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22 Jul 2008 15:31
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22Β JulyΒ 2008Β
DOLPHIN CAPITAL INVESTORS LIMITEDΒ
("Dolphin" or the "Company")
Share Buy-backΒ AnnouncementΒ andΒ Pre-CloseΒ TradingΒ Update
Dolphin Capital Investors LimitedΒ ("Dolphin" or the "Company"), the leading investor in the residential resort sector in south-east Europe and the largest real estate investment companyΒ listed on AIM,Β announcesΒ thatΒ itΒ hasΒ entered into irrevocable and non-discretionary arrangements with Panmure GordonΒ toΒ repurchase on its behalfΒ and within certain pre-set parameters, ordinary shares in the Company during the period commencingΒ 23 July 2008 and ending on 22 SeptemberΒ 2008.Β This arrangement is inΒ accordance with the Company's general authority to repurchase shares.Β To date, Dolphin has invested circa β¬28.6Β million (including transaction costs) in purchasingΒ 24.55Β millionΒ of itsΒ shares at an average share price ofΒ 93.4p.
Furthermore, since itsΒ Q1 2008 NAV and trading updateΒ onΒ 12Β June 2008, DolphinΒ hasΒ continuedΒ toΒ progress its investment and development activities.Β Notable achievements include theΒ following:
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1. |
Kilada Hills,Β Greece:Β Final construction permits for Kilada Hills' leisure components, which include the new designs and location of the main GHM hotel buildings, restaurants, club suites and spa,Β have been received. |
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2. |
Seascape Hills,Β Greece:Β Final construction permits for Seascape Hills'Β first phase of development, which includes the main Aman hotel buildings, spa and hotel pavilions, have beenΒ received. |
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3. |
Triopetra,Β Greece:Β Purchase of a 134,315m2Β site,Β along one of southernΒ Crete's most spectacular sandy beaches in Akoumia, Rethymno.Β TheΒ site acquisition,Β whichΒ representsΒ Dolphin's thirdΒ strategicΒ investmentΒ inΒ Crete,Β was completed forΒ a total cash investment of β¬3.5Β million including closing costs. This site is a valuable addition toΒ Dolphin'sΒ unique seafront landbankΒ inΒ Greece. |
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4. |
Isla Pedro Gonzalez, Panama:Β Acquisition of a 60%Β ownershipΒ stakeΒ in a private island totallingΒ 1,468Β hectares (14,680,000 m2) and with development potential of at least 160,000Β m2Β ofΒ buildableΒ residential space, three luxury 5-star hotels, a 250-berth marinaΒ andΒ other supporting recreational, sports and retail facilities.Β The site is located in the Archipelago de las Perlas, approximately 45 nautical miles south ofΒ Panama City.Β Dolphin invested circa $8.8 million (β¬5.5 million)Β atΒ closingΒ and will pay circa $26.4Β millionΒ (β¬16.6 million)Β upon obtainingΒ full masterplan and environmental permits. |
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5. |
Agreement with Nikki Beach:Β On 14 July 2008 Dolphin signed aΒ memorandum of understanding ("MoU")Β with Nikki BeachΒ Hotels & Resorts for theΒ management of a Nikki Beach beach club, hotel and residences within Venus Rock. Pursuant to the MoU, Dolphin was granted the exclusive rights for jointly developing Nikki Beach branded resorts inΒ GreeceΒ &Β Cyprus. (www.nikkibeachhotels.com). |
Further detailsΒ on theΒ above and otherΒ advancementsΒ of Dolphin's investment and development activitiesΒ shall be made available in the Company's interim financial statements for theΒ six monthsΒ ending 30 June 2008 which are to be released on 23 September 2008.
For further information, please contact:
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Dolphin Capital Investors Miltos E. Kambourides Pierre A. Charalambides |
miltos@dolphincp.com pierre@dolphincp.com |
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Financial Dynamics,Β London Stephanie Highett Rachel Drysdale |
+44 (0)20 7831 3113 stephanie.highett@fd.com rachel.drysdale@fd.com |
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Panmure GordonΒ Richard GrayΒ Dominic Morley Andrew Potts |
+44 (0)20 7459 3600 |
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Grant Thornton Corporate FinanceΒ Β Philip Secrett Fiona Kindness |
+44 (0)20 7383 5100Β |
Notes to Editors
Dolphin Capital InvestorsΒ (www.dolphinci.com)
Dolphin, currently the largest real estate investment company listed on AIM, seeks to provide shareholders with strong capital growth combined with a low risk profile through investing in early-stage, large-scale, leisure-integrated residential resorts mainly in south-eastΒ EuropeΒ in partnership with world leading designers and operators. Dolphin's shares commenced trading on AIM in December 2005 raising Β£70.7 million (β¬104 million) at an issue price of 68p, followed by a Β£202.7 million (β¬300 million) secondary offering at a price of 93p per share in October 2006. In June 2007, Dolphin raised a further Β£303 million (β¬450 million) in a follow-on issuance priced at 170p per common share.
Dolphin Capital PartnersΒ (www.dolphincp.com)Β
DCP is an independent investment management business founded in 2004 by Miltos Kambourides and Pierre Charalambides after leaving Soros Real Estate Partners.Β
The DCP professionals combine extensive local knowledge and contacts with expertise gained at some of the world's leading financial institutions.Β Capitalising on their experience and first mover's advantage, they specialise inΒ sourcing development opportunitiesΒ mainly in the easternΒ Mediterranean. DCP cooperates with an international and sophisticated network of operators, designers, master-planners and marketing agents for each of its developments.
-Β ENDSΒ -
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