Trikona Trinity Capital Share Discussion Threads

[grahamg8] 06/2/2010 09:03

DB Realty RNS is again rather annoying as they carefully avoid saying that the book value ( fair value in TRC terminology) is already £55.978m. So the current year increase in NAV at the offer price will be a quite nice £16.022m, but a far cry from the implied gain of £45.6m. Still the assets are going in the right direction and once the lawyers have sorted out the various disputes what is left will eventually come to the shareholders.

[mark1000] 27/1/2010 20:58

Smicker

No I had not seen it good find - no surprise in the legal battles everyone claims and counter claims - the problem is it costs lots in professional fees and just as importantly takes managements eyes of the ball. At the end of the day the lawyers get rich and the rest of get poorer.Talking about professional fees I bet Rothschild cannot be cheap. Why not just liquidate at the best price possible all the assets - I know some have lockins like the shipyard shares but lets see a step change lets not just see things drag on clearly with so much litigation a t/o of the CO is out of the question.

RNS Number : 1024G
Trikona Advisers Limited
26 January 2010

Trikona Trinity Capital PLC (AIM:TRC) (the "Company") yesterday announced (RNS number 0477G) the appointment of Rothschild (as lead adviser) and DTZ (as co-adviser) to assist the Company in relation to the selection and appointment of a replacement for Trikona Advisers Limited ("TAL") as the Company's portfolio manager. This follows the Company's announcement (RNS number 8837D) of 10 December 2009 that it had served a notice of termination (the "Notice") on TAL in relation to the Portfolio Management Agreement dated 13 April 2006 (the "PMA") pursuant to which TAL was appointed as the Company's exclusive portfolio manager for a ten year term.

This announcement is to notify any third parties that TAL disputes the Company's entitlement to terminate the PMA and seek a replacement manager. TAL further notifies formally that the Notice served by the Company is invalid and without effect. It discloses neither any grounds for termination nor does it identify any breaches which TAL is required to remedy. TAL will dispute the entitlement of the Company to seek to replace TAL. TAL further contends that the Notice does not operate so as to terminate the PMA and that any third party seeking to perform these functions will necessarily be interfering with the legitimate rights of TAL under the PMA.







Mili Gandhi
[phone]
[e-mail]

[smicker] 26/1/2010 22:48

Mark1000,
I dont know if you saw this today?



I's say GBH is more likely before its all over!!

[mark1000] 26/1/2010 21:23

Smicker -

Yes interestingly the current Management Company is still in place up to mid March but could well have some claims up their sleeve as their remuneration includes a good chunk of bonus based on performance (alhough fingers crossed fully provided in the accounts) so I suspect we will see a bun fight. For some time I was worried why our 30% shareholder was selling down clearly they were more aware than we were of the implications of that notification back in October.

[grahamg8] 25/1/2010 16:18

Well someone seems to like TRC at the current price. GAM International have come from nowhere to own 12.78m shares (6.07%), RNS 25/01/10. Presumably without them the recent price drop would have been far greater.

[smicker] 23/1/2010 11:41

MArk1000,
If you look at news above which shows the rns's read the release dated 14/10 notification of claim.

[mark1000] 23/1/2010 01:48

Guys
Yes I am also glad to have got out Christmas eve at a good profit had really hoped to sit on this share for eighteen months and pay off my mortgage but best laid plans etc.

Lets keep on watching I have found all your comments a great help and I think quite a number of us think a like - lots of expensive litigation draging on for a couple years I doubt we will see any quick resolutions and in the short to medium term we will see the price continue to slide. I suspect just for good measure the old Management Company who we have kicked out will make a counter claim against TRC for their share of profits. Presume Indian legal system is similiar to the UK less expensive but a bit slower? any views appreciated but at some time in the future when the mist clears this could be a fantastic opportunity again.

[badtime] 15/1/2010 23:27

Glad i got out on xmas eve too

[smicker] 15/1/2010 19:44

Yes, agree totally.

