Trikona Trinity Capital Share Discussion Threads

[colonel a] 24/12/2009 10:10

Mainly due to buy backs.
The +ve news on the property portfolio being offset by the relative devaluation of the Rupee.
I read the statement as largely good news, but as patience is not my strong point I'll just stick with my current holding.

[papy02] 24/12/2009 10:00

Trikona half yearly report is just out (quick skim = bit of a worry re their dispute with, and termination of contract with, TAL. Eg no more distributions till the dust has settled, the £100m realisable now qualified as "in the forseeable future"):



Something else I came across recently:

The Rupee was 66% below Purchasing Power Parity to the $ at 30 Sept 09, as per this link (see bar chart on P3) - even more undervalued than the Chinese Yuan on this basis.



So despite recent negative currency trend - the longer term trend *should* (??) continue to be supportive?

Cheers

[smicker] 24/12/2009 09:46

During the six month period to 30 September 2009, the NAV increased by 8% from
GBP1.13 to GBP1.21 per share.

[mark1000] 23/12/2009 17:42

Happy Christmas all TRC`ers lets hope for a prosperous 2010. Surely these share are worth more than 55p?

[mark1000] 11/12/2009 11:55

Badtime
Any ideas of the significance? presumably not fraud as they would have been fired with immediate effect. Lets hope once this is out of the way the Company gets back to realising the assets and buying back the shares progress to date has been slow change of Management Co might give some added impetus to the process. Lets hope they are bonused on acheiving returns to shareholders and not for delaying the inevitable.

[badtime] 10/12/2009 09:26

couple of rns's released

[mark1000] 09/12/2009 20:32

Graham - The recent sells from our big shareholder suggest no action immediately pending - with all the heavy weight UK directors gone I think we may have to sit this out for some time. Would not be surprised if this time next year on the basis we have not already been sold with Management picking up new contracts to see an offer/tender to buy back 50% of the shares for say 85p. The problem with the adhoc buy back is as soon as the buy back RNS hit the street the shares jump 20%. Had thought they might do something by 31st March 2010 Finacial Year-end to enhance NAV and presumably Management bonuses if linked to NAV but not so sure.

[badtime] 09/12/2009 09:54

zzzzzzzzzzzzzzzzzzzzzzzzzz

[grahamg8] 27/11/2009 09:03

Just a reminder of what happened last time. Once the AGM was out of the way on 24 March 2009 AYM bought back the first shares on 30 March (announced on 1 April) and did not specify the terms of the buy back programme until 27 May by which time 3.25m shares had already been bought. The lesson is quite simple don't expect any fanfare announcing a new buy back it may just start or could even have started already! If the cash return is by special dividend or tender offer then there would have to be an RNS and plenty of paperwork to follow. Just another reason why I personally think a buy back is the most likely next step. What aint broke you don't fix.

[badtime] 26/11/2009 20:54

Hefty buys today

[rbcrbc] 24/11/2009 19:10

I missed that bit - thanks....


During the last two years, the Company has developed an important partnership
with SachsenFonds Asset Management GmbH ("SachsenFonds"), a leading German fund manager. In 2007 and 2008, SachsenFonds completed the launch of two
India-focused closed end real estate funds in Germany which acquired significant interests in TTC's assets. During the last financial year, the second SachsenFonds vehicle acquired assets for GBP54.3 million from TTC, crystallising a gain of GBP16.5 million over cost for the Company. Although the Company announced that it intended to sell further assets to a third fund launched by SachsenFonds, the vehicle failed to complete its capital raising and that new fund is, to all intents and purposes, dead. TTC had invested GBP26 million in companies in India (shortly after the collapse of Lehman Brothers) in anticipation of selling a significant portion of some of those assets to the third SachsenFonds vehicle. Despite this disappointment, SachsenFonds remains an important partner for TTC, having invested, in aggregate, over GBP86.4 million in TTC assets and the Company retains certain contingent liabilities towards SachsenFonds. We intend to engage more closely with SachsenFonds in the coming months with a view to maximising potential returns for both TTC's and SachsenFonds' investors.

[mark1000] 24/11/2009 18:26

I feel we could see the share continue to drift down while we await more news on buybacks which I favour or special dividends which I do not. So I am neither a seller or a buyer but a holder anticipating some sort of news before y/e. Over the next three years I am looking for 30% compound growth on the current share price. Would be great if that German investment company that are mentioned in the accounts RNS as buying assets stomp up the cash to buy us out and presumable keep the management employed which must be uppermost in the thoughts of our management team.

[badtime] 24/11/2009 17:46

Anyone topping up? :)

[rbcrbc] 17/11/2009 15:32

They sold down in Sept and Oct as well, although their contract for difference remain the same. Part of their holding is an account for a third party, so it might be the third party selling.

I'm not too bothered.

[mark1000] 17/11/2009 13:36

Anybody concerned by our major shareholder selling down their holding probably at a lower price than we be acheived in a tender or buy back? Are we missing something?

