Dci Advisors Regulatory News (DCI)

14 Jun 2007 07:02

Dolphin Capital Investors Limited14 June 2007 For release 14 June 2007 Dolphin Capital Investors Limited Trading and NAV update Dolphin Capital Investors Limited ("Dolphin", "DCI" or the "Company"), theleading investor in the residential resort sector in south-east Europe and oneof the largest real estate investment companies listed on AIM, is pleased toannounce continued progress in its investment and development activities, aswell as a significant uplift in its Net Asset Value ("NAV"). Highlights: • Revised NAV (fully diluted, before deferred income tax liabilities) per Share- inclusive of Aristo Developers Plc ("Aristo") and other acquisitions executedin the first quarter of 2007 but excluding revaluation of previously acquiredassets - is calculated to be 165p, representing a 50.1% uplift from 31 December2006 • The revised NAV implies a 2.9x weighted annual growth multiple of funds raisedto date • Dolphin's existing projects are advancing in line with their development plansand Aristo home sales have also made a strong start to the year • Dolphin's competitive position in the market has been further improved by theinclusion of the development skills and experience of Aristo's team, theincreased interest in the region by foreign investors and proposed legislativechanges by the Greek government expected to improve the permitting framework forthe sector • The Company is currently almost fully invested and as at 31 March 2007 hasmade additional commitments of €150 million on existing projects. In addition,the Investment Manager has identified a pipeline of approximately €850 millionof potential investments, approximately €250 million of which relates to theextension of existing projects and €600 million of which relates to new projectsthat are at various stages of negotiation Today, Dolphin also announced a placing of new Common Shares to raise up to €500million (before expenses) (the "Placing"). The net proceeds of the Placing willbe used to fund the Company's existing commitments and ongoing investmentprogramme. Miltos Kambourides, Managing Partner of Dolphin Capital Partners Limited ("DCP"or the "Investment Manager"), commented: "Dolphin continued its strong performance into the first five months of 2007 bydoubling its landbank for development and by demonstrating once again itsability to quickly deploy capital and create exceptional value for shareholders.We intend to maintain the investment pace of the Company with the aim ofdelivering further NAV growth to shareholders during the remaining part of theyear." Pierre Charalambides, Partner of DCP, commented: "Dolphin is in a phase of strong growth acceleration and the prospect of newcapital could not have been more timely. We have identified an exciting pipelineof opportunities that are expected to add significant value to the Company." Contacts: Dolphin Capital Investors Limited:Miltos E Kambourides miltos@dolphincp.comPierre A Charalambides pierre@dolphincp.com Adventis Financial PRAnnie Evangeli aevangeli@adventis.co.uk 020 7034 4757/ 07778 507162 Grant Thornton Corporate Finance (Nominated Adviser) 020 7383 5100Philip SecrettFiona Kindness Additional Information Background Dolphin is managed by DCP, an investment management business founded in 2004 byMiltos Kambourides and Pierre Charalambides. Dolphin was first capitalised with€5 million in the summer of 2005 by the Investment Manager and a select group ofinvestors led by partners of Fortress Investment Group. Dolphin investsexclusively in sophisticated Residential Resorts at an early development stage(the "Projects" or the "Residential Resorts") in south-east Europe (mainlyGreece, Cyprus and Croatia). Dolphin completed its Admission to trading on AIMin December 2005, raising an additional €104 million at 68 pence per CommonShare. In October 2006, the Company raised a further €300 million in afollow-on issuance priced at 93 pence per Common Share. The Company's investment strategy focuses on the acquisition of large-scaledevelopable land sites or portfolios in attractive locations within thesouth-eastern Mediterranean which the Investment Manager views as having thehighest land price appreciation potential. The primary development productcomprises premium-branded Residential Resorts that integrate residential unitswith leisure components (e.g. golf, polo, hotel, marina) and are targeted atsophisticated international holiday and retirement home buyers from NorthernEurope, Russia, the Middle East and, more opportunistically, wealthy localbuyers. The Company partners with some of the world's most reputable designers,operators and marketers and follows a thorough and well-planned constructionpermit process, appointing the most credible construction firms through tenderoffers, in an effort to guarantee the quality and on-time delivery of ahigh-quality premium product. Compelling supply/demand dynamics in the Regiontargeted by the Investment Manager, a benign economic environment, legislativeimprovements, land price convergence with more mature property markets and ahealthy flow of new attractive investment opportunities, continue to drive theCompany's NAV growth. Trading Update In the first five months of 2007, the Company has made considerable progress onall current Projects in the ongoing design, planning and permitting applicationprocesses. The Company completed its first investment in Croatia committing atotal of €35 million to Livka Bay Resort. In February, Dolphin launchedRebranded Hotels, a platform set up to redevelop old hotel properties intomodern and fashionable condo hotels, via an initial 80% investment of €3 millionin a property in Porto Heli, Greece. This investment marks the first of aseries that are expected to absorb €30 million of capital in aggregate. DuringFebruary 2007, Dolphin acquired the outstanding 49% of Scorpio Bay Resort fromits minority partners and now owns 100% of the investment. Notable newappointments include specialist resort architects WATG and Nicklaus Design forSitia Bay, renowned architect Ed Tuttle for Seascape Hills, EDSA for the masterplanning and Tony Jacklin Design for Apollo Heights. On 5 April 2007, DCI announced the acquisition of an 80% shareholding in Aristo.On 7 June 2007 DCI had already acquired, or had unconditionally contracted toacquire, c.92% of Aristo and a public tender offer was launched. Following theacquisition of Aristo, Dolphin is currently almost fully invested with around€150 million of additional commitments and the Company's rate of sourcing andexecuting investments continues to be considerably ahead of its initialforecasts. Regarding the Aristo transaction, on 5 April 2007, DCI announced that it hadacquired c. 20% of Aristo from its second largest shareholder, had conditionallyagreed to acquire a 59.54% stake in Aristo from founder Mr. TheodorosAristodemou and certain persons and companies associated with him (the "Principal Aristo Acquisition") and that it would launch a public tender offer toacquire the remaining shares in Aristo (the "Public Offer"). In the period from5 April to 7 June 2007, DCA acquired an additional c. 12% of the shares inAristo by way of on-market purchases. On 29 May 2007, the Cyprus Anti-Monopoly Commission (the "AMC") approved theacquisition of Aristo by the Company and on 6 June 2007 the Cyprus Securitiesand Exchange