REG - DCI Advisors Ltd - Update on legal actions

DCI AdvisorsAnnouncement

02/04/2024 15:45

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RNS Number : 0228J  DCI Advisors Limited  02 April 2024

DCI Advisors Limited

(the "Company" or "DCI")

Update on legal actions with Dolphin Capital Partners Limited

 

2 April 2024

 

Following the Company's litigation update published on 28 March 2024, the
Board of DCI has been made aware that its former manager, Dolphin Capital
Partners Limited ("DCP"), has contacted a number of DCI's shareholders with
claims that the litigation being pursued by DCI against DCP could prove
unaffordable for DCI.  Following receipt of such communication from DCP, one
shareholder has even suggested that DCI obtains third party funding for its
litigation against DCP.

 

The DCI board therefore wishes to advise shareholders that it started
exploring litigation funding for most of its litigation against DCP from a
third party in 2023, with a funding agreement signed earlier this year.

 

Further, concerning DCI's litigation against DCP and individuals associated
with DCP in Greece, DCI has the funding in place to carry the litigation to
its conclusion, with a maximum cost to DCI estimated at approximately
€100,000. DCI's directors believe that for such a modest cost it is
overwhelmingly in the best interest of shareholders as a whole that this
litigation is pursued, as the advice provided to the Company is that the
financial upside the Company could expect from success is currently c.€57.0
million, with the potential for this amount to increase.  The litigation
funding that DCI has secured will mitigate DCI's legal costs in pursuing this
claim and means that DCI is well positioned to continue to their conclusion
all its legal cases and claims against DCP.

 

The Board of DCI would also like to use this opportunity to respond to DCP's
misleading statement that this €57.0 million claim only relates to the
Amanzoe option.  This is incorrect.  Many different claims have been made
and these are unrelated to the Amanzoe option.

 

The Directors anticipate that they will release a general update on DCI and
its portfolio next week.

 

Enquiries

 DCI Advisors Ltd

 Nicolai Huls / Nick Paris, Managing Directors                              nickparis@btinternet.com (mailto:nickparis@btinternet.com)

                                                                            +44 (0) 7738 470550
 Cavendish Capital Markets (Nominated Adviser & Broker)

 James King / Jonny Franklin‐Adams / Edward Whiley / Oscar Valeur‐Adu
 (Corporate Finance)

                                                                          +44 (0) 20 7220 0500
 Pauline Tribe (Sales)
 FIM Capital Limited (Administrator)                                        llennon@fim.co.im (mailto:llennon@fim.co.im) / gdevlin@fim.co.im

                                                                          (mailto:gdevlin@fim.co.im)
 Lesley Lennon / Grainne Devlin (Corporate Governance)

 

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