Dolphin Capital Investors Limited Shareholder Update (5933W)
18 Abril 2023 - 6:30AM
UK Regulatory
TIDMDCI
RNS Number : 5933W
Dolphin Capital Investors Limited
18 April 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.
Dolphin Capital Investors Limited
(the "Company" or "DCI")
Shareholder Update
18 April 2023
Further to the RNS announcement made on 20 March 2023 that the
Investment Management Agreement dated 1 December 2021 (the "IMA")
between the Company and its Investment Manager ("Dolphin Capital
Partners") had been terminated immediately for a repudiatory breach
of its obligations to the Company, the Board of the Company wishes
to issue an update on progress since then.
The Company continues to believe that the Option Agreement under
which Dolphin Capital Partners acquired the right to buy an
additional 15% of the share capital of the special purpose vehicle
holding the Amanzoe resort that the Company sold in August 2018 was
undisclosed and therefore unauthorised by the Company. Accordingly,
DCI is seeking to recover the value arising from the Option
Agreement from Dolphin Capital Partners. It is currently not clear
how material this payment could be.
As announced on 11 April 2023, Dolphin Capital Partners filed a
claim against the Company in the English High Court on 6 April 2023
alleging repudiatory breach of the IMA. The Company still believes
this claim to be opportunistic and without merit and the Company
has now notified Dolphin Capital Partners that it will be filing a
counter claim.
Dolphin Capital Holdings, an entity which is associated with
Miltos Kambourides the Managing Partner of Dolphin Capital
Partners, sold its entire holding of 9.73% in the Company on 6
April 2023 and these shares were bought by some existing
Shareholders of the Company as well as one new investor. The Board
is pleased by this show of support for their recent actions and the
prospects for the Company. Indeed, the Board has received
considerable support and encouragement from Shareholders for their
recent actions.
Nicolai Huls and Nick Paris who are the two new Managing
Directors of the Company are working to stabilise and improve the
operations of DCI and have contacted all of its business partners
and service providers. Each has reaffirmed their willingness to
continue to work with the Company. Operations therefore continue as
normal throughout the Company and its portfolio of assets. The
Board is confident that it can continue to manage the Company
through this short period of transition.
Further finance is being arranged both for the Company's working
capital purposes and the continued construction of the golf course
and golf clubhouse in phase 1 of the Kilada Hills project in Porto
Heli, Greece via loans from certain Shareholders and investors.
Further details of these will be announced once the loans are
agreed and committed. In addition, the Company expects to be able
to apply soon to draw down the first 25% tranche of the Euros 6
million Greek government grant that was awarded to the Kilada
project in 2022.
Asset sale efforts are continuing as planned by the Board of the
Company prior to the termination of Dolphin Capital Partners.
Updates will be issued once any of these reach the stage of a
binding commitment from a buyer.
The Board of the Company remains committed to the objectives
that were approved by Shareholders at the Company's Extraordinary
General Meeting held on 22 December 2021. There are no plans to
bring additional assets into the Company.
Terms not otherwise defined within this announcement shall have
the same meaning as defined in the announcements made on 20 March
2023 and 11 April, respectively.
Enquiries
Dolphin Capital Investors
Nicolai Huls / Nick Paris, Managing Directors nickparis@btinternet.com
+44 (0) 7738 470550
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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