Dci Advisors Share Discussion Threads

[safman] 21/9/2010 08:45

Looks pretty good, and a nice 250k buy..

saffy..

[dicko80] 21/9/2010 08:23

well theres the first II topping up..

250k @ 36p

;-)

[morkandmindy] 21/9/2010 08:15

mid 40s in the short term i mean.

[dicko80] 21/9/2010 08:12

problem being we're not on many PI's radars @ present..

broker target of 100p, nice 200% uplift

[morkandmindy] 21/9/2010 08:03

Yes, i would certainly hope to see a return into the mid 40s.

[dicko80] 21/9/2010 07:58

Morning morkandmindy

totally agree, bargain @ current levels..

.......................

21 September 2010


Dolphin Capital Investors Limited

("Dolphin" or the "Company"

and together with its subsidiaries the "Group")



Interim Results for the period ended 30 June 2010



Dolphin, a leading global investor in the residential resort sector in emerging markets and the largest real estate company on AIM in terms of net assets, is pleased to announce its preliminary results for the six-month period ended 30 June 2010 and provide an update on operational progress.



Operational highlights since last trading update of 8 June 2010:

· New infrastructure works have began at Venus Rock Golf Resort ("Venus Rock") and preparations are underway for the commencement of the construction of the second golf course and the renovation of the existing one. The financing documentation for the €50 million permanent construction loan facility is largely in place and the first drawdown of €2.4 millionwas completed in August 2010.



· Construction works at the Aman at Porto Heli, part of the Porto Heli Collection ("PHC"), are progressing on schedule with completion of the hotel expected by the end of 2011. The first two hotel pavilions fully fitted with interior finishes and equipment, which will be used as mock-up pavilions, should be completed by early October for final inspection by Aman Resorts and the project's architect, Ed Tuttle. Final Environmental and Greek National Tourism Organisation ("GNTO") Architectural Approval for 27 Aman Villas were granted on 20 July 2010 and 28 July 2010, respectively. The financing agreements for the €50 million loan facilities are being concluded and the first drawdowns are expected to take place soon.



· The extension of the Chedi Hotel to include the Chedi Residences, part of the second phase of PHC, was granted final Environmental Approval on 3 August 2010, paving the way for the issuance of Construction Permits.



· Construction Permit for the marina at the Sitia Bay Golf Resort ("Sitia Bay") was granted on 1 June 2010, allowing the development of a 32-berth marina alongside the already permitted Waldorf Astoria Hotel and the planned first phase of the residential development. The final agreements for the management and operation of the "Waldorf Astoria at Sitia Bay" were signed on 4 August 2010.



· The Planning Permit for the subdivision of 179 plots in Paphos, with a total sales value of circa €50 million, was granted on 2 August 2010, allowing the launch of the sales programme.



· Dolphin launched a new page on its website to provide construction updates. The link to this page is:



Sales update since the last trading update on 8 June 2010:

Dolphin has executed €16.3 million of sales during June, July and August. This is made up of:



· €15.6 million from the sale of 58 homes and plots by Aristo, an increase of 120% in value compared to the same period last year. These include:

o The sale of a 944 m2 plot in Limassol for €1.5 million

o The sale of a 660 m2 villa in Paphos for €1.6 million

· €0.7 million from the sale of four units at LaVanta (Mediterra Resorts, www.mediterraresorts.com).



The above aggregate sales proceeds represent a premium over Dolphin's latest respective book values and a multiple to Dolphin's acquisition cost.



Investments / divestments since last trading update

· Dolphin signed an agreement with Archimedia Holdings Ltd ("Archimedia"), a company chaired by John Hunt, a strategic private investor, for the sale of a 14.29% stake in the Aman at Porto Heli on 20 September 2010. The total net consideration agreed for this sale is €11 million implying a land entry valuation of €77 million which represents a 51% premium over the latest Colliers' valuation of €51 million and a multiple of 1.85x over Dolphin's corresponding investment cost. The investor has the option to convert the whole or part of his participation into up to three pre-defined Aman Villas. A €1 million deposit is paid upon signing and the remaining €10 million will be paid upon completion of the transaction, which is subject to the conclusion of customary due diligence and issuance of the Construction Permits for the three Aman Villas, which is expected soon.



· Negotiations for further project divestments and/or asset sales are ongoing.



· No new project investments were made by the Company during the period.





Financial highlights:

· Total Group Net Asset Value ("NAV") remained stable at €1.33 billion and €1.21 billion before and after deferred income tax liabilities ("DITL") respectively. This represents a marginal decrease of 0.4% (€5 million) and 0.3% (€4.3million) respectively from 31 March 2010.



· Sterling NAV per share as at 30 June 2010 before DITL of 172p and after DITL of 156p. This represents a decrease of 9.6% and 9.5% respectively, versus 190p and 173p reported as at 31 March 2010. This change was driven by the 9.2% appreciation of Sterling against the Euro during that period.



· Balance sheet remains robust:

o Gross Assets of €1.85 billion

o No bank debt at Company level

o Group cash balance of circa €36 million as at 17 September 2010

o Group debt to asset value ratio remains constant at 20%

o €340 million or circa 90% of all Group debt held within Aristo and comprising primarily long-term asset-backed loans.



