Dolphin Capital Investors Limited Completion of the Playa Grande Disposal (2595R)

TIDMDCI

RNS Number : 2595R

Dolphin Capital Investors Limited

08 December 2016

8 December 2016

DOLPHIN CAPITAL INVESTORS LIMITED

("DCI" or "Dolphin" or the "Company",

together with its subsidiaries, the "Group")

Completion of the Playa Grande Disposal

DCI, a leading investor in high-end residential resorts in the eastern Mediterranean and Panama, is pleased to announce the completion of the disposal of the Playa Grande Golf and Resort project to a joint venture comprising an affiliate of Third Point LLC, an affiliate of Discovery Land Company and others, at an enterprise value of EUR140 million.

DCI has received EUR4.6 million cash consideration (of which EUR0.9 million will remain in escrow to cover certain potential post completion claims and liabilities) and all of the Company's EUR50 million and US$9.17 million 2018 Convertible Bonds have been cancelled. The majority of these bonds were held by certain funds managed by Third Point LLC.

For further information, please contact:

 
 
    Dolphin Capital Investors 
    Andrew Coppel, CBE                           [phone] 
 
    Dolphin Capital Partners                     [e-mail] 
    Miltos E. Kambourides 
 
    Panmure Gordon 
    (Broker) 
    Richard Gray / Dominic Morley / Andrew 
    Potts                                        [phone] 
  Grant Thornton 
   (Nominated Adviser) 
   Philip Secrett                                [phone] 
  Instinctif 
   (PR Communications Adviser) 
   Mark Garraway                                 [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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December 08, 2016 02:00 ET (07:00 GMT)