REG - DCI Advisors Ltd - Legal Update

DCI AdvisorsAnnouncement

28/03/2024 09:45

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RNS Number : 6934I  DCI Advisors Limited  28 March 2024

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.

 

DCI Advisors Limited

(the "Company")

 

 

Legal Update

 

28 March 2023

 

In follow up on our legal update 13 December 2023;

 

Filing of approximately €57.0 million in civil claims in Greece

Following the filing by DCI Advisors Limited (DCI) of criminal charges in
Greece on 12 December 2023, last week DCI filed civil claims against 10
individuals/companies in order to seek to recover approximately €57.0
million in damages and the cancellation of a transaction against one company
in Cyprus. DCI's investigations into potential wrongdoing are continuing.

Summary Judgement UK

On 21 March 2024 the High Court of Justice in London decided at the hearing of
DCI's Application for reverse summary judgment / strike out (the
'Application') that a full trial is needed to determine the Claim issued by
Dolphin Capital Partners Limited (DCP) and the Counterclaim filed by DCI
involving the Amanzoe call option issued by the buyer of Amanzoe in August
2018 to DCP, who at that time was the Investment Manager of DCI.

Some observations and quotes in the Deputy Judge's judgment of interest are:

-              Of the three witnesses who provided signed
statements on behalf of DCP ; "Two of those three witnesses are qualified and
regulated legal professionals."

-              " DCP's  three witnesses explain in their
statements that the Call Option was also mentioned in that meeting without any
objection on behalf of  DCI ."

-              "The main problem for  DCP  in this context is
that none of the documents which relate to the board meeting make mention of
the Call Option or its effect. "

-              " DCI's  counsel also conducted a withering
critique of the witness evidence itself, pointing out its mutually supportive
terms and aspects which appear to be contradictory. I have some forensic
sympathy with these criticisms. The witnesses can expect to face some testing
cross-examination at trial, should the matter proceed that far."

-              "There is more than a fanciful prospect of  DCP's 
version being accepted at trial, however slender that may seem when the three
attendees' witness evidence is considered in its own terms and compared with
the contemporary communications and records of events."

-              "The trial judge may yet conclude that their
evidence is concocted. Any such finding would have serious personal and
professional consequences for each of them, as they are no doubt already
aware. This is all a matter for the trial judge."

Whilst DCI's Application for reverse summary judgment / strike out was
dismissed, the Deputy Judge decided that DCI is not at this stage required to
pay DCP's costs of the Application, and instead reserved the costs of the
Application to the trial judge. That costs order was made in order to mitigate
the injustice that would be caused if DCI paid DCP's costs and it was
subsequently found at trial that DCP's witness evidence submitted in support
of its opposition to the Application had been concocted.

A copy of the judgment can be found at:

https://www.bailii.org/ew/cases/EWHC/Comm/2024/678.html
(https://www.bailii.org/ew/cases/EWHC/Comm/2024/678.html)

BVI Update

Regarding the statutory demand issued by  DCP's close business partner Zoniro
Ltd [as previously announced on 13 December 2023], the hearing scheduled to be
held in the BVI Court is postponed until May 2024 when the matter will be
determined. Until that time, we do not expect any material developments in
those proceedings.

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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