Dolphin Capital Investors Limited Completion of disposal of interest in OOKI (8963K)
23 Dezembro 2022 - 6:07AM
UK Regulatory
TIDMDCI
RNS Number : 8963K
Dolphin Capital Investors Limited
23 December 2022
23 December 2022
Dolphin Capital Investors Limited
("Dolphin" or the "Company")
Completion of disposal of interest in the One&Only at Kea
Island project
The Board of Directors of Dolphin, an investor in high-end
resort developments in the eastern Mediterranean, is pleased to
announce that, following the announcement made on 29 September
2022, the Company has completed the disposal of its entire interest
in the One&Only at Kea Island project ("OOKI").
Prior to the sale, Dolphin was the owner of 66.67% of Single
Purpose Vehicle Ten Ltd ("SPV10") which, in turn, indirectly owns
50% of OOKI, thereby providing the Company with an effective equity
interest of 33.33% in OOKI. Pursuant to the sale, the Company
received a net consideration, in aggregate, of EUR17.92 million, of
which EUR0.9 million was paid as an advance on 5 December and the
remaining EUR17.0 million balance was received on completion.
Following the completion of the disposal of SPV10, the guarantees
provided by Dolphin under the OOKI construction loan, including the
existing share pledge and mortgage over Dolphin's Scorpio Bay asset
to secure the guarantees, are expected to be released by the end of
Q2 2023.
From these disposal proceeds, an amount of EUR13.01 million has
been applied towards the repayment in full by 31 December 2022 of
the existing loan facility that Dolphin drew down on 7 June and 16
July 2021. Following this repayment, all debt at the Company level
is now fully repaid. All remaining proceeds from the sale of SPV10
will be retained by Dolphin to meet its accrued and current
liabilities and working capital requirements.
Enquiries
Dolphin Capital Investors Via FIM Capital Limited
Martin Adams
Dolphin Capital Partners miltos@dolphincp.com
Miltos E Kambourides
finnCap (Nominated Adviser & Broker)
William Marle / Jonny Franklin-Adams / Edward Whiley / Milesh Hindocha
(Corporate Finance)
Mark Whitfeld / Pauline Tribe (Sales) +44 (0) 20 7220 0500
FIM Capital Limited (Administrator) llennon@fim.co.im / gdevlin@fim.co.im
Lesley Lennon / Grainne Devlin (Corporate Governance)
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END
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