Trikona Trinity Capital Share Discussion Threads

[ards] 29/9/2009 08:33

If investment realisations are implemented as currently
planned, the Board expects that the Company will be able to return to
Shareholders in the order of GBP100 million within the 24 month timescale
announced in March 2009.

[grahamg8] 26/9/2009 09:11

Agree Badtimes, they are taking this to the wire. Update on Pipavav is that the IPO price was eventually set at 58 rupees and the allotment process should complete by 1 October. So no help to TRC who wont have an actual trading price to work from. This is all going to be in the 'post accounting period notes' anyway.

[badtime] 25/9/2009 20:30

So its monday tuesday or wednesday

[mark1000] 21/9/2009 10:15

My thoughts to badtime be interesting to see the NAV when they announce the results. The share price stability over the last two months suggests their is a big buyer happy to buy at under 56p and with low volumes price is holding steady pending the trading update.

[badtime] 20/9/2009 10:39

One wonders if they wanted tht news sorted b4 they released results

[grahamg8] 19/9/2009 09:21

If my calc is correct Pipavav is worth 14.1pps at the mid launch price of 57.5INR. Given TRC stated aim to return cash to shareholders asap then the oversubscription suggests a selling opportunity hopefully at a premium. Part of the reason for the big discount to NAV on TRC is that 1) the valuations on projects and unlisted shares are in doubt, 2) that to realise these assets quickly in the current economic climate suggests they would need to be sold at a discount. Thus the IPO looks like very good news - a clear route to realising cash; and confirmation that the holding value was about right. Now all we need is news on the other 90% of the TRC assets.

[mark1000] 18/9/2009 17:29

Pipavev was overscribed 7 times so a good opportunity for TRC to exit at 60+ next week?

[badtime] 17/9/2009 21:01

Yea..this month,,lol

[ocean81] 17/9/2009 10:57

Anybody know when results or trading update is due?

[mark1000] 16/9/2009 18:07

Woracle - I see your point but at the end of the day we are interested in the GBP equivalant constant currency is not relevant what matters to UK holders is the GBP NAV given the shares do trade at a premium to the offer price then this looks quite positive with this asset now being very liqiuid.

With the exchange rate movement in our favour could we see NAV at around the 140p with the exchange rate gains off setting lower values?

[badtime] 15/9/2009 19:34

any hedging on currency?

[woracle] 15/9/2009 16:34

Amid, yes u are right. But best compare these things in constant currency. Its down from 80INR to 67INR, now 55-60 INR.

[mark1000] 15/9/2009 15:32

Amid
Good post - not long to wait for the latest NAV any idea`s what its likely to be a range 1.20 - 1.40 would you say? - clearly this would more than support the current share price.

[amid] 15/9/2009 15:05

woracle
your nav figure is at 31/3/08.check out accounts 30/9/08 to see nav reduced to £36.9m.(overall co nav at 30/9/08 incorporating this was 138p)
They look like they will be close to confirming the most recent valuation by the flotation price

[woracle] 14/9/2009 17:12

Sure bis, its a given there is gonna be a 50% rise on flotation to get it the estimated NAV back...

[peterboroughmatt] 14/9/2009 15:32

Anyone else think Pipavav is worth a short then?

[mark1000] 14/9/2009 14:45

Must be good news as the float will give a market for TRC to sell into and will an accurate valuation on the holding. Be interested to see how TRC play this presumably they will drip the shares into the market rather than undermine the float by dumping them ASAP.

[bisiboy] 14/9/2009 09:38

yes but will go to a premium on floatation and then no longer be dissapointing

[woracle] 14/9/2009 08:49

tad disappointing as was valued at 45m in the nav.

[slapdash] 14/9/2009 08:46

nope gives them a stake in a floated company..... unless they ask for cash upon IPO....SLAP

[dcomd99] 14/9/2009 08:02

This gives them £30m in cash

[mark1000] 10/9/2009 15:44

Papy - I am guessing but it could be the management are courting a white knight to retain the business intact someone to provide the Finance - anyway in view of the overall strenthening of prices of Indian real estate over the last 6 months we should be fairly relaxed. The big fear is that we have a conflict of interest where the management have one agenda and we the shareholders another. The departure of those esteemed UK directors a few months back might be so that they can avoid the fallout from such a conflict of interest created by an MBO their replacement looks to be a serial director for hire and probably lacks their gravitas. Like most shareholders here I would be happy to see a buyout as long as it was at a realistic/sensible price a small discount say 5% to 10% from a mid market price might be a price worth paying to see a speedy resolution to this matter.

A surprisingly high number of shares being traded today - no effect of course on price - this share should be recommended to those with heart conditions as it has remained with a narrow range now for a couple of months.

[papy02] 10/9/2009 10:30

One thing I occasionally fret about with TRC is lack of progress on releasing £20m in 3mo from EGM, so by 24 June 09, by renegotiating existing contractual liabilities.

They achieved £8.5m of this by 8 May, but since then nothing.

Also no news re progress to releasing another £20m in 12mo from EGM, (so we are now nearly 6 months in), by sale of investments in quoted companies & release of certain investments upon maturity.

There's unlikely to be any news on the above now before the results this month. But does anyone have a view on what the lack of announced progress to date on the above signifies, if anything?

(E.g. I wonder if it indicates a plan to buy-out, or sell, the entire business as a going concern, which may be good or bad depending on the price. Or does it indicate difficulty in executing the plans expressed at the EGM, which would be bad?)

Any views/comments?

Cheers
HGF

[badtime] 09/9/2009 22:50

Hmm...sorry i read the earlier rns wrong...my apols

[grahamg8] 09/9/2009 15:31

No, they have reduced their stake to stay under 30%. On 10 June QVT had 62.5405m shares and 378,817CFDs on a total of 216.5m ie 29.06%. Indeed they peaked at 69,010,500 on 7 February 2008. QVT have been very consistent at just keeping under the threshold to avoid a compulsory take over bid. As my previous posts I see this as very supportive of the sp, because during the buy back they could have offloaded without triggering a collapse in the share price. As they didn't then they presumably see the upside potential that we are all hoping will be revealed in the next few weeks.