The Amanzoe hotel's opening at the start of August marked the first of its luxury resorts to come to market. At that time Dolphin received a conversion notice from Archimedia to convert 6.43% of its shares in Amanzoe in exchange for an Aman Villa, which it is in the process of finalising. Dolphin's guarantee on the €33m Amanzoe construction loan and €8m VAT facility was lifted on September 14th and replaced with a corporate guarantee by Dolphin Capital Holdings.
27 Sep '12
In sterling, NAV per share before DITL was 126p and after DITL was 113p, a decrease of 8% and 9% versus 136p and 123p, respectively, as at March 31st. House broker Panmure Gordon had forecast a pre-DITL NAV per share of 135p. The firm said that during the six month period it executed around €53.3m of asset sales and divestments, with the value of these transactions to Dolphin totalling €43.5m, representing a 48% premium over the corresponding net asset value of €29.5m and a 91% premium over the corresponding cost basis of €22.8m. At the period end, gross assets totalled €909m, while total debt was €140m the group total debt to asset value ration was 15%. Its current cash balance is around €10m. The company is currently in discussions relating to a number of other transactions that include: the sale of other components of the Porto Heli Collection; the sale of a number of Amanzoe Villas; a joint venture for the Ritz Carlton Reserve phase of Pearl Island; and a joint venture for the Aman phase of Playa Grande. Andreas Papageorghiou, Chairman of Dolphin, said: "Although the macro-economic environment continues to present challenges, significant value is being generated by the company on the ground. We are confident that the momentum gained through the opening of the Amanzoe resort at Porto Heli will be sustained throughout the year. We expect that the completion of the equity raising will ensure that Dolphin enters a new cycle of significant growth and the realisation of returns for shareholders."
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