Commission ("CySEC") gave its final approval for the publication ofthe Public Offer document. Accordingly, on 7 June 2007, Dolphin published thePublic Offer document and formally announced the launch of the Public Offer forthe acquisition of 100% of the share capital in Aristo. The Company alsoreleased a separate announcement to the London market on 7 June providingdetails of the launch of the Public Offer. Following the approvals by the AMC and CySEC and the launch of the Public Offer,the Principal Aristo Acquisition was unconditional in all respects and wascompleted on 7 June 2007. Completion of this transaction gave Dolphin in total ac.92% stake in Aristo. Given that Dolphin now owns more than 90% of the sharesof Aristo, after the public offer period, which expires 30 days from the launchof the Public Offer, the Company may activate the "squeeze out" process toacquire the remaining shares. This would ordinarily be expected to be completedwithin two months. Once Dolphin completes the acquisition of 100% of Aristo'sshares, Aristo shall become a private company and thus will be de-listed fromthe Cyprus Stock Exchange. Dolphin's acquisition of Aristo was effected via a special purpose vehicle,Dolphin Capital Atlantis Limited ("Atlantis"), incorporated in Cyprus. Atlantisis in turn owned by a newly incorporated BVI company ("BVI Holdco"), 85% ofwhich is currently (indirectly) owned by Dolphin and 15% of which is owned byMr. Aristodemou. Dolphin's stake in BVI Holdco could potentially be reduced byup to 2% if all of the remaining shareholders in Aristo take up the sharealternative under the terms of the Public Offer. With a total implied equity value of €289 million and an enterprise value of€442 million, Aristo is the largest acquisition the Company has undertaken todate and will be transformational in terms of the operations and financialposition of the Company. Aristo is the largest private land owner and holidayhome developer in Cyprus and owns over 13 million m2 of development land, apipeline of c. 10,000 residential units under planning and three out of twelveof Cyprus's new preliminary licenses for golf-integrated resorts. For furtherinformation, please refer to an extract of Dolphin's press release made on 5April 2007, reproduced in Appendix B. Aristo has recorded a strong start to 2007 with trading results in the year todate coming in ahead of expectations. Gross sales for the five month period upto 31 May 2007 were approximately 60% higher than in 2006. Aristo continues toprogress the expansion and development of its land bank and to actively pursuefurther investment opportunities. Existing Investment Portfolio Summary Dolphin's existing project portfolio includes investments in 10 majorleisure-integrated Projects and several small ones throughout Greece, Cyprus andCroatia amounting to c. 30 million m2 of acquired / contracted land and c.17kilometres of direct coastline. As at 31 March 2007 and including the Aristo transaction described above,Dolphin had made total capital commitments of €518 million and total investmentsof €368 million. This implies that the Company has committed to investapproximately €119 million in excess of the €399 million of net equity fundsraised by the Company to date. Dolphin's capital commitments to, andinvestments in, each Project as at 31 March 2007 are summarised below: Development Country Proposed Land DCI Shareholding DCI Total Commitment (•m) Site (hectares) Investment as at 31 Mar 07 (•m)Kilada Hills Greece 250 88% 53.8 65.0Scorpio Bay Greece 172 100% 9.4 16.0Apollo Heights Cyprus 460 100% 16.3 21.4Amanmila Greece 200 25 and 50% 0.1 5.0Lavender Bay Greece 294 96% 9.4 46.0Sitia Bay Greece 250 77% 11.1 24.0Seascape Hills Greece 57 99% 13.41 30.0Livka Bay Croatia 56 90% 7.5 35.0Rebranded Greece 1 100% 1.2 30.0Hotels2Aristo 85%3 245.4 245.4 Venus Rock4 Cyprus 7615 na na na Eagle Pine Cyprus 217 na na na Aristo Hellas Greece 35 na na na Other Aristo Cyprus 332 na na naTotal 3,085 €367.7m €517.8m 1 Investment as of 28 February 2007 totaled €17.5m - land purchase ofapproximately €4m has since been deferred to Q2 2007. 2 The €30m allocation into Rebranded Hotels has been taken in full into theCompany's calculation of total commitments. 3 Dolphin's stake in the BVI Holdco could potentially be reduced by up to 2% ifall of the remaining shareholders in Aristo take up the share alternative underthe terms of the Public Offer. 4 Aristo own 87.21% of Venus Rock. 5 Refers to developable land on the 1,000 hectare site. Net Asset Value A valuation of the Company's investment portfolio (both freehold and leaseholdinterests) has been undertaken by Colliers International. This valuation wasperformed on the basis of fair market value and conducted in accordance withgenerally accepted appraisal standards, as set out by the American Society ofAppraisers. The reported net asset value of DCI inclusive of Aristo as at 31 March 2007 issummarised as follows: • £ Uplift Since Uplift Since Admission 31-Dec-06Total NAV Before DITL* (millions) 841.4 571.8 707% 1 54%Total NAV After DITL* (millions) 704.4 478.7 576% 1 40%NAV per Diluted Share Before DITL* • 2.42 1.65p 153% 2 50%NAV per Diluted Share After DITL* • 2.03 1.38p 112% 2 37% Note: The above calculations are made pre-issuance of new equity. 1 Based on a NAV at Admission of £70.9 million / €104.6 million. 2 Based on NAV per Common Share at Admission of 65 pence * DITL" - deferred income tax liability. NAV is reported after assumed exerciseof the Over-Performance Warrants by the Investment Manager Note: Using GBP/Euro exchange rate of 0.6796 as of 31 March 2007 The NAV shown in the table above is reported on a diluted basis, taking intoaccount the exercise of the Over-Performance Warrants by the Investment Managerstructured into the over-performance incentive scheme in conjunction with theOctober 2006 Placing. As of the latest NAV valuation, the accruedOver-Performance Warrants amount to 7,647,367 Shares; a number that could growsubstantially if the Company's NAV continues to grow at a high pace for theremainder of 2007. It does not take into account, however, the potentialpayment of the Performance Fee which is payable only when cash profits above the8% return hurdle are realised. In line with the Company's NAV reporting guidelines, the newly reported NAV isbased on: • the Company's valuation for all of its investments as of 31 December 2006, amended only to the extent there have been additional land acquisitions or progression with permits. Kilada Hills Golf Resort, Seascape Hills Resort and Sitia Bay Golf Resort represent cases where additional land has been purchased over the course of the first quarter of 2007 whilst Lavender Bay Golf Resort has seen certain of its leasehold interests converted into freehold purchases; and • the valuation of new investments signed post year-end. This includes investments in Livka Bay Resort, the hotel property acquisition in Porto Heli (part of the Rebranded Hotels initiative), the completion of the 49% minority buy-out in Scorpio Bay Resort and the acquisition of Aristo. The NAV shown in the table above is net of an estimated accrued amount payableto Mr. Theodoros Aristodemou, founder of Aristo, in respect of his serviceagreement with Dolphin, under which he is entitled to a post-tax amount equal to20% of the NAV growth of certain key Aristo assets over