REG - Dolphin Capital Inv - Kilada Funding

DCI AdvisorsAnnouncement

26/05/2023 09:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230526:nRSZ8162Aa&default-theme=true

RNS Number : 8162A  Dolphin Capital Investors Limited  26 May 2023

Dolphin Capital Investors Limited

(the "Company" or "DCI")

Kilada Funding agreed for finalisation of the Golf Course and the Country Club

 

 

26 May 2023

 

The Board of the Company is pleased to announce that DCI and its JV partner at
the Kilada Golf and Country Club project (the "Kilada Project") have agreed
the outline heads of terms to secure funding for the finalisation of the Golf
Course and the Country Club on a 85%:15% split which reflects our respective
equity shareholdings. DCI will be responsible for bringing in 85% of the
funding needs to complete Phase 1 which is the construction of the golf course
and the country club house while our JV partner's commitment will be limited
to 15%. As DCI is in the process of selling some of its assets it has been
agreed that DCI has 12 months to execute on its commitment to fund its share
of the development. Our JV partner will deploy €2.5m of cash to the Kilada
Project with immediate effect. As our JV partner's current commitment is
higher than is needed according to the 85%:15% split, it is expected that part
of the €2.5m will be paid back within the next 12 months to our JV partner.
Documentation is being finalised. Further announcements will be made in due
course.

 

Due to this agreement, the Company will be in the position to grass the
remainder of the golf course and to continue the development of the country
club house without any further delay. It also positions the Company to be able
to apply for the payment of the first €1.5m of €6m of approved government
grants very shortly. Due to the above agreement, it is expected that the golf
course and the country club will be opened in 2024.

 

While we believe that the above arrangement puts in place the capital needs
for finalising Phase 1 of the Kilada Project, we will also pursue bank
financing for the development in order to give us more flexibility on our
capital needs as there is currently no bank debt at the Kilada Project.

 

Enquiries

 Dolphin Capital Investors

 Nicolai Huls / Nick Paris, Managing Directors                            nickparis@btinternet.com

                                                                          +44 (0) 7738 470550
 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)

 

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  MSCSESSAMEDSELI