(TRC) Trinity Capital
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11.12
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| 11-03-11 | ||||
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Is there any chance the shares will go higher upto old level?
............................................................................................. Unlikely! |
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| 10-03-11 | ||||
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Thank You, Is there any chance the shares will go higher upto old level?
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| 09-03-11 | ||||
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The price has dropped because of the 30.9pm per share distribution, you can't have your cake and eat it, read my previous post.
Trade this long or short with an interactive markets spread betting or CFD account. |
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| 08-03-11 | ||||
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can anyone tell me why a big share price drop? Thanks
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| 01-03-11 | ||||
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| 28-02-11 | ||||
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Not really that much to say. The settlement makes no difference to my assessment as I had discounted that case completely so it has no effect on that December valuation. The £65m/30.9p distribution implies the remaining maximum potential liability of the other case has been assessed at around 33p/share (which is what I would say is close to a current conservative nav of the company after the distribution) - basically the BOD must assess the current nav conservatively on the basis they might lose the case (to avoid any allegation of negligence on their part), and retain enough assets to pay off all liabilities including the maximum expected loss costs and penalties of losing the case, assuming a conservative outlook on the asset holdings. So you can imply that after distribution nav is at least 33p.
Beyond that, actual realisation depends on the case and the realisation of assets - db realty looks now to be at ~109 rupee/share (and still in a downtrend) which means that it has nearly halved in valuation since December, and one can only assume that the unlisted equities which are also basically Indian land based investments are likely to have also dropped in value (although that could be completely wrong as the assets could have been enhanced significantly by planning permission or building). If you are extremely conservative, that might imply a drop of around 30p from the last reported nav which, if true, would leave the share after distribution very much a bet on the remaining court case and on Indian real estate values with not much in the way of cushion, i.e. subsequent upside and downside about even. Of course my figures and analysis can all be completely wrong, best to do your own research as ever. |
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| 25-02-11 | ||||
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could tentative predator do a new assesemnt now that a second distribution will be made soon
found you work fascinating |
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| 21-02-11 | ||||
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The Board of Directors (the "Board") of the Company is pleased to announce that it is currently intending to make a distribution of 30.9p per share, equivalent to approximately £65 million, to shareholders (the "Distribution"). The Distribution will be financed from the distributable reserve created by the cancellation of share premium account that took place shortly after the Company was admitted to AIM in 2006. It is intended that the Distribution will be paid on 9th March 2011 to shareholders recorded on the register on 4th March 2011. The shares will be marked ex on 2nd March 2011.
Trade this long or short with an interactive markets spread betting or CFD account. |
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| 17-02-11 | ||||
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The NAV quoted in the half-yearly report was 125p. Take away the distribution, leaving a NAV of 108p.
The company has had to shell out to settle the various claims against the company, but the settlement statement states that provisions already made cover this and have no effect on the NAV. The board is meeting today, so we should soon get an announcement re the promised further distribution. |
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| 17-02-11 | ||||
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The trades seem to be small but the price seems to be moving faster than trades suggest.
Does anyone know the current NAV since the distribution? Seems to be a large value difference between sp and NAV. Can't see any reasons in the news pages. New £5 frequent trader rate - trade UK shares, investment trusts and ETFs |
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| 05-01-11 | ||||
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Halifax just arrived. Ex
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| 05-01-11 | ||||
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Thanks Billybonus - that sounds better. I'll give HSBC some more time and then call them again.
D |
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| 04-01-11 | ||||
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My account with Selftrade was credited on 30th December
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| 04-01-11 | ||||
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Was thinking the same Dunhill- not had anything into Halifax either.
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| 04-01-11 | ||||
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Can anyone help? I received a letter from my bank - HSBC saying this was to be paid 23/12/10. I have received nothing. I call HSBC and they said funds from Trinity were overdue - has anyone been paid or is it just HSBC. Thanks in advance.
