REG - Dolphin Capital Inv - Completion of disposal of interest in OOKI

DCI AdvisorsAnnouncement

23/12/2022 09:15

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RNS Number : 8963K  Dolphin Capital Investors Limited  23 December 2022

23 December 2022

Dolphin Capital Investors Limited

("Dolphin" or the "Company")

Completion of disposal of interest in the One&Only at Kea Island project

 

 

The Board of Directors of Dolphin, an investor in high-end resort developments
in the eastern Mediterranean, is pleased to announce that, following the
announcement made on 29 September 2022, the Company has completed the disposal
of its entire interest in the One&Only at Kea Island project ("OOKI").

 

Prior to the sale, Dolphin was the owner of 66.67% of Single Purpose Vehicle
Ten Ltd ("SPV10") which, in turn, indirectly owns 50% of OOKI, thereby
providing the Company with an effective equity interest of 33.33% in OOKI.
Pursuant to the sale, the Company received a net consideration, in aggregate,
of €17.92 million, of which €0.9 million was paid as an advance on 5
December and the remaining €17.0 million balance was received on completion.
Following the completion of the disposal of SPV10, the guarantees provided by
Dolphin under the OOKI construction loan, including the existing share pledge
and mortgage over Dolphin's Scorpio Bay asset to secure the guarantees, are
expected to be released by the end of Q2 2023.

 

From these disposal proceeds, an amount of €13.01 million has been applied
towards the repayment in full by 31 December 2022 of the existing loan
facility that Dolphin drew down on 7 June and 16 July 2021. Following this
repayment, all debt at the Company level is now fully repaid. All remaining
proceeds from the sale of SPV10 will be retained by Dolphin to meet its
accrued and current liabilities and working capital requirements.

 

 

 

 Enquiries

 Dolphin Capital Investors                                                Via FIM Capital Limited

 Martin Adams

 Dolphin Capital Partners                                                 miltos@dolphincp.com (mailto:miltos@dolphincp.com)

 Miltos E Kambourides

 finnCap (Nominated Adviser & Broker)

 William Marle / Jonny Franklin-Adams / Edward Whiley / Milesh Hindocha
 (Corporate Finance)

                                                                        +44 (0) 20 7220 0500
 Mark Whitfeld / 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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