Outlook



Dolphin has made considerable progress in advancing its portfolio in the year to date and remains in a strong position with a net asset value of €1.33 billion (before DITL) and no debt at the Company level, despite the ongoing challenges in the financial and real estate markets.



Trading and sales have seen more positive activity in recent months than since the first half of 2008. Dolphin has achieved so far in the year €53 million of new asset sales, 19% higher than the whole of 2009. The positive sales trend in Aristo continues to gain momentum, with international clients returning and new markets emerging.



The Company remains focused on achieving its main goals for 2010, as announced in the 2009 annual results, to:

· continue to progress the development of the first phases of the four Advanced Projects; and,

· execute medium and large scale joint ventures or exits which will demonstrate the underlying value of the Company's portfolio and reduce the project funding requirements or increase the Company's cash reserves.



Commenting, Andreas N. Papageorghiou, Chairman of Dolphin Capital Investors, said:

"During these first eight months of 2010, Dolphin continued to navigate successfully in the current market environment, accomplishing permit and pre-development milestones for its Advanced and Major Projectsand achievingsignificantly higher asset sales than in 2009."



"The beginning of construction works at two of its flagship projects, Porto Heli Collection and Venus Rock, marks the beginning of an exciting new era in the evolution of Dolphin Capital Investors and allows the Company to demonstrate more tangible progress."



Miltos Kambourides, founder and Managing Partner of Dolphin Capital Partners, added:

"Our strategic decision to progress the first phases of our Advanced Projects is materializing through the development of the Aman at Porto Heli and Venus Rock, probably the most high-end and the largest seafront resorts respectively under development in Europe today. We look forward to generating future returns through development cashflows and to continuing to execute project sales, like the one we did at the Aman at Porto Heli, that demonstrate the true and realizable value of the portfolio."

..................................................

"Sales update since the last trading update on 8 June 2010:

Dolphin has executed €16.3 million of sales during June, July and August. This is made up of:

· €15.6 million from the sale of 58 homes and plots by Aristo, an INCREASE of 120% in value compared to the same period last year. These include:

o The sale of a 944 m2 plot in Limassol for €1.5 million

o The sale of a 660 m2 villa in Paphos for €1.6 million

· €0.7 million from the sale of four units at LaVanta (Mediterra Resorts, www.mediterraresorts.com).


The above aggregate sales proceeds represent a PREMIUM over Dolphin's latest respective book values and a MULTIPLE to Dolphin's acquisition cost.


Investments / divestments since last trading update

· Dolphin signed an agreement with Archimedia Holdings Ltd ("Archimedia"), a company chaired by John Hunt, a strategic private investor, for the sale of a 14.29% stake in the Aman at Porto Heli on 20 September 2010.

The total net consideration agreed for this sale is €11 million implying a land entry valuation of €77 million which represents a 51% PREMIUM over the latest Colliers' valuation of €51 million and a MULTIPLE of 1.85x over Dolphin's corresponding investment cost.

The investor has the option to convert the whole or part of his participation into up to three pre-defined Aman Villas. A €1 million deposit is paid upon signing and the remaining €10 million will be paid upon completion of the transaction, which is subject to the conclusion of customary due diligence and issuance of the Construction Permits for the three Aman Villas, which is expected soon.

· Negotiations for further project divestments and/or asset sales are ongoing."

........................

NAV 172p against 35p sp

crazy

...................

Hopefully we'll see a nice rise from here now, with hopefully seller cleared and maybe more buying interest from II's

[morkandmindy] 21/9/2010 07:09

I think the share price has fallen to far after looking at the results. Would hope for a steady climb from here. Management have done well IMO.

[dicko80] 20/9/2010 15:37

up 5% prior to tomorrows news...

sell 50k online @ 33.8p

buy 20k online @ 34.85p

[dicko80] 20/9/2010 14:02

Delayed trade from this morning of 300k @ 32.75p now showing on L2, hence the tick up....

[dicko80] 20/9/2010 11:29

Sell 50k online @ 32.5

Buy only 5k online @ 32.84p

[dicko80] 20/9/2010 10:41

IG Index phone only now

[dicko80] 20/9/2010 10:03

Tomorrow

Panmure Gordon is anticipating news of a drop in net asset values when the resort developer Dolphin Capital Investors posts half yearly figures.

The company's first half was, as Panmure puts it, an "an interesting period", with economic stress in Greece – which hosts a number of the company's major projects – and volatility in the currency markets.

Given this backdrop, the broker, which predicts 173p in net asset value for the half year, against 190p at the first quarter stage, reckons that Dolphin's valuers will have reduced their valuation assumptions on the company's Greek assets.

That said, Panmure remains positive on Dolphin's shares, which, at around 33p, trade at a significant discount to the broker's forecasts.

"We believe the current share price to be completely anomalous, particularly given that the first phases of the four advanced projects were last valued at 77p,"

Panmure said, repeating its "buy" view ahead of this week's figures.