D New £5 frequent trader rate - trade UK shares, investment trusts and ETFs |
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| 13-12-10 |
3 |
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This dropped into my buy list, so I analysed it.
share price today ~50p = 105m NAV: 43p cash (126m - 35m distribution) -6p legal provision (12.7m - this is for costs, nothing has been set aside for any court loss, see below) 13p listed equities (pretty much all in DB Realty, currently 194 rupee/share) 53p unlisted equities (126.2m - 12.9m sold after ye and included in cash) = 103p NAV Approx 100p maximum assessed liability if losing both court cases (but that's unlikely) - both cases as described sound without merit, especially the one directly from TAL sounds like a solid win for TRC, but TAL made to sound extremely dodgy (given they were terminated for multiple breaches) so who knows what liability they could have sucked the company into. Wind down costs ~ 10p (over 4 years). Court case durations - maybe 3 years more. Volatility in current investements - quite high, could easily vary +100%/-50% (that 66p could go anywhere from 33p-130p); additionally currency risk of +/- 20% but can include that in overall volatility. So downside is probably around 70p (2nd court case lost in a limited way, some share valuation drop); upside is probably 150p; my most likely scenario is a total return of 110p over 4 years, terminating in 2015. As such, I see better risk/reward possibilities in that duration elsewhere, so not for me - but may well suit many others. Good luck all involved. |
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| 13-12-10 | ||||
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My thoughts exactly, so have invested £50k, distribution will give me back over £12k and I will just wait for the rest to happen.
OBNC |
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| 11-12-10 |
Buy
Re: Distribution
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Hello I am just looking at this one.
Surely with NAV over 100p and a plan to liquidate until NAV is on a par, makes this investment pretty good value and relatively safe. Downsides as I see it are (i) exposure to Indian Res market although how much of portfolio I have not researched and (ii) outstanding legal disputes (with GBP12m set aside for this however). All in all maybe worth a punt. Trade this long or short with an interactive markets spread betting or CFD account. |
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| 03-12-10 | ||||
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I make you right on this.
I bought shares yesterday purely for the distribution following a nod from Andy, however, I also liked the NAV. Shame the price dropped the full 16.6p, any ideas anyone of future growth in the share price or how long it may take to get back to pre distribution price of 67p. Thanks, OBNC |
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| 03-12-10 |
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Hang on...
A Distribution is *not* a dividend, it is the return of capital from a company and is therefore subject to Capital Gains Tax *not* Income Tax. From wikipedia:- A liquidating distribution, sometimes called a liquidating dividend, is a type of nondividend distribution made by a corporation to its stockholders during its partial or complete liquidation. Like nondividend distributions, they are not paid out of the earnings and profits of the corporation. When a liquidating dividend occurs, it is considered to be a return of capital and not profit. I know a little about this, as one of my company's (Brit Insurance) had a similar capital distribution policy. Of course, one only starts paying capital gains tax if the total realised capital gain within a tax year is greater than £10,100 and the shares are held outside a tax isa. MC New £5 frequent trader rate - trade UK shares, investment trusts and ETFs |
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| 02-12-10 |
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Great idea...................
Yes, lets all buy the shares to get a 16p divi, and then watch the price drop 16p tomorrow morning. ....and to top that then pay tax on the divi, particularly unpleasant if you happen to be a high rate player. Where do these punters hail from. ;-) my 2 cents |
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| 02-12-10 | ||||
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Great news! Christmas has come early. A distribution of 16.6p to paid on the 23rd Dec. Just in time to buy my christmas presents. Is anybody else going to take advantage and get in/top up before tomorrow?
Also, what do people think about the accounts? |
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| 15-07-10 | ||||
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Has anyone been able to access the EGM Circular yet? I can't access it through the company site as the 'News' article says.
What is going on? Is the new name change to reflect the new management? Please provide an access route if you have worked it out or provide some details. Thanks Trade this long or short with an interactive markets spread betting or CFD account. |
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| 23-04-10 | ||||
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so do i !!!, ( hrco)
atb |
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| 21-04-10 | ||||
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No wonder, someones just bought £1m worth @ 58p
I wish buyers were showing as much interest in Hirco. DS New £5 frequent trader rate - trade UK shares, investment trusts and ETFs |
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| 21-04-10 | ||||
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All very quiet on the home front, moving along nicely from my 48p av.
