Disposal

RNS Number : 9745D

Dolphin Capital Investors Limited

06 February 2018

 

6 February 2018

THIS DOCUMENT CONTAINS INSIDE INFORMATION

DOLPHIN CAPITAL INVESTORS LIMITED

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

together with its subsidiaries, the "Group")

​Disposal of Triopetra project

DCI, a leading investor in high-end residential resorts in the eastern Mediterranean, is pleased to announce that, in line with its strategy to realise value through an orderly sale of assets, it has entered on 5 February 2018 into an agreement for the disposal of its 100% interest in the Triopetra project (the "Disposal"), the Group's development project in the southern side of Rethymno prefecture Crete, to Deniage Ltd, a Cyprus entity affiliated with a large Saudi Arabian  investment group  (the "Acquirer").

The Acquirer will purchase all of DCI's stake in Triopetra for a total cash consideration of €4.1m, of which an amount of €4m was received today and the remaining €100,000 will be withheld until the first anniversary from the transaction to cover any potential latent project liabilities.

The Disposal consideration of €4.1m is equal to the DCI historic investment cost and represents a premium to the Triopetra Net Asset Value after Deferred Income Tax Liabilities included in DCI's financial statements as at 30 June 2017.

Enquiries:

Dolphin Capital Investors Andrew Coppel, CBE	[phone]
Dolphin Capital Partners Miltos E Kambourides	[e-mail]
Panmure Gordon (Broker) Richard Gray / Dominic Morley / Andrew Potts	[phone]
Grant Thornton UK LLP (Nominated Adviser) Philip Secrett	[phone]
Instinctif Partners (PR Communications Adviser) Mark Garraway	[phone]

 

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