[mark1000] 12/11/2009 15:08

Graham - Do not disagree - but as I understand it correct me if I am wrong they have 88 million to pay out in 16 months to be completed by 31/03/11. My guess is that we will see another share buy back pre 31/03/10 - of course when they are no longer time barred on selling the Pipavev stake this time next year they should have sufficient funds to put through a tender for say half the remaining shares but who knows may be an ever increasing share price as the buy back goes into full swing but in view of the values to be handed back to shareholders a tender must make sense.

[grahamg8] 12/11/2009 09:33

I think you may well be right Mark1000. The last buy back cost £12m for 21.367702m shares. If a new buy back pays 70p for all shares another £12m, which they clearly have available, would reduce the number in circulation by 17.14m or just over 8% of the shares currently in circulation. As the plan is to return £100m over 24 months then there would need to be 8 buy back programmes ie one every 3 months presumably at a gradually increasing price. This would show a responsible hands on management of the share price, reduction in discount to asset value, and shareholder expectations. The alternative is to have a series of special dividends. Major shareholders are being consulted on the most tax efficient way to make the returns.

The only problem still to resolve is the renegotiation of the management agreement.

[mark1000] 11/11/2009 11:41

OK Pheonix Mills was a bum investment but the realisable price was 130% higher than the March F/Ye valuation which of course gives us the latest NAV of 113.00p by itself it adds another 1p to the NAV but it may also much more importantly point to the 113.00 being quite a conservative calculation in view of the improved economic outlook over the last 6 months. Does anyone know if they came up with a more recent NAV had hoped this might have been released by the Company in the AGM.

Guessing in view of the amount cash avaliable being fairly limited I would anticipate more share buy backs with a limit of 70p I am sure there will be enough takers and for remaining holders the NAV will climb onwards and upwards and for those taking the cash can they buy back in cheaper befor the next tranche is released.

[grahamg8] 10/11/2009 16:03

Also Pipavav announced yesterday a contract and design award for 12 supply vessels for India Oil and Gas Corp. Their share price rose 3.1INR to 56.75INR the highest since launch. OK this is not cash as the shares are on tie in but the overall asset base just keeps on rising. Each 1INR rise in Pipavav is worth £0.57m to TRC

[rbcrbc] 10/11/2009 14:55

yup another 3.9m or 1.85p per share.

Maybe they have a series of these announcements ;-)

[badtime] 10/11/2009 14:47

More cash re sale in phoenix mills?

[rbcrbc] 10/11/2009 11:54

Resolution 7 THAT the Investment Policy of the Company as determined at the Extraordinary General Meeting held 24 March 2009 as detailed below be approved:

"The Company shall promptly but having due regard to all applicable legal, governmental and regulatory restraints and with a view to maximising Shareholder value dispose of all of its existing assets in an orderly fashion.

If the Company's Ordinary Shares are trading at a price below the NAV per Ordinary Share, the Company shall immediately effect a return of capital through a cash distribution to Shareholders.

The Company shall continue to seek new investment opportunities. If the Company's Ordinary Shares are trading at a price above the NAV per Ordinary Share, the Board will selectively determine, on a periodic basis, whether or not to make new investments."

and from the prelims 29th Sept:


At 31 March 2009, the Company held 60 million in cash. Of this amount, 13.2 million was held as a reserve against investment commitments and approvals. Since the end of March, the Company has distributed 12 million through the repurchase of 21,367,702 shares, equivalent to 9.2% of TTC's share capital before the buyback commenced. The Board has authority to purchase and cancel up to 70% of the Company's ordinary shares through a general share buy-back or tender offer(s). The Board will consider the most appropriate methods of distributing cash taking into account the views of shareholders.

60-13.2-12=34.8m

210,432,498 ordinary shares in issue.

16.5p per share available cash.

I guess we should see a tender, buyback or special dividend soon.....

[gray1107] 10/11/2009 10:58

RNS Number : 2666C
Trikona Trinity Capital PLC
10 November 2009


Trikona Trinity Capital plc
Result of AGM

Trikona Trinity Capital plc is pleased to announce that, at the Annual General Meeting held today, all resolutions were duly passed.

10 November 2009


This information is provided by RNS
The company news service from the London Stock Exchange

END


RAGCKKKPKBDDPDD

[badtime] 06/11/2009 19:38

curious tht jump the othr week ..n then the slow drift dwn

[rbcrbc] 06/11/2009 10:09

The AGM is on Tuesday next week, so hopefully we will get an update Monday or Tuesday. One of the AGM resolutions is a confirmation of the new investment policy and hopefully we will get a statement of NAV movement (last reported at 1.13GBP).

As at 29th Sept they had £34.8m in free cash, so with 210m shares in issue that is 16.5p cash per share. So they should be able/obliged to distribute some of that by special dividend or buy-back. (I would prefer buy-back).

Next week might see the resumption of the slow close of the gap to NAV.