Trikona Trinity Capital directors resign and asset sell-off continues

Martin Adams has been appointed as chairman of the board with immediate effect.

Stephen Coe has been appointed a non-executive director and will become the new chairman of the Audit Committee.

Pradeep Verma will join Philip Scales on the Audit Committee. 

Trikona said it would look to appoint another 'director with relevant experience in due course' . 

It said the changes 'have been consensual and are solely as a result of the new strategy'.

The new investment policy was adopted by shareholders at an Extraordinary General Meeting held in March this year.

At the meeting, activist investors QVT and Carrousel Capital forced Trikona to sell its assets and oust the company’s founder, Rak Chugh, from the board and to ‘promptly’ return money to shareholders.

Trikona said the retiring directors have agreed to co-operate fully with the handover of responsibilities to their successors. 

Adams said: 'Since its flotation on AIM in 2006, the outgoing directors have invested significant time and effort into building up the company's business.

'However, shareholders have determined that the change in the financial and economic environment merits a different investment policy.

'We are very grateful for the contributions of the retiring directors and look forward to working with them, in particular Michael Cassidy who has agreed to act as a consultant to the company for an initial period of 12 months, to ensure a smooth transition.'

The new board intends to announce the preliminary results for the year ended 31 March 2009 results in September 2009.