REG - Dolphin Capital Inv - Disposal <Origin Href="QuoteRef">DOLC.L</Origin>

DCI AdvisorsAnnouncement

06/02/2018 07:05

RNS Number : 9745D
Dolphin Capital Investors Limited
06 February 2018
6February 2018
THIS DOCUMENT CONTAINS INSIDE INFORMATION
DOLPHIN CAPITAL INVESTORS LIMITED
("DCI" or "Dolphin" or the "Company", 
together with its subsidiaries, the "Group")
Disposal of Triopetra project
DCI, a leading investor in high-end residential resorts in the eastern Mediterranean, is pleased to announce that, in line with its strategy to realise value through an orderly sale of assets, it has entered on 5 February 2018 into an agreement for the disposal of its 100% interest in the Triopetra project (the "Disposal"), the Group's development project in the southern side of Rethymno prefecture Crete, to Deniage Ltd, a Cyprus entity affiliated with a large Saudi Arabian investment group (the "Acquirer").
The Acquirer will purchase all of DCI's stake in Triopetra for a total cash consideration of 4.1m, of which an amount of 4m was received today and the remaining 100,000 will be withheld until the first anniversary from the transaction to cover any potential latent project liabilities.
The Disposal consideration of 4.1m is equal to the DCI historic investment cost and represents a premium to the Triopetra Net Asset Value after Deferred Income Tax Liabilities included in DCI's financial statements as at 30 June 2017.
Enquiries:
Dolphin Capital Investors
Andrew Coppel, CBE 
+44 (0) 7785 577023
Dolphin Capital Partners
Miltos E Kambourides
miltos@dolphincp.com 
Panmure Gordon
(Broker)
Richard Gray / Dominic Morley / Andrew Potts
+44 (0) 20 7886 2500
Grant Thornton UK LLP 
(Nominated Adviser)
Philip Secrett
+44 (0) 20 7383 5100
Instinctif Partners
(PR Communications Adviser) 
Mark Garraway
+44 20 7457 2020

This information is provided by RNS
The company news service from the London Stock Exchange
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