classes of assets. TCML own 100% of the CCPS.
Eezymunny is correct in that it's worth whatever someone is willing to pay for it but we do know that the un-financed offer was at a level above the current book value.|
|EezyMunny,Waiting game indeed...I want this shell when they sell tc10|
|Alexios. I'd say the £11.8m was TCML's share of the original investment ie total investment was c. £98m.
So face value £11.8m which is currently heavily written down in the books. It's really worth whatever they sell it for, so could be more or less than current book value. We'll have to wait and see!|
|http://www.trinitycapitalplc.com/portfolio/mk-malls/12% stake is the only thing what is left for TRCSo ~£1M|
|Here you go, TCML(TRC sub) retains 12% TC10, therefore it is valued at £1M|
|This explains the structure
In 2007 and 2008, the Immobilien Funds acquired an 88% equity interest in TC-10 together with 100% of a class of shares which receive all of the economic benefits from the company's common equity exposure to the MK Malls project. TCML retains a 12% equity interest in TC-10 (thereby entitling it to a board seat) together with 100% of a class of shares which receive all of the economic benefits from the company's exposure to compulsorily convertible preference shares ("CCPS") issued by MK Malls. The CCPS held by TC-10 have a face value of INR1 billion (approximately £11.8 million at current exchange rates), a compounding return capped at an IRR of 20% and priority over MK Malls' common equity. The face value and compounding return on the CCPS are denominated in Rupees and, as such, the Sterling equivalent has varied, and will continue to vary, based on prevailing exchange rates.|
|TCML owns 12% isn't it?Immobilien 88%|
|No, it's the CCPS (TRC own 100%) which have a face value at £11.8m compounding at 20% per year.
The offer they received (but is not financed!) is though lower than face value.|
|TRC have 12% stake in TC10 don't they...So value is £1MDepends what they can sell it forWill keep watching it pans out|
|Interims out today
So TC-10 has a face value of about INR 1 billion or about GBP 11.8m or about 5.6p per share.
|Quite a bit of buying and price moving up. The results are due before the end of they year.|
|See and feel free to contribute to the WAM thread.
|Alesios1201, I try to follow Weiss, Lars etc they usually make better investment decisions than me, they can also move faster with more resources than I can and by the time I get there its too late....but not always:)
See and feel free to contribute to the WAM thread.|
|Praipus,TC10 is the last one they have left and they are selling it as well.TRC will become a shell soon|
|probably buying from weiss|
|Well Lars seems to think more than the current price
Edit: But it looks like he's getting them for 0.85p|
|Posted this to remind myself of the timetable
Amazed how busy the arbitrageurs have been Lars and Weiss messing about with their holdings CFD's etc. Difficult to guess if they're trying to get out or get in:)
Any guesses what the assets value is now?|
|http://www.trinitycapitalplc.com/portfolio/mk-malls/I understands this is for all tc10They have 12%|
|Where does it say that???|
|no 12% is in the books at £3.2M|