Trikona trio resign

Three directors at Trikona Trinity Capital have resigned as the AiM-listed development and investment company seeks to divest assets.

A trio of directors from AiM-listed, India-focused development and investment company Trikona Trinity Capital, have resigned from their positions with immediate effect as the company adopts a “new investment strategy”.

Directors Michael Cassidy, Paul Orchard-Lisle and Bill Hamilton Turner resigned as the firm seeks to enact the resolution from an extraordinary general meeting held in March which will see it sell assets.

According to a statement from the company, Trikona has also made a series of new appointments. Martin Adams has been appointed as chairman, Stephen Coe as a non-executive director and chairman of the company’s audit committee, of which Pradeep Verma has also joined. A further appointment is also expected shortly.

In the statement, Trikona said: “The changes to the board have been consensual and are solely as a result of the new strategy.” A new investment strategy was approved at the extraordinary general meeting.

At that meeting, activist investors QVT and Carrousel Capital forced a motion to sell Trikona’s assets to return money to shareholders and remove its founder Rak Chugh from the main board.

Trikona listed on AiM in 2006 and is now fully invested across seven asset classes in India. The firm typically invested in deals of between £5 million (€5.85 million; $8.17 million) and £30 million.