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6 Feb 2018 07:00
6 February 2018
THIS DOCUMENT CONTAINS INSIDE INFORMATION
DOLPHIN CAPITAL INVESTORS LIMITED
("DCI" or "Dolphin" or the "Company",
together with its subsidiaries, the "Group")
Disposal of Triopetra project
DCI, a leading investor in high-end residential resorts in the eastern Mediterranean, is pleased to announce that, in line with its strategy to realise value through an orderly sale of assets, it has entered on 5 February 2018 into an agreement for the disposal of its 100% interest in the Triopetra project (the "Disposal"), the Group's development project in the southern side of Rethymno prefecture Crete, to Deniage Ltd, a Cyprus entity affiliated with a large Saudi Arabian investment group (the "Acquirer").
The Acquirer will purchase all of DCI's stake in Triopetra for a total cash consideration of €4.1m, of which an amount of €4m was received today and the remaining €100,000 will be withheld until the first anniversary from the transaction to cover any potential latent project liabilities.
The Disposal consideration of €4.1m is equal to the DCI historic investment cost and represents a premium to the Triopetra Net Asset Value after Deferred Income Tax Liabilities included in DCI's financial statements as at 30 June 2017.
Enquiries:
Dolphin Capital Investors Andrew Coppel, CBE
|
+44 (0) 7785 577023 |
Dolphin Capital Partners Miltos E Kambourides |
miltos@dolphincp.com
|
Panmure Gordon (Broker) Richard Gray / Dominic Morley / Andrew Potts
| +44 (0) 20 7886 2500
|
Grant Thornton UK LLP (Nominated Adviser) Philip Secrett
| +44 (0) 20 7383 5100 |
Instinctif Partners (PR Communications Adviser) Mark Garraway | +44 20 7457 2020 |
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