Trinity Limited (TCQ) refers to its previous announcements that Trinity Limited and Clarence Property Corporation Limited had entered into an exclusive due diligence agreement with global fund manager LaSalle Investment Management to undertake due diligence in respect of the purchase of Trinity’s and Clarence’s shares in their funds management business, Trinity Funds Management Limited and certain assets of Trinity Funds Management Services Pty Ltd.
Trinity and Clarence wish to advise that they have now reached agreement with LaSalle in relation to the sale of the business. LaSalle will purchase the wholesale funds management business from Trinity and Clarence for $9.25m plus net tangible assets. In addition to the sale of the wholesale funds management business, an associate of LaSalle has agreed to purchase the units held directly by Trinity and Clarence in the Trinity Property Trust (TPT). The sale will be priced at the 30 June 2011 TPT unit price, which equates to Trinity’s carrying value of the units, and will settle contemporaneously with the business sale. The sale of the wholesale funds management business together with the TPT units will realise approximately $19.0 million for Trinity after transaction costs.