a variable period(expected to be for a maximum of 4 years) starting from 1 January 2007. Theestimated accrued amount currently represents c.7% of the total NAV of Aristoincluded in the 31 March 2007 pro forma balance sheet of Dolphin and couldchange depending on the NAV growth of the relevant assets. The actual amountpayable would be first calculated at 31 December 2007 and, beyond that, at yearend based on the NAV growth of the relevant assets for the preceding financialyear. Dolphin's reported NAV figures to date reflect the current land prices based onexisting uses and do not take into account, specifically: • future permits; • expected operating cash-flows or sales; • value from high-quality design and branding; • subsidies or grants even in the event they have been awarded, as has been the case for Kilada Hills Golf Resort which has received a €13m subsidy package intended for the construction of the resort's golf course and hotel; • expected market growth or inflation; and • pre-contracts or land transfer agreements in situations where the land has not fully been transferred to Dolphin. For example, the Amanmila Resort site on the island of Milos, for which a pre-contract and a shareholders agreement has been signed, has not been included in the above NAV figures. The Investment Manager expects that Dolphin's NAV will continue to grow, drivenby: • progress with the planning and permitting process for existing Projects; • conversion of signed land pre-contracts into final contracts; • upgrade of the Aristo products; • continued convergence of land prices in south-east Europe with more mature holiday markets; • the use of leverage by individual project companies as investments enter the early construction phases; and most importantly, • closing of additional Projects in the pipeline that the Investment Manager believes are currently being negotiated at attractive entry valuations. Illustrative Pro Forma Balance Sheet as at 31 March 2007 The following unaudited pro forma balance sheet is provided to illustrate theeffect on the balance sheet of Dolphin of the acquisition of Aristo as if thisevent had taken place on 31 March 2007. This unaudited pro forma balance sheethas been prepared for illustrative purposes only and, because of its nature,addresses a hypothetical situation and therefore it does not, and is notintended to, represent the actual financial position of the Company. Theunaudited pro forma balance sheet has been prepared by management and KPMG hasperformed agreed upon procedures in relation to it. BALANCE SHEET (amounts in • millions) As at 31-Mar-07Investment Property and Fixed Assets1 894.8Other Non-Current Assets 5.3Total Non-Current Assets 900.1 Trading Properties 338.3Other Current Assets 48.7Total Current Assets 387.0 TOTAL ASSETS 1,287.0 Total Equity Attributable to Equity Holders of the Parent 704.4Minority Interest 146.7Shareholders' Equity 851.1 Deferred Tax Liability 137.0Other Non-Current Liabilities 102.1Total Non-Current Liabilities 239.1 Total Current Liabilities 196.8 Total Liabilities 435.9 TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 1,287.0 1 Includes investment property, land and buildings from PP&E and investment inassociates. Sector Dynamics Market fundamentals for Dolphin's premium-branded residential resort productremain strong. Foreign property ownership worldwide continues to grow whilsteconomic indicators continue to be overall supportive of the Company's businessmodel. More importantly, the investment environment in the Region targeted by DCP hasseen a positive turn of events over the course of the past few months which arebelieved to further enhance Dolphin's investment case. Significant proposalsfor legislative changes have gathered pace, most notably relating to the draft "Special National Tourism Zoning Plan" issued by the Greek government which aimsto redefine and prioritise the country's tourist product and accelerate thepermit approval process. The decision to reference directly and for the veryfirst time leisure-integrated residential communities as integral to thecountry's tourism re-branding efforts marks an overhaul in the government'smindset and is predicted to foster the development of Residential Resorts overthe coming years. On a similar note, there have been recent reports that theBritish and Cypriot authorities are in discussions regarding accelerating realestate development within the British Military Bases in Cyprus, which, ifsuccessful, would mark an important milestone for the Apollo Heights Polo Resortsite, which is mainly located in the base territories. The expected accession of Cyprus into the Eurozone from 1 January 2008represents an additional favourable turn of events for the Company, underliningthe country's successful economic trajectory over the past few years and isbelieved to contribute to an increased interest in the country's propertymarket. Finally, the sale of Aphrodite Hills on 4 May 2007 to a Deutsche Bankaffiliated fund created the first real market comparable and represents a primeexample of the premium value creation the DCI Projects are expected to generateover the years to come. Investment Pipeline Building on its successful investment activity to date and in addition to theinvestment commitments of €150 million on existing projects described above, theInvestment Manager has identified a pipeline of approximately €850 million ofpotential investment opportunities (the "Investment Pipeline"). Approximately29% of such pipeline is related to acquisitions adjacent to existing Projectswhile the remainder is earmarked for new projects. A number of new investmentshave been identified and ongoing negotiations for each potential project are atvarious stages. Approximately 75% of the identified new investments relate toprojects located in the Company's primary focus area of Greece and Cyprus and25% to projects in other countries of the south-east Mediterranean region. Thecompletion of each such investment in the Investment Pipeline depends in partupon, amongst other things, satisfactory completion of due diligence into eachof the Investment Pipeline project companies and land sites and the executionand delivery of final binding agreements in a form mutually satisfactory to theparties. There can be no guarantee that Dolphin will complete all or any of theProjects that form the Investment Pipeline. Amendments to the Investment Management Agreement The Company believes that certain changes to the Investment Management Agreementare appropriate to reflect the increased size of the Company assuming asuccessful Placing. The key changes, which are conditional on the completion of the Placing, aresummarised as follows and aim to: • reinforce the current restriction contained in the Investment Management Agreement on DCP managing competing fund vehicles by making it clear that for the life of the Investment Management Agreement DCP shall be prohibited from setting up or managing other investment vehicles investing in the residential resort sector in south-east Europe; • amend the escrow account mechanism in the Investment Management Agreement to ensure that the release of all funds from the escrow account will occur only upon the date that cumulative distributions by the Company first exceed the aggregate of €109 million (being the funds raised as at admission to AIM in December 2005) plus €300 million (being the proceeds of the October 2006 Placing) plus an amount equal to 50% of the gross proceeds of the Placing, each amount being increased by the applicable 8% annual compounding hurdle rate as from the date the relevant funds were raised (the "Tier 2 Returns Equalisation Date"); • amend the clawback mechanism contained in the Investment Management Agreement relating to DCP's performance fees with the effect that the clawback provisions shall drop away on the occurrence of the "Tier 2 Returns Equalisation Date"; and • insert a new event of termination on behalf of the Company being the occurrence of material underperformance by DCP in the management of the Company's assets which would be triggered on the occurrence of "Material Underperformance" (as defined below) at any time after the publication of the Company's audited accounts for the financial year ending 31 December 2010 and would allow the Investment Management Agreement to be terminated following the passing of (i) a majority board resolution and (ii) an ordinary shareholders resolution (being a resolution passed by 50% of the shareholders entitled to vote and so voting) to terminate. "Material Underperformance" for these purposes occurs where the published Net Asset Value as at 31 December for the previous two consecutive years is less than an amount being equal to: (i) €105 million compounded annually at LIBOR since the 8 December 2005; plus (ii) €292 million compounded annually at LIBOR since 7 October 2006; plus (iii) the net proceeds of the Placing compounded at LIBOR from the date ofadmission to trading on AIM of the Common Shares the subject of the Placing;less (iv) the value of all distributions made by the Company to shareholderscompounded at LIBOR from the date such distributions are made. In the event of termination for Material Underperformance, the Manager is nolonger entitled to any performance fee. In other instances of termination,performance fees accrued up to the point of termination become payable oncerealised. Amendments to the Warrant Deed Under the terms of the current Over-Performance Warrant Deed, DCP had beengranted a performance incentive designed to reward DCP if the Company achievedexceptional growth in its Net Asset Value during the period from 7 October 2006(being date of the October 2006 Placing) to 31 December 2007. The achievementof this additional incentive was predicated upon the Net Asset Value growth overthis period outperforming a simple hurdle rate of 30% (the "Super Hurdle"). Inthe event of this performance, DCP was granted the right to subscribe (at parvalue of €0.01) for such number of further Common Shares as equals 10% of thevalue of the Net Asset Value growth over the Super Hurdle divided by €1.34 (the"Warrant Grant"). Under the terms of the Over-Performance Warrant Deed, DCP hadalso agreed that any Common Shares subscribed for pursuant to the Warrant Grantwould be subject to a lock-up requirement for a period of two years from thedate of subscription. The Company and DCP have agreed to vary the Over-performance Warrant Deed byincreasing the Super Hurdle to include the gross proceeds of the Placingmultiplied by 1.11, which results in the equivalent of the 30% original SuperHurdle for the remaining period. In addition, the Company and DCP have agreed a further variation to the OverPerformance Warrant Deed under which, for the period from 1 January 2008 to 31December 2008, DCP is to be granted a further one-off over-performance warrantentitlement to reward exceptional growth. The hurdle for the 2008 Warrant Deedis the Net Asset Value per Common Share on 31 December 2007 multiplied by 1.3(the "Second Super Hurdle"). In the event that this Second Super Hurdle is met,DCP would be granted the right to subscribe (at par value of €0.01) for suchnumber of further Common Shares as equals 10% of the excess Net Asset Valueachieved by the Company by the end of 2008 divided by Net Asset Value per CommonShare on 31 December 2007 multiplied by 1.3. These new Common Shares subscribedfor would be subject to the same lock-up requirement as for the Common Sharessubscribed for under the initial Warrant Grant. The Directors (excluding Miltos Kambourides who is considered a related partyfor the purposes of the proposed amendments to the Over-performance Warrant Deed), having consulted with Grant Thornton Corporate Finance, the Company'snominated adviser, consider the amendments to the Over-performance Warrant Deedto be fair and reasonable insofar as Shareholders are concerned. Amendments to the Investment Policy The AIM admission document of the Company dated 5 December 2005 provided that,"The Directors and the Investment Manager believe that the countries which offerthe most attractive locations for such Projects are Greece, Cyprus, Turkey andCroatia. The Company's investment activity is concentrated on these fourcountries with particular emphasis being given to Greece and Cyprus. The Companymay also invest in Projects in neighbouring countries, should the Directorsconsider that such investments would be complementary to the Company'sinvestment portfolio or offer attractive investment returns (Greece, Cyprus,Turkey, Croatia and neighbouring countries being known as the "PrimaryInvestment Region"). The Board has resolved to vary this policy with the effect that the Company willhave the ability to invest capital from the Placing and the proceeds of otherfuture fund raisings into other geographies outside the Primary InvestmentRegion that demonstrate similar value upside characteristics to the currentregional focus and that would enable Company to enhance existing or create newstrategic relationships with international service providers/operators (such asmaster-planners, golf designers, hotel operators and developers) that are forthe benefit of the Company's investments in the Primary Investment Region. Theseinvestments outside of the Primary Investment Region in aggregate, however, willnot exceed 5% of the Company's last reported NAV at the time of investment. Looking Ahead Since its admission to trading on AIM in December 2005, Dolphin has successfullyestablished itself as one of the leading investment companies for theresidential resort sector in south-east Europe with €518 million committed toinvestments in Greece, Cyprus and Croatia. Following a rapid series ofinvestments in the past 18 months and the acquisition of Aristo, Dolphin intendsto further capitalise on its first mover advantage and continue to expand itsinvestment portfolio. Dolphin's Project Investment Pipeline consists ofattractive investment opportunities that the Investment Manager believes couldgenerate strong Shareholder returns. Following the upcoming Placing, Dolphin intends to: • commit or invest the Placing proceeds raised within the next 12 months; • progress the design and permitting of all existing and new projects; • upgrade the Aristo products; • export the Aristo team's development management know-how and experience to other Dolphin projects; • expand the Company's network of world class strategic partnerships; and • prepare for a transition to the main market of the London Stock Exchange during the course of 2008. ............................................................................... Grant Thornton Corporate Finance, a division of Grant Thornton UK LLP, which isauthorized