Dolphin Capital Investors Limited Disposal of Sitia Bay project (4169C)
January 19 2018 - 7:30AM
UK Regulatory
TIDMDCI
RNS Number : 4169C
Dolphin Capital Investors Limited
19 January 2018
19 January 2018
THIS DOCUMENT CONTAINS INSIDE INFORMATION
DOLPHIN CAPITAL INVESTORS LIMITED
("DCI" or "Dolphin" or the "Company",
together with its subsidiaries, the "Group")
Disposal of Sitia Bay 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 18 January 2018 into an agreement for the disposal
of its 77.8% interest in the Sitia Bay Resort project (the
"Disposal"), the Group's residential resort development in Sitia,
eastern Crete, to its minority partner in the project, Iktinos
Hellas S.A. (the "Acquirer").
The Acquirer will purchase all of DCI's stake in Latirus
Enterprises Ltd, the holding company owning around 98% of the Sitia
project, for a total cash consideration of up to EUR15m.
The first instalment of EUR1.4m is due to be received within 2
business days from the execution of the agreement, while a second
instalment of EUR8.6m is due by 31 March 2018 (which can be
extended to 30 April 2018 if the Acquirer makes a further EUR0.7m
payment by 31 March 2018) and the EUR5m balance is due by 31
December 2018. The Acquirer will be entitled to a EUR1m discount if
all the payments are made by 31 March 2018.
If the Acquirer does not proceed with the payment of the second
instalment by 31 March 2018 (or 30 April 2018 if the EUR0.7m
extension payment has been received by DCI), then the transaction
will be terminated and Dolphin will be entitled to retain the
EUR1.4m instalment received as well as the balance of its holding
in Latirus Enterprises Ltd.
The Disposal consideration of EUR15m represents a 7.5% premium
to Sitia Bay's Net Asset Value ("NAV") after Deferred Income Tax
Liabilities ("DITL") of EUR14m included in DCI's financial
statements as at 30 June 2017.
The Company will issue a further announcement on receipt of the
first instalment of EUR1.4m.
Enquiries:
Dolphin Capital Investors
Andrew Coppel, CBE +44 (0) 7785 577023
Dolphin Capital Partners
Miltos E Kambourides miltos@dolphincp.com
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 (0) 20 7457 2020
This information is provided by RNS
The company news service from the London Stock Exchange
END
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