They keep ofloading a few properties at a premium to book price DS |
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| 16-03-10 | ||||
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Somebody likes these, 1.225m buy @ 50p today
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| 11-03-10 | ||||
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yeah, noticed that, perhpas the whole thing was getting too messy for them, ?
Trade this long or short with an interactive markets spread betting or CFD account. |
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| 11-03-10 | ||||
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Curiouser and curiouser, GAM have now sold out!
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| 05-03-10 | ||||
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Well, bit the bullet this morning, they keep rising steadily and don't want to get too far behind, still think they are a great mid termer once the troubles are sorted and with ii's buying heavily they could get away.
Also bought some KDDG Wednesday @ 45p and a half decent brokers report is posted this morning giving it a lift. DS New £5 frequent trader rate - trade UK shares, investment trusts and ETFs |
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| 04-03-10 | ||||
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Yes, noticed this, they probably bought the 2.5% sold by Carrousel, but there must be others selling in fairly large quantities because GAM increased their shareholding in Jan. to over 6% I find this quite a complicated stock now with the various positives and negatives.
Only have a few of these now but keeping an eye open for some upward movement to get some more. Like you, topped up with Hirco on the dip DS |
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| 03-03-10 | ||||
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are obviously looking for a quick buck as they did with DLD ( deutche land) in mid 2009 before DLD was sold. Weiss gone from 5% to 9% in only a few mths
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| 03-03-10 | ||||
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crikey,
someone is mopping up carrousels rapid fire sale of TRC stake, check out the volume in last 2 days, over £1mln in buys Trade this long or short with an interactive markets spread betting or CFD account. |
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| 09-02-10 | ||||
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As I understand it, shareholders are entitled to withdraw their original investment from India without penalty. What you can't easily withdraw is any profit on top of the original pound you put in. Thus I can't see why it shouldn't be possible to sell the company to an Indian domiciled investor for £1 per share (vastly undervaluing it of course) and distribute the cash to shareholders. I assume that at the moment there are enough shareholders who bought in at about £1 - including QVT perhaps - to prevent this happening. But maybe that will change.
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| 09-02-10 | ||||
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not in just yet, as i bought more CARE and AST instead, but still tempted for the risky upside
New £5 frequent trader rate - trade UK shares, investment trusts and ETFs |
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| 09-02-10 | ||||
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But they do still have a greatly undervalued NAV
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| 09-02-10 | ||||
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Whatever way you look at it, it's a shocking way to run a company. In fact it's not clear who exactly IS running it! The Board, presumably, on an ad hoc basis while they try to find a replacement manager.
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| 09-02-10 | ||||
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Within the new news is a pretty confident rebuttle by TRC of TAL's complaints about being sacked.
You would expect they have taken some good legal advice before proceeding, let's hope so. Trade this long or short with an interactive markets spread betting or CFD account. |
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| 08-02-10 | ||||
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Quite a lot of this can be found in messages to this board going back over a year. Basically: (1) SFonds thought they were in for the long term with TRC so not surprisingly got upset when they heard the objective was now to wind up TRC; (2) the role and motives of the management company was always in doubt - concerns were being raised over a year ago that they were acting primarily in their own interests; now that Trikona has effectively been dumped it makes sense for whoever currently runs TRC to load as much liability on them as possible.
The whole thing is so convoluted that only the lawyers will gain. |
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| 08-02-10 | ||||
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Do you think GAM simply bought shares off QVT/Caroussel?
One would of thought we would have had more background as to the "claim". The claim is for the full amount of stake purchased (plus vaious costs & interest). Does this mean the underlying stake would be returned, SFonds unhappy the property not worth the reported value? Or maybe it doesn't exist! I'd be happier if we knew what the bone of contention actually was, and why TRC have issues with the manager (some specifics) New £5 frequent trader rate - trade UK shares, investment trusts and ETFs |
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