and regulated by the Financial Services Authority, is acting asnominated adviser to Dolphin and for no one else in connection with the mattersreferred to above and will not be responsible to anyone other than Dolphin forproviding the protections afforded to its customers or for providing advice toany other person in relation to the matters referred to above. This announcement has been issued by, and is the sole responsibility of,Dolphin. This announcement does not constitute or form part of any offer orinvitation to sell or issue, or any solicitation of any offer to acquire,purchase or subscribe for any securities. This announcement has not beenexamined or approved by the FSA or the London Stock Exchange or any otherregulatory authority. Definitions The following definitions apply throughout this document unless the contextrequires otherwise: "Admission" admission of the Common Shares of the Company to trading on AIM inDecember 2005 "AIM" the market of that name operated by the London Stock Exchange "Aristo" Aristo Developers Plc "Colliers International" Colliers International Hellas and its affiliates "Common Shares" or "Shares" the common shares of €0.01 each in the capital ofthe Company "Company" or "Dolphin" Dolphin Capital Investors Limited "Directors" or "Board" the directors of the Company including any duly appointedcommittee thereof "Fortress Investment Group" or "Fortress" Fortress Investment Group LLC "Grant Thornton Corporate Finance" the corporate finance division of GrantThornton UK LLP which is authorised and regulated by the Financial ServicesAuthority to carry on investment business "Investment Pipeline" the identified Projects in respect of which Dolphin iscurrently negotiating a participation, as described in this announcement "Investment Management Agreement" the investment management agreement betweenthe Company and the Investment Manager dated 1 August 2005 (as amended andrestated on 8 December 2005 and again on 6 October 2006) "Investment Manager" or "Dolphin Capital Partners" or "DCP" Dolphin CapitalPartners Limited "London Stock Exchange" London Stock Exchange plc "NAV" or "Net Asset Value" the value of the assets of the Company less itsliabilities, determined in accordance with the accounting principles adopted bythe Company from time to time "October 2006 Placing" means the placing by Panmure Gordon as announced on 04October 2006 "October 2006 Placing Agreement" means the placing agreement dated 04 October2006 and entered into between the Company, the Investment Manager, PanmureGordon and Grant Thornton Corporate Finance "Over-performance Warrants" or "Warrants" the warrants issued to the InvestmentManager pursuant to the Over-performance Warrant Deed "Over-performance Warrant Deed" the instrument constituting warrants tosubscribe for Common Shares, subject to the terms and conditions set out thereinand in the October 2006 Placing Agreement and issued to the Investment Manager "Panmure Gordon" Panmure Gordon (Broking) Limited "Performance Fee" means fee to which the Investment Manager is entitled based onthe net realized cash profits achieved by the Company "Placing" means the conditional placing as announced on 14 June 2007 "Projects" means investments undertaken by Dolphin "Region" or "south-east Europe" Croatia, Cyprus, Greece, Turkey and Italy "Residential Resorts" mean master-planned residential resort developments whichincorporate a combination of, but are not limited to, leisure facilities such ashotels, golf courses, polo fields, country clubs, spas and marinas "Shareholders" holders of Common Shares In this document, unless otherwise specified, all references to "pounds" or "£"are to United Kingdom pounds sterling, references to "dollars" or "$" are to USdollars and all references to "Euro" or "•" are to the unit of money used in allEuropean Union countries which have adopted the single European currency unit. This press release may contain forward-looking statements with respect toDolphin and its operations, strategy, financial performance and condition. Thesestatements generally can be identified by use of forward looking words such as "may", "will", "expect", "estimate", "anticipate", "use", "intends", "believe" or"continue" or the negative thereof or similar variations. The actual results andperformance of Dolphin could differ materially from those expressed or impliedby such statements. Such statements are qualified in their entirety by theinherent risks and uncertainties surrounding future expectations, including thatthe transaction contemplated herein is completed. Important factors that could cause actual results to differ materially fromexpectations include, among other things, general economic and market factors,competition and changes in government regulation. The cautionary statementsqualify all forward-looking statements attributable to Dolphin and personsacting on its behalf. Unless otherwise stated, all forward-looking statementsspeak only as of the date of this press release and the parties have noobligation to update such statements. APPENDICES Appendix A: Dolphin Capital Investors Limited's Annual Report 2006 Dolphin Capital Investors Limited's Annual Report 2006 is available to downloadfrom the Company's website: http://www.dolphincapitalinvestors.com Appendix B: Aristo Background Information Overview Aristo, founded in 1983, is today believed to be the largest private land ownerin Cyprus and the largest holiday home developer both in terms of annualturnover and number of units sold. With more than 13 million m2 of developmentland under ownership, over 3,000 holiday home sales over the past five years anda pipeline of approximately 10,000 residential units under planning, Aristo hasa strong presence within the real estate development sector in south-eastEurope. The Aristo group holds three out of the country's 12 new preliminarylicenses for golf-integrated Residential Resorts that have recently been grantedby the Cypriot government and is considering applying for a fourth license. Aristo's flagship asset is Venus Rock, one of the largest sea-front residentialresort development sites in Europe. It is situated next to Aphrodite Hills(south-east Europe's first golf-integrated Residential Resort) between the townsof Limassol and Paphos. The 1,000 hectare site of Venus Rock is expected to be atruly integrated destination comprising 3 golf courses, more than 3,000residential units, a 5-star hotel with spa, extensive beach-front entertainment,retail and commercial facilities, marina and other sport facilities. The fourthgolf-integrated permit relates to Eagle Pines, a 220 hectare site a fewkilometres away from DCI's Apollo Heights Polo Resort and a 15 minute drive fromVenus Rock. In addition to the golf-integrated developments described above, Aristo iscurrently involved in the development of additional large scale residentialprojects, which together represent the substantial majority of Aristo's totalland holdings. Aristo has grown significantly in recent years, and turnover and net profit grewby an annual rate of 34% and 27% respectively from 2005 to 2006. Total sales andnet profit before tax for 2006 were €137.2m and €28.8m respectively. Mr. Aristodemou's 15% shareholding in BVI Holdco is subject to a 2-year lockupperiod. After the lock-up period, and for an additional period of two years, putand call options