[peterboroughmatt] 15/1/2010 19:40

Not currently holding but was in for the last ride up from end march-june , still have this stuck on the watch list which is where it will stay for abit longer i guess

Cheers

Matt

[smicker] 15/1/2010 19:36

Matt,
Releasing the news of problems on Christmas eve was enough for me to sell out and wait to see what would come out of the woodwork. News of this sort wasnt unexpected. FWIW i think its madness to hold a share when uncertainty of this sort exists unless you're having a punt and the upside is considerable.I dont think that enough upside applies here. I'm waiting on the side and when all becomes clear i'll reinvest ( or not ).

[peterboroughmatt] 15/1/2010 19:03

this is taking a right beating, anyone have a view?

[mangal] 14/1/2010 15:42

I'm out of here - that announcement is worrying.

[badtime] 13/1/2010 10:53

little flip up yesterday

[rbcrbc] 29/12/2009 22:22

Cash and cash equivalents: 44,318,000 GBP

Shares in issue: 210m

cash per share = 21p

remain confident that, ..... the Company will be able to generate some GBP100 million of realisation proceeds in the foreseeable future.

100mGBP = 47p per share (I assume in addition to the 21p).

I think that the downside has a lot of protection but holders will need patience - tuck away in a bottom draw and forget for a while - but don't forget how hard people will be working to realise your investment ;-)

[mark1000] 29/12/2009 19:10

I have cut and pasted this from the Interim Accounts RNS

"If any material specific provisions for losses are required to be made based on new or more detailed information that comes to light, the Company will inform shareholders through the usual channel of RNS announcements".

To have included this comment in the Chairmans report means they must have some concerns - in my mail 710 this is what I am describing as the mist it really is just increased uncertainty - I suppose at 55p share price and 120p NAV the share can handle some uncertainty.

[mark1000] 29/12/2009 18:53

Colonel
It is the delay caused by the fall out on the Management front that is key to our thinking it could turn out well but our 30% shareholder who is closer to what is really going on has been a seller for some months it does seem to me that we will see a slight drift down so I am on the sidelines waiting for the mist to clear then I will be keen to get back on board if the price goes higher in the meantime I have guessed wrong and you are right. Good luck in any case.

[colonel a] 29/12/2009 09:47

Gents,
I think there's a degree of rationalisation going on here.
This is a well financed company trading at a 55% discount to NAV.
The original management deal was naive in the extreme and if they manage to get clear of it without too much damage I think the valuation will climb measurably.
However if I'm the only holder left, good luck to me.

[grahamg8] 29/12/2009 09:25

Also out now. Not much action until a new manager is in place which should be by mid March. But then they will have to work their way through the history of the current managers, and TRC will have a few legal wrangles still to sort out. The good news is that the valuations are still in place and £100m realisations are still on the cards, just rather later than we had all hoped. So the share price has no real reason to fall, possibly just sag a little. Then continue trading sideways before perking up later in 2010 or possibly not till 2011.

[mark1000] 24/12/2009 12:14

Yep me to sold all my 150K shame as I had this lined up to pay off my mortgage - I will still watch this share but it looks as though this could well end up being dragged through the Indian Courts with claim and counter claim so its going to be dead money for a while. Like an earlier poster releasing the report on Christmas eve was not good sign - for sometime now I have been getting worried by our 30% shareholder selling down made no sense in view of the pending buy backs but now it does. I Will wait and watch.

[badtime] 24/12/2009 11:08

Out for now

[smicker] 24/12/2009 10:37

Papy02,
I've just done the same, just dont see what positive news can happen in the short term while they sort out the mess.

[papy02] 24/12/2009 10:25

Just finished reading the half yearly report and sold all my holding.

Too many uncertainties for me. Also don't like the fact they snuck the report out on Xmas Eve.

May buy back once things are clearer.