Trinity Capital : TRC – annual results and distribution

Trinity Capital has published figures for the year ended 31 March 2014. They sold their investment in Luxor Cyber City for £9.2m and used the money to fund a distribution to shareholders of £10.5m. At the end of March they had five investments left valued at £22.8m or 10.9p per share. On 24 July 214 Trinity Capital sold its investment in Jodhana, realising proceeds of £3.1m and, following the reversal of Horizon into SKIL Infrastructure limited, a listed company, they have been selling off their stake in this investment. The price they have been getting for their SKIL shares is about half its share price as at the end of March 2014. Trinity Capital had thought they could put their stake in Horizon back to SKIL for cash and now intends to commence legal proceedings against SKIL in an attempt to recover the loss they have been making by selling shares in the market. The fall in the value of the Rupee vs Sterling had a big adverse impact on the valuation of their investments.

Trinity Capital is involved in a dispute with Sachsenfonds (its co-investor in some of its remaining holdings). Trinity say they are now talking to Sachsenfonds in an attempt to resolve the impasse whereby Sachsenfonds is blocking the sale of these assets.

Trinity Capital intends to distribute 2.5p to shareholders (£5.3m) – the money will be paid on 22 August and the shares will be ex dividend on 6 August.

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