Mumbai, Dec 11 (ANI/Business Wire India): Trikona Trinity Capital PLC (AIM:TRC) (the "Company") yesterday announced that it has given notice to terminate the portfolio management agreement dated 13 April 2006 between the Company, Trinity Capital Mauritius Limited and Trikona Advisers Limited (the "PMA").
The Company has cited breaches of the PMA by Trikona Advisers Limited ("TAL"). TAL considers that there is no basis in fact to the allegations made against it by the Company.
TAL considers that the Company does not have grounds for termination of the PMA and will resist the alleged termination notice announced yesterday. Furthermore, TAL considers that the Company is in breach of the PMA and intends to pursue a number of claims against the Company in this regard.
In a period of unprecedented global turmoil, TAL's performance in relation to the management of the Company's assets has created returns of approximately #86 million with an internal rate of return of 97 per cent to the Company. Furthermore, TAL has enabled the release of approximately #20.9 million of cash by renegotiating and reworking certain contracts and, since the Company introduced its new investment policy in March 2009, one investee company, Pipavav Shipyard Limited, has successfully concluded an IPO and two others, IL and FS Transportation Networks (India) Limited and DB Realty Limited have filed for IPOs.
TAL has reserved its position and is currently consulting with its professional advisers and may make further announcements in due course. (ANI)