REG - DCI Advisors Ltd - Delay in publication of accounts & temp.suspension

DCI AdvisorsAnnouncement

16/09/2024 09:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240916:nRSP3134Ea&default-theme=true

RNS Number : 3134E  DCI Advisors Limited  16 September 2024

DCI Advisors Ltd

(the "Company" or "DCI")

Delay in Publication of Annual Results and Temporary Suspension

16th September 2024

The Board of the Company provides the following update with respect to its
audited annual results for the year end 31 December 2023 ("Annual Results")
and its temporary suspension from trading on AIM.

Delay in Publication of Annual Results

DCI's auditor is KPMG Cyprus in cooperation with KPMG Greece and KPMG Croatia
who audit the assets in those respective countries.

On the 18th June, the Company informed shareholders that the audit was
expected to take until at least 9 August 2024, which was the best indication
of timing the Board had received at the time.

Although disappointed that the audit has not yet completed, the Board confirms
that the audit continues apace and now anticipates that the audited Annual
Results will be published during October 2024. At the same time, the Company
also expects to publish the interim results for the 6 months to 30 June 2024
in October.

The Board would like to reiterate that robust sale plans have been identified
for each asset in the portfolio and expects to give an update on these when
the audited annual and interim results are published.

Temporary Suspension

As announced on 18 June 2024, DCI's ordinary shares of €0.01 each
("Ordinary Shares") were suspended on 1 July 2024 after the Company was
unable to publish its audited annual results.

DCI's Ordinary Shares remain suspended for the time being and the Board
anticipates that suspension will be lifted during October after the audited
Annual and Interim Results are published.

Further announcements will be made as required.

Update on Livka Bay process

As noted on the 28 June 2024, the Company entered into a Sale & Purchase
Agreement to sell the Company's interest in Livka Bay on the island of Solte
near to the city of Split on the Dalmatian Coast in Croatia (the "Sale"). The
Board stated at the time that completion of this Sale was expected to take
place shortly and is for 100% of the Company's interest, for a price of €22
million. The Board reiterate that it is nearing full completion and
anticipates being in receipt of funds during September.

Enquiries

 DCI Advisors Ltd                                                          nickparis@btinternet.com (mailto:nickparis@btinternet.com)

 Nicolai Huls / Nick Paris, Managing Directors                             +44 (0) 7738 470550
 Cavendish Capital Markets (Nominated Adviser & Broker)

 James King / Jonny Franklin-Adams / Edward Whiley / (Corporate Finance)

 Pauline Tribe (Sales)                                                     +44 (0) 20 7220 0500
 FIM Capital Limited (Administrator)

 Lesley Lennon (Corporate Governance)                                      llennon@fim.co.im (mailto:llennon@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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCGRGDCDUBDGSL