Dolphin Capital Investors Limited Disposal (6090J)

TIDMDCI

RNS Number : 6090J

Dolphin Capital Investors Limited

03 April 2018

3 April 2018

DOLPHIN CAPITAL INVESTORS LIMITED

("DCI" or "Dolphin" or the "Company",

together with its subsidiaries, the "Group")

Completion of the disposal of the Sitia Bay project

Notice of 2017 Annual Results

DCI, a leading investor in high-end residential resorts in the eastern Mediterranean, is pleased to announce that the disposal of its 78% interest in the Sitia Bay Resort project, the Group's residential resort development in Sitia, eastern Crete, to its minority partner in the project, Iktinos Hellas S.A. (the "Acquirer"), which was announced on 19 January 2018, has been completed for a total cash consideration of EUR14.0 million.

The Acquirer paid EUR12.6 million to DCI on 3 April 2018 (the first day when banks where open for business after 31 March) which, together with the first instalment of EUR1.4 million received on 22 January 2018, entitled it to the agreed EUR1 million early payment discount from the original EUR15.0 million disposal consideration.

The final disposal consideration of EUR14.0 million is equal to Sitia Bay's Net Asset Value after Deferred Income Tax Liabilities included in DCI's financial statements as at 30 June 2017.

Notice of 2017 Annual Results

Dolphin will announce its Annual Results for the year ended 31 December 2017 on Tuesday 8 May 2018 which will include an update on trading.

Enquiries:

 
 
    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 UK LLP 
    (Nominated Adviser) 
    Philip Secrett                    +44 (0) 20 7383 5100 
 
    Instinctif Partners 
    (PR Communications Adviser) 
    Mark Garraway                     +44 20 7457 2020

This information is provided by RNS

The company news service from the London Stock Exchange

END

DISDMGGDLFMGRZG

(END) Dow Jones Newswires

April 03, 2018 05:44 ET (09:44 GMT)

Dci Advisors (LSE:DCI)
Historical Stock Chart
From Apr 2024 to May 2024