Dci Advisors Regulatory News (DCI)

30 Jan 2008 07:00

Dolphin Capital Investors Limited30 January 2008 DOLPHIN CAPITAL INVESTORS LIMITED Notice of Annual 2007 Results and Trading Update (LONDON, 30 January 2008) - Dolphin Capital Investors Limited ("Dolphin" or the"Company"), the leading investor in the residential resort sector in south-eastEurope and the largest real estate investment company listed on AIM, will beannouncing its results for the year ended 31 December 2007 on 18 March 2008. Furthermore, the Company is pleased to report three recent transactions whichare expected to enhance the Company's Net Asset Value ("NAV"): (i) Venus Rock Minority Buy-out Dolphin Capital Atlantis ("DCA"), the holding company of Aristo Developers Plc("Aristo"), has successfully acquired a 13% minority stake in Venus Rock, theCompany's largest development. Dolphin has paid a total of €9 million to acquirethe minority shareholding, which brings DCA's total shareholding in the projectto 99%. The acquisition, the valuation of which was agreed upon a few years ago,comes at a discount to the project's last reported Dolphin NAV as at 30September 2007 which in combination with the project's favourable zoningamendments announced in early January 2008, is expected to generate considerableNAV uplift. (ii) Kilada Hills, Seascape Hills and Lavender Bay Minority Buy-outs Dolphin has bought out the single minority partner in each of its Kilada Hills,Seascape Hills and Lavender Bay holdings, again at a discount to the lastreported Company NAV. The acquisitions of the 10%, 1% and 3% shareholdingsrespectively, for a total consideration of €11 million, are also expected to beaccretive for the 31 December 2007 NAV figures. (iii) A&A Super Aphrodite Waterpark Asset Disposal Dolphin is pleased to announce the divestment of one of Aristo's non-coreassets, through the sale of the company's 60% stake in A&A Super AphroditeWaterpark (the "Waterpark") for a net cash consideration received by DCA of €5million. The transaction was executed on the basis of an enterprise value forthe Waterpark of €14 million. This compares favourably with the last reportedenterprise value based on Colliers' valuation of €2.8 million and the allocatedacquisition value of €1.3 million, in turn representing profit multiples of 5xand 11x respectively, and resulting in a relevant uplift in the Q1 2008 NAVfigures. Miltos Kambourides, Managing Partner of Dolphin Capital Partners Limited,commented: "Dolphin aims to continue to enhance shareholder value by expanding orconsolidating its ownership in core projects at attractive terms and bydivesting maturing or non-core assets." For further information, please contact: Dolphin Capital Investors Miltos E. Kambourides miltos@dolphincp.com pierre@dolphincp.comPierre A. Charalambides Grant Thornton Corporate Finance Tel: +44 (0) 20 7383 5100(Nominated Adviser)Philip Secrett/ Fiona Kindness Panmure Gordon Tel: +44 (0) 20 7459 3600(Broker)Richard Gray / Dominic Morley / Andrew Potts Financial Dynamics, London Tel: +44 (0)20 7831 3113(Public Relations)Stephanie HighettNicole Marino Notes to Editors Dolphin Capital Investors Dolphin, currently the largest real estate investment company listed on AIM,seeks to provide shareholders with strong capital growth combined with a lowrisk profile through investing in early-stage, large-scale, leisure-integratedresidential resorts mainly in south-east Europe in partnership with worldleading designers and operators. Dolphin's shares commenced trading on AIM inDecember 2005 raising £70.7 million (€104 million) at an issue price of 68p,followed by a £202.7 million (€300 million) secondary offering at a price of 93pper share in October 2006. In June 2007, Dolphin raised an additional £303million (€450 million) in a follow-on issuance priced at 170p per common share. Dolphin has to date invested approximately €443 million and committedapproximately €670 million to various projects in Greece, Cyprus, Croatia,Turkey and the Dominican Republic. Dolphin is also the 85% owner of AristoDevelopers Plc, one of the region's largest and most experienced holiday homedevelopers. Dolphin Capital Partners DCP is an independent investment management business founded in 2004 by MiltosKambourides and Pierre Charalambides after leaving Soros Real Estate Partners. The DCP professionals combine extensive local knowledge and contacts withexpertise gained at some of the world's leading financial institutions. Theyspecialise in providing capital to rigorously selected real estate developmentsmainly in the eastern Mediterranean, typically through joint ventures with localdevelopers. DCP cooperates with an international and sophisticated network ofoperators, designers, master-planners and marketing agents for each of itsdevelopments. This information is provided by RNS The company news service from the London Stock Exchange