have been agreed for Mr. Aristodemou's shareholding in theAristo. Dolphin has also entered into a service agreement with Mr. Aristodemoufor at least two years and has an option to renew this for two more years for aslong as he maintains at least two thirds of his current shareholding in BVIHoldco He has also been given incentives tied to the NAV growth of Aristo. Mr.Aristodemou has provided Dolphin with personal warranties regarding titles andland ownership, the book value of the Aristo's net asset position andundisclosed or contingent liabilities. The Investment Manager and the Board of DCI believe that the consideration paid,despite being approximately at an 80% premium to the estimated 31 December 2006net book value of Aristo and at a 9% premium to the closing share price as of 4April 2007, represents a significant discount to what DCP believes Aristo's netasset value to be. The Investment Manager and the Board of DCI believe that the transaction is ofparamount strategic importance to Dolphin, and is expected to: 1. Enhance the DCI portfolio with a number of significantly advanceddevelopment projects in Cyprus and Greece, spread over an aggregate of 13million m2 of land, comprising 4 potential golf-integrated residentialdevelopments and approximately 1.5 million buildable m2 equivalent toapproximately 10,000 freehold residential units. The Investment Manager believesthat the land portfolio and pipeline, and particularly the golf integrateddevelopments, would be almost impossible for a third party to replicate due tothe lack of available large land sites in south Cyprus. 2. Create the potential for significant NAV uplift and ultimately generatestrong returns to DCI shareholders. When fully developed, the assets areexpected to generate returns in line with Dolphin's strategy of not investing inprojects unless they are expected to generate an IRR of at least 25%. DCPbelieves that there could be additional benefits from the higher qualitybranding and design concept that Dolphin can bring into Aristo's large scaleprojects. 3. Enable Dolphin to double its land bank in a single transaction, investingsubstantially all of its remaining capital of €250 million, bringing its totalinvestments to date to €368 million and total commitments to €517 million. 4. Generate future profits largely from sales of existing residential unitsand from other operating assets that can create opportunities for furtherorganic growth and reinvestment. 5. Enable Dolphin to utilise Aristo's management expertise for theprogression of Dolphin's current projects, as well as for the sourcing andexecution of more land acquisitions in Greece and Cyprus. In addition, Aristohas an established marketing platform which can also be leveraged upon. 6. Bring in-house a number of key operational functions that would haveotherwise been outsourced, ensuring greater control over quality and costs. 7. Accelerate the development of the Dolphin strategy by acquiring aportfolio of projects at an advanced development stage, a residentialdevelopment business that is expected to generate future profits, and managementexpertise to further assist in the development of Dolphin's existing projects. 8. Establish Dolphin as the largest private land-owner and residential resortdeveloper in Cyprus and cement its leadership position in the sector insouth-east Europe. FURTHER DETAILS Company Background Aristo is the largest holiday home development company in Cyprus and probablysouth-east Europe (www.aristodevelopers.com). Aristo was established in 1983 byMr Theodoros Aristodemou who continues to be Aristo's Managing Director and whowas before the acquisition the majority shareholder with approximately 60%. Aristo grew organically from a one-man, one apartment building company to thelargest private land-owner and holiday/second home developer in Cyprus. Over thepast decade, Aristo has developed and sold approximately 4,500 residential unitsfrom more than 100 residential, commercial and tourism-related projects aroundCyprus, the majority of which have been completed in the past five years. Aristohas also been a pioneering force behind investments in golf-integrateddevelopments and has developed the first two golf courses in Cyprus, the "SecretValley Golf Course" (within Venus Rock, which Aristo owns) and the "Tsada GolfCourse" (which Aristo operates) near Paphos. Aristo is believed to be today the largest private land-owner in Cyprus with atotal land ownership totaling 13 million m2. The Aristo group has received threeout of the twelve preliminary golf-integrated project approvals recently grantedby the Cyprus Government and has the potential to apply for a fourth one in themedium term. Aristo also operates two out of the three existing commercial18-hole golf courses in Cyprus and has an approximate 15% market share of theCyprus holiday home market. In addition to the golf-integrated developments, Aristo is currently involved inthe development of additional large scale projects, predominantly residentialdevelopments for overseas buyers. Aristo's top ten developments or land holdingsin Cyprus and Greece represent a substantial majority of its total land holdingsand the estimated net asset value of Aristo. Artisto's strategy of acquiring land in key locations at attractive prices todevelop holiday homes for foreign buyers is consistent and complementary to thatof Dolphin. Aristo performs in-house the functions of land acquisition, design,project management, marketing and sales. The construction is primarilycontracted to third parties. Aristo focuses mainly on the regions of Paphos and Limassol and currently hasover 70 residential developments of various sizes under construction and 150under planning on the island, operated and managed currently by an in-house teamof approximately 406 staff. Since 1999, Aristo has also established a presencein Greece with seven residential developments completed and delivered, tworesidential developments under construction and three beachside projects underplanning. Aristo's headquarters are in Paphos, Cyprus, with satellite offices principallyin Nicosia, Limassol, Athens and Moscow. Cyprus Market Environment Cyprus entered the EU on May 1st 2004 and offers one of the most competitivetaxation environments in Europe (corporate income tax at 10%). The countryfurther benefits from an excellent climate with long seasonality and is alreadya very popular 2nd home/retirement destination for British citizens. Over thepast three years demand for second homes is estimated to have increased by anaverage 15 to 20% annually. Smaller mid-market residential projects with 30 to 60 houses have been quitecommon in Cyprus over the past 20 years. Those were mostly built in and aroundPaphos, a picturesque town in the south-west corner of the island. There is only one master-planned leisure integrated residential development onthe island, Aphrodite Hills (www.aphroditehills.com ), which has experiencedtremendous success. Aphrodite Hills has been developed and managed by LanitisDevelopment Ltd over 231 hectares. The development started golf courseoperations on October 1st 2002 and to date has sold over 400 villas and 200apartments. 90% of sales have been made to foreigners, of which approximately60% were to the United Kingdom. The largest other foreign markets have beenRussia, Scandinavia and Germany. The Cyprus Tourism Organization has recently prepared a new 10-year strategicplan for the tourism industry aimed at attracting wealthier tourists andresidential buyers. This involves incentives to attract private financing tobuild additional marinas and golf courses. There are currently only threecommercially operated 18-hole golf courses on the island and a further twelvegolf course developments have recently received pre-approvals from the Cyprusgovernment. To encourage investment in golf resorts, the Cyprus government hasallowed for up to 100,000 m2 of residential real estate that could be integratedwith the development of golf courses and sold as freehold, subject to developersmeeting certain investment criteria. Aristo is one of the leaders in the development of golf-integrated ResidentialResorts in Cyprus, having received three out of the twelve preliminarygolf-integrated project pre-approvals to date. Market positioning and sales Aristo currently owns a land portfolio of approximately 13 million m2 ofattractive land sites in Cyprus and Greece. In 2006, Aristo derivedapproximately 97% of its revenues from the development of its land holdings andsubsequent sale of residential units. Non-core assets, namely the operation ofrecreational and other leisure facilities, only accounted for approximately 3%of Aristo's revenues for the year ended 31 December 2006. Aristo sold a total of approximately 623 units in Cyprus for the year ended 31December 2006, which, as estimated by Aristo's management, corresponds to amarket share of around 11% in terms of units sold (out of 5,800 estimated totalresidential units sold in Cyprus during 2006) or a market share of approximately15% in Cyprus and 30% in Paphos in terms of total sales. Aristo targets foreign buyers, mostly northern Europeans and Russians in searchof a retirement home and, more opportunistically, wealthy Cypriots or Greeks.Historically, the client base has been 60% British, 15% Russians, 10% Cypriotsand 15% other (mainly Europeans). Aristo currently operates 25 information andsales offices in Cyprus and Russia and also co-operates with an extensivenetwork of agents and real estate professionals. Its sales team providesextensive support services and guidance relating to legal and tax issues foracquiring a property in Cyprus, as well as facilities management and re-saleservices. During 2006, 93% of sales were made to foreigners with demandanticipated to remain strong. Large-scale Real Estate Development Aristo's largest ten projects in Cyprus and Greece represent the substantialmajority of its total land holdings by size and estimated value. Thesedevelopment projects comprise ten residential communities, four of which areintended to be large upscale golf-integrated Residential Resorts, as furthersummarized below. Cyprus 1. Venus Rock: Land site of approximately 10 million m2, 18 km east of Paphos,one of the largest sea-front residential resort development sites in Europe,adjacent to Aphrodite Hills (south-east Europe's first golf-integratedresidential resort experiencing large success). Venus Rock is expected to be atruly integrated destination comprising three golf courses, 3,000 residentialunits, a five-star hotel with spa, extensive beach-front entertainment, retailand commercial facilities, marina and other sport facilities. The site currently has an existing 18-hole golf course in place (Secret ValleyGolf Course) and existing zoning for 290 villas that are currently for sale andwhich are in addition to those expected to be developed as part of thegolf-integrated permits. 242 villas have already been sold to date. 2. Eagle Pine: Land site of approximately 2.2 million m2, a few kilometresaway from Apollo Heights Polo Resort (Dolphin's first investment in Cyprus), anda 15 minutes drive from Venus Rock. Situated at the highlands, the Eagle Pinesite overlooks the sea around the Episkopi and Acrotiri areas near Limassol. Ithas received preliminary approval for a golf integrated resort, with aresidential development component of up to 100,000 m2. 3. Paphos centre plot: Land site of approximately 150,000 m2 in the centre ofPaphos and within walking distance from the beach-front hotel Riviera of thetown. The site falls under two high density building zones with buildingcoefficients of 80% and 60%, where the estimated residential development for thesite is anticipated to cover over 73,000 buildable m2. 4. Pissouri Panorama: Land site of 120,000 m2 in the upcoming area ofPissouri, east of Paphos, with an estimated residential development area of20,000 buildable m2. Several other land sites are within a radius of 2km of thesite that may eventually create a large scale development program. 5. Magioko: Beach-front site of approximately 102,000 m2 situated within atourism zone a few kilometres away from Paphos International airport. The sitehas a building coefficient of 30% for tourism developments or 20% forresidential developments. The site is intended to be developed into an exclusivebeachfront residential resort with an estimated 17,000 m2 of residences. Other major sites: Aristo owns a large number of residential non-leisureintegrated developments and villas under construction which are neverthelessvery close to the beach or other leisure activities. Notable examples include: 6. Zephyros: a development of approximately 40,000 residential buildable m2spread across a 94,000 m2 land site, situated 400 meters from the beach and theMagioko site. 7. Limassol Star: a development comprising luxury beachfront properties andleisure facilities, only 10 minutes from Limassol town centre and 30 minutesfrom Nicosia and Larnaca International Airport. The development is also within aminute's walk from the Limassol Yachting Marina and enjoys the water sportfacilities offered by the neighbouring blue flag beach. Greece In 1999, Aristo established its Greek operations to focus on propertydevelopment in Greece and is now actively involved in that market. Aristo hasdeveloped and marketed large blocks of flats and offices in selective areas ofAthens and has acquired attractive coastal properties in areas such asZakynthos, Syros and the western Peloponnese, where it plans to developexclusive residential developments. These include: 8. Tsilivi project: A two-phased development with an estimated 56,000 m2 ofresidential buildable expected to be sold over 80,000 m2 of land in the smallvillage of Tsilivi, approximately 4 km from the town of Zakynthos, near the areaof Planos. Efforts are being made to reclaim an additional 20,000 m2 of land. 9. Douneika project: A beachfront property of 265,000 m2 at Douneika inPeloponnese, adjacent to the Aldemar hotel. The tourism development of theproperty will take advantage of a building coefficient of 20%, allowing for thedevelopment of a hotel and c. 18,000 m2 of residential real estate. 