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2 Oct 2009 07:00
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2Β OctoberΒ 2009Β
Dolphin Capital Investors Limited ("DCI" orΒ "Dolphin")
DCI TREASURYΒ SHARESΒ RE-ISSUEDΒ AS PART OFΒ PEARLΒ ISLANDΒ RESTRUCTURING
DolphinΒ announcesΒ today thatΒ it hasΒ re-issued 9,061,266 DCIΒ sharesΒ effective from 5 October 2009,Β out of the 9,367,947 shares held in Treasury pursuant to the Share for Asset scheme (the "Share Issue"),Β toΒ Grupo Eleta,Β as part of the agreedΒ restructuring ofΒ theΒ Pearl IslandΒ transactionΒ (the "Project"Β or "Pearl Island")Β signed on 28 September 2009.Β
Under the terms of the restructuring, described in more detail in the interim results published on 29 September 2009,Β Dolphin renegotiatedΒ the terms of the additional payment which becameΒ due to Grupo EletaΒ (Dolphin's 40% partner in the Project)Β following receipt of the EIS approval. The renegotiated amount due of US$25.7 million became payable as follows: US$10 million (β¬6.8 million) in cash; US$6 million (β¬4.1 million) in the form 9,061,266 DCI treasury shares (issued at 40pΒ which represents a premiumΒ ofΒ 9% toΒ the current DCI trading price); and US$9.7 million (plus interest of Libor plus 400 basis points)Β to be paidΒ within one calendar year from the execution of the Revised Agreements (executed on 28 September 2009) for a combination of cash and DCI shares.
The Share Issue brings the total number ofΒ commonΒ shares in issueΒ (excluding the remaining 306,681 common shares held in treasury)Β to 627,402,547.
For further information, please contact:
Dolphin Capital Partners
Miltos Kambourides miltos@dolphincp.com
Pierre Charalambides pierre@dolphincp.com
Katerina KatopisΒ katerina@dolphincp.com
Grant Thornton Corporate FinanceΒ Tel: +44 (0) 20 7383 5100
(Nominated Adviser)
Philip SecrettΒ /Β Fiona Kindness
Panmure GordonΒ Tel: +44 (0) 20 7459 3600
(Broker)
Richard Gray /Β Dominic MorleyΒ /Β Andrew Potts
Financial Dynamics realestate@fd.com
Stephanie HighettΒ /Β Rachel DrysdaleΒ /Β Olivia Goodall Tel: +44 (0)20 7831 3113
Notes to editors
Dolphin is the leading investor in the residential resort sector in south-eastΒ EuropeΒ and the largest real estate investment company quoted on AIM in terms of Net Assets.
Dolphin seeks to generate strong capital growth for its shareholders by acquiring large seafront sites of striking natural beauty primarily in the easternΒ MediterraneanΒ and establishing sophisticated leisure-integrated residential resorts.
Since its inception in 2005, Dolphin has raised β¬884 million, has become one of the largest private seafront landowners inΒ GreeceΒ andΒ CyprusΒ and has partnered with some of the world's most recognised architects, golf course designers and hotel operators.
In April 2007, Dolphin acquired Aristo, one of the largest holiday home developers in south-eastΒ Europe. This enabled the enlarged Company to combine real estate private equity investment expertise with leading development experience and local market knowledge.
Dolphin's portfolio is currently spread over 63 million mΒ² of prime coastal developable land and comprises 13 large-scale, leisure-integrated residential resorts under development in Greece, Cyprus, Croatia, Turkey, Panama and the Dominican Republic and more than 60 smaller holiday home projects through Aristo Developers in Cyprus.
Dolphin is managed by Dolphin Capital PartnersΒ ("DCP" or the "Investment Manager"),Β an independent real estate private equity firm.
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