Dolphin Capital Investors Limited Termination of Inv. Manager & Removal of Director (4425T)
20 Março 2023 - 4:00AM
UK Regulatory
TIDMDCI
RNS Number : 4425T
Dolphin Capital Investors Limited
20 March 2023
This announcement has been determined to contain inside
information for the purposes of the UK version of the market abuse
regulation (EU) No.596/2014.
20 March 2023
Dolphin Capital Investors Limited
(the "Company")
Termination of the Investment Manager and Removal of a
Director
The Directors of Dolphin Capital Investors Limited (the
"Company") announce that the Investment Management Agreement dated
1 December 2021 (the "IMA") between the Company and Dolphin Capital
Partners Limited ("DCP") has been terminated by the Company with
immediate effect on the basis of a repudiatory breach of contract
by DCP.
It has come to the Company's attention that DCP entered into an
undisclosed option agreement with the purchaser of the Amanzoe
resort in Porto Heli, Greece at the same time that the Company sold
its interest in the resort, as originally announced on 2 August
2018 (the "Undisclosed Option Agreement"). The Undisclosed Option
Agreement entitled DCP to acquire an additional 15% of the share
capital of DolphinCI Fourteen Limited (the special purpose vehicle
holding the Amanzoe resort). A separate agreement for DCP to
acquire 15% of the share capital of DolphinCI Fourteen Limited had
been disclosed and authorised by the Company.
The Undisclosed Option Agreement had not been disclosed to the
Company by DCP at the time of the sale of DolphinCI Fourteen
Limited. The failure by DCP, as agent of the Company under the
terms of the IMA, to disclose the existence of the Undisclosed
Option Agreement, and to fulfil its other duties as agent,
constitutes a repudiatory breach of the IMA that has resulted in
the termination of the IMA by the Company.
The Company is seeking to pursue all legal options to recover
the value arising from the Undisclosed Option Agreement that is the
Company's property. The Directors believe that this value could be
material in the context of the size of the Company, but at this
time do not have enough information to put a precise quantum on
this.
The independent Directors of the Company have also removed
Miltos Kambourides, who is the Co-Founder and Managing Partner of
DCP, as a Director of the Company with immediate effect.
Had the Company known about the Undisclosed Option Agreement, it
would have been treated as an AIM Rule 13 related party transaction
- as such, the Company will be self-reporting to the AIM team at
the London Stock Exchange this breach of the AIM Rules.
The Directors are putting in place additional resources,
including funding, in order to enable the Company to self-manage
its assets and to enable the continued construction of the Kilada
Hills Golf & Country Resort and the various asset sales
processes currently underway. Nicolai Huls and Nick Paris have
become Executive Directors of the Company with immediate effect and
have been appointed as Managing Directors.The Company has no
current intention of appointing a new investment manager. The
Directors remain committed to the objectives for the Company that
were approved by Shareholders at the Company's Extraordinary
General Meeting held on 22 December 2021.
Further updates will be provided in due course.
Enquiries
Dolphin Capital Investors
Nicolai Huls, Chair, Nomination and Corporate Via FIM Capital
Governance Committee Limited
finnCap (Nominated Adviser & Broker)
William Marle / Jonny Franklin-Adams / Edward
Whiley / Milesh Hindocha (Corporate Finance) +44 (0) 20 7220
Mark Whitfeld / Pauline Tribe (Sales) 0500
---------------------
FIM Capital Limited (Administrator)
Lesley Lennon / Grainne Devlin (Corporate llennon@fim.co.im/
Governance) gdevlin@fim.co.im
---------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCGPURWWUPWGMB
(END) Dow Jones Newswires
March 20, 2023 03:00 ET (07:00 GMT)
DCI Advisors (AQSE:DCI.GB)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
DCI Advisors (AQSE:DCI.GB)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024