REG - DCI Advisors Ltd - Sale of Livka Bay, Split, Croatia

DCI AdvisorsAnnouncement

28/06/2024 15:00

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RNS Number : 4198U  DCI Advisors Limited  28 June 2024

DCI Advisors Ltd

(the "Company" or "DCI")

Sale of Livka Bay, Split, Croatia

28 June 2024

 

Further to the Company's update on 15 April, the Directors of DCI are pleased
to announce that the Company has 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 site
comprises 63 hectares of undeveloped land surrounding a bay and it includes
planning permissions to build a hotel, a selection of villas and bungalows and
a large marina. The completion of this Sale is expected to take place shortly
and is for 100% of the Company's interest, for a price of €22 million, which
is approximately 15% above the Company's latest Net Asset Value for Livka Bay
of €19.2 million as at 30 June 2023. The proceeds of the Sale will be used
to repay a bank loan of approximately €4 million plus accrued interest which
is secured via a mortgage on the land together with certain other disposal
costs and liabilities.

 

The Directors are pleased to be able to demonstrate that their asset disposal
plans are now producing results. In addition to the above debt repayment, the
net proceeds of this sale will be used to repay the first 6 shareholder loans
which were pre-payable by the Company, amounting to €1.7 million, and the
remaining 7 shareholder loans amounting to €1.8 million as they reach their
12 month anniversaries, to provide a working capital reserve for the Company
and to provide some finance to continue construction at the Kilada Hills
Resort. It is also the intention of the board to start the preparations to
return surplus capital to shareholders.

 

Enquiries

 DCI Advisors Ltd

 Nicolai Huls / Nick Paris, Managing Directors                          nick.paris@dciadvisorsltd.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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