10. Syros project: Residential development designed in Cycladicarchitecture style, 12 km from Ermoupolis on the island of Syros, spread over a22,000 m2 site, where approximately 4,500 m2 of residential real estate can bedeveloped Small to medium Scale Real Estate Development Aristo has additionally 60 residential projects of various sizes underconstruction, with remaining available for sale units of approximately 80,000buildable m2 spread over an estimated 274,000m2 of land. It further holds a landinventory of 2,600,000 m2 for several potential projects under planning whichare expected to be developed over the medium term. These small to medium scaledevelopments are expected to be permitted for more than 670,000 buildable m2 intotal. Almost all of these existing and potential new residential projects are locatedin strategic points of the island, by or close to the sea, easily accessible byairports and next to well-developed infrastructure. Notable examples includeGolden Beach and Riviera Beach Villas in Paphos. Other Activities Aristo also generates approximately 3% of its revenues (approximately €4 millionin 2006) from the operation of recreational/leisure facilities and othermiscellaneous travel and insurance services. The two main ones are: • Randi Golfers Limited: Jointly runs the Secret Valley Golf Club (Venus Rock) and Tsada Golf Club, Cyprus' first 18-hole grass course, only 20 minutes from Paphos, on an elevated position of 550 metres above sea level. • A&A Super Aphrodite Waterpark Limited: Owner of a waterpark located amidst 30,000 m2 of landscaped grounds across from the hotels on the seafront of the tourist area. This represents the main source of revenues for Aristo's non-core activities, attracts more that 100,000 visitors and generates a net cash profit of approximately €1 million per annum. Business Plan & Future Strategy Following this acquisition, Dolphin intends to (i) undertake a revaluation ofAristo's assets to establish market value (ii) further build on Aristo's successas the largest holiday home developer in Cyprus, and (iii) retain and furtherimprove the efficiency of Aristo's existing key management and operations. Inorder to maximise Aristo's NAV and profitability, Dolphin will have a separateapproach for Aristo's following three project categories: Leisure Integrated Residential Resort Developments Represents the majority of Aristo's land portfolio and shall include: a. Large sites suitable for the development of branded golf-integratedResidential Resorts with up to 100,000 m2 of freehold residential real estateper project, namely the 3 Venus Rock projects and the Eagle Pine project. b. Smaller sites suitable for the development of more exclusive residentialdevelopments due to the site's attractiveness, views and beach access, toinclude for example the Pissouri Panorama site and Magioko. To maximise the returns on these developments and to seek to grow Aristo's NAV,Dolphin intends to engage some of the world's most renowned master-planners,architects, golf designers, operators and marketers and target the most affluentpart of the Northern European and Russian markets. Other Residential Developments Represents the remainder of Aristo's land portfolio and includes the mid-marketresidential holiday home developments Aristo is well known for. Aristo is the leading developer in the residential sector in Cyprus, having sold3,000 units over the past 5 years. The average selling prices for the year ended31 December 2006 was approximately €270,000 per unit and the estimated netprofit margin per unit was approximately 20%. Dolphin intends to maximise the efficiency of this division and continue to sellits existing developments to generate strong cash flows and profits. Dolphinwill be cautious with this part of the business, as it is believed that thissegment of the market is becoming very competitive in Cyprus - with a potentialslowdown expected over the medium to long term - and better margins can beachieved for more upper-scale developments which are also more in line withDolphin's core strategy. Dolphin may also seek to sell developments to otherinvestors if this provides a suitable return. Other Leisure Activities This includes non-core projects such as the Super Aphrodite Waterpark in Paphos,which generated sales in the year ended 31 December 2006 of approximately €3million and is profitable, Skylark Insurance which is an insurance brokerproviding insurance for purchasers of Aristo's residential developments, andother small non-core assets. Dolphin will consider a possible disposal of some or all of these assets andreinvest the proceeds into the existing activities of Aristo. Financial Information Aristo has grown significantly in recent years with turnover and net profitgrowing by an annual rate of 29% and 38% respectively between 2005 and 2006. The table below summarizes the total number of units sold for the period2004-2006:•m 2004 2005 2006Number of Units Sold 587 517 623Average Selling Price per unit 173,250 190,700 266,500(•) Extracts of Aristo's published historical financial information for thefinancial years 2004, 2006 and 2006 is presented below. The financialinformation for the years ended 31 December 2004, 2005 and 2006 has been auditedby Stephanos Stephanou & Co. PROFIT & LOSS ACCOUNT Audited Audited Audited(amounts in •) 31-Dec-04 31-Dec-05 31-Dec-06Sales 82,919,143 101,599,984 136,961,862Cost of Sales (45,528,695) (57,623,151) (78,655,680) Gross Profit 37,390,449 43,976,833 58,306,182as a % of Sales 45.1% 43.3% 42.6% Other Income 729,432 343,797 757,704Selling & Administrative Expenses (16,408,283) (19,198,072) (25,318,584) Operating Profit 21,711,597 25,122,558 33,745,302as a % of Sales 26.2% 24.7% 24.6% Profit / (Loss) from Revaluation of Assets -(116,633) - -Profit from Investment Activities - 292,464 142,269Financing Income - 808,055 790,406Financing Expenses (6,576,641) (6,388,327) (8,233,861)Profit / (Loss) from sale of affiliated company (31,280) (10,337) (12,418)Profit / (Loss) from Joint Ventures 1,249,936 2,417,507 2,894,581 Earnings Before Tax 16,236,980 22,241,920 29,326,279as a % of Sales 19.6% 21.9% 21.4% Corporate Tax (3,450,948) (3,201,059) (4,724,076)Effective Tax Rate 21.3% 14.4% 16.1% Earnings After Tax 12,786,031 19,040,861 24,602,203as a % of Sales 15.4% 18.7% 18.0% BALANCE SHEET Audited Audited Audited(amounts in •) 31-Dec-04 31-Dec-05 31-Dec-06Fixed Assets 136,651,115 135,157,926 135,105,415Intangible Assets - 149,169 149,169Investments in Joint Ventures 1,378,778 - -Investments in Affiliated Companies 4,497,557 4,413,663 4,411,342Total Fixed Assets 142,527,449 139,720,758 139,665,926 Inventory and Work in Progress 156,510,954 194,551,173 263,761,567Investments 310,357 371,220 406,557Debtors and Prepayments 8,887,527 7,990,141 18,281,206Receivables from affiliated companies 133,508 1,794,749 232,964Cash & Banks 715,318 968,273 1,204,602 Total Current Assets 166,557,664 205,675,556 283,886,896 TOTAL ASSETS 309,085,113 345,396,314 423,552,822 Share Capital 44,991,540 44,424,145 44,424,145Reserves 77,793,204 40,746,278 47,198,107Retained Earnings - 53,013,193 69,791,755Minority Interest 14,038,444 13,994,846 15,939,325 Shareholders' Equity 136,823,188 152,178,462 177,353,332 Long-Term Debt 42,949,491 70,693,207 107,554,921Land Creditors 9,772,414 - -Deferred Taxation 9,968,337 9,635,963 10,859,024 Long Term Liabilities 62,690,242 80,329,170 118,413,945 Creditors 70,341,704 12,787,595 15,300,994Short-Term Debt 17,589,371 51,002,841 47,452,586Short-Term Liabilities Payable 19,352,756 46,817,174 60,870,316Amounts Payable to Affiliated Companies - - 988,518Tax & Duties Payable 2,287,853 2,281,072 3,173,131 Short Term Liabilities 109,571,684 112,888,682 127,785,545 TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 309,085,113 345,396,314 423,552,822 This information is provided by RNS The company news service from the London Stock Exchange