Dolphin Capital Investors Limited Completion of the Pearl Island Disposal (3197Z)
March 14 2017 - 3:00AM
UK Regulatory
TIDMDCI
RNS Number : 3197Z
Dolphin Capital Investors Limited
14 March 2017
14 March 2017
DOLPHIN CAPITAL INVESTORS LIMITED
("DCI" or "Dolphin" or the "Company",
together with its subsidiaries, the "Group")
Completion of the Pearl Island Disposal
DCI, a leading investor in high-end residential resorts in the
eastern Mediterranean, is pleased to announce the completion of the
disposal of its 60% interest in Pearl Island, the Group's private
island development off the coast of Panama, to Grivalia Hospitality
S.A.
Dolphin received the EUR27 million cash consideration on 13
March, of which EUR2 million will remain in escrow for a period of
12 months post completion to cover any potential breach of DCI's
warranties or undisclosed indebtedness.
The Board, taking into consideration Dolphin's outstanding
liabilities and working capital requirements, has decided not to
make a distribution of the Pearl Island disposal proceeds to
Shareholders at this stage and apply the proceeds towards working
capital and general corporate purposes. The Board will re-evaluate
the Company's distribution potential when there is more clarity on
the pace of additional disposals.
For further information, please contact:
Dolphin Capital Investors
Andrew Coppel, CBE +44 (0) 7785 577023
Dolphin Capital Partners miltos@dolphincp.com
Miltos E. Kambourides
Panmure Gordon
(Broker)
Richard Gray / Dominic Morley
/ Andrew Potts +44 (0) 20 7886 2500
Grant Thornton
(Nominated Adviser)
Philip Secrett +44 (0) 20 7383 5100
Instinctif
(PR Communications Adviser)
Mark Garraway +44 20 7457 2020
This information is provided by RNS
The company news service from the London Stock Exchange
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