[dicko80] 20/9/2010 08:02

morning ammons

well reading between the lines points to positive update tomorrow ;-)

[dicko80] 19/9/2010 17:37

3rd September 2010

Daily Mail Artice..........

The country might be in debt, but luxury housing in Greece is on the rise


Greece's debt crisis may have driven its government to introduce an austerity budget, but the country's luxury property developers are continuing to build holiday homes with confidence.

Not one, but two extensive, high-quality resort developments are taking shape on Greece's mainland Peleponnese coastline. The first of the two resorts to demand attention is Aman Villas at Porto Heli.

'We have seen a decline in the purchase of homes and apartments in Greece, particularly areas such as Athens,' says Chattering Katopis, a director at the developers, Dolphin Capital Investors.


Greek paradise: With its stunning sea views, the Romanos is the height of luxury


'However, there are some areas that seem oblivious to the crisis. Prices haven't dropped because there's high demand and only a finite number of good plots available - Porto Heli being one.

'The Aman Villas project has attracted interest from foreign buyers because of its location - Porto Heli is firmly established as the Hamptons of Greece.'

The Peleponnese is considered to be the country's most exclusive region and also one of the most beautiful. Rolling green hills tumble down to the azure Aegean sea,
sandy horseshoe-shaped bays link the coast line, drawing sun worshippers to its shores - and luxury property developers.

Aman Villas has a stylish, boutique hotel as the resort's centrepiece. A limited number of spectacular designer residences are for sale, on plots averaging two acres, each with elevated vistas looking out to sea and a shaded pergola on a large terrace next to a private swimming pool.

Villa owners will be able to use the hotel's services, which include an extensive spa, boutique shop, art gallery, gourmet dining and tennis courts. Owners will also have exclusive access to the resort's private beach club in an unspoilt bay a few minutes' buggy-ride from the resort.

Not only is there great attention to luxury at Aman Villas, but there is a commitment to completing the resort in an environmentally sensitive way.

There is sustainable resource management to minimise energy and water use, reduce emissions and waste production and promote green architecture by integrating local or traditional architecture.
The developer is also a founder member of Sustain Worldwide, a newly launched membership organisation of property and leisure tourism developers who are committed to building sustainably and considerately.

'The Aman Villas project has attracted interest from foreign buyers because of its location - Porto Heli is firmly established as the Hamptons of Greece'

The eco-friendly initiatives at Costa Navarino, the second luxury resort in development on the south-west Peleponnese overlooking the Ionian Sea, are similarly impressive and include an extensive recycling programme and preservation plans for biodiversity and the protection of habitats.

The broader development plans for the vast resort - there is half-a-mile of beachfront at just one of the several phases - include five-star deluxe hotels, spas and signature golf courses.

The first phase, Navarino Dunes, was launched this year and is the setting for The Romanos, a Luxury Collection Resort, The Westin Resort and The Dunes Course, Greece's first 18-hole golf course.

The second phase, Navarino Bay, will open in 2013 and showcase a Banyan Tree all-pool-villa resort, The Bay Course, an 18-hole signature golf course - open next year - and a five-star hotel.

Freehold properties for sale at Costa Navarino will include spacious villas with private swimming pools built on large plots within Navarino Dunes and Navarino Bay. The sale launch date and prices are yet to be announced.

Rest assured that such is the quality and attention to detail being demonstrated at Costa Navarino that the prices are likely to be significant.

At Aman Villas at Porto Heli they start at an awesome £2.5 million.

But if the rest of the world seems to be troubled by the Greek debt crisis, Dolphin Capital Investors are sanguine.

'In every way we can we have protected ourselves from the turmoil,' says Katopis.

'Quite simply, we are developing a true international quality resort with the best of everything.'


Read more:

............................................................................



.................................................................................


7th July 2010

We have 13 major projects in our portfolio, all at various stages of advancement and are currently focused on the development of our four most 'Advanced Projects'.

In 2010, we are seeing exciting changes at each of these sites as construction of the first phases begins. Furthermore we are progressing with the permitting of all projects across our portfolio.

Our four Advanced Projects are:
• The Porto Heli Collection in the area of Porto Heli, Greece,
• Venus Rock Golf Resort, near Paphos, Cyprus,
• Playa Grande Club & Reserve on the northern coast of the Dominican Republic, and
• Pearl Island in the Archipelago de las Perlas, Panama.

The first phase of The Porto Heli Collection, comprising the Aman Resort, is already under construction and sales of Residences have been launched.

In Cyprus, Venus Rock Golf Resort recently obtained its final planning permit and sales will be launched over the next few months. However, the 'transformation' of the site has already begun: The existing 'Secret Valley' golf course is fully operational and significant infrastructure works have been undertaken over the site in readiness for the commencement of the construction works on Phase 1.

In Playa Grande, the model golf villa is under construction expected to be completed during autumn 2010, whereas in Pearl Island we are in preparation to launch the Founder's Phase.

What can you tell our readers about the soon-to-open Aman at Porto Heli?

We are very excited about The Aman Resort at Porto Heli, Peloponnese, as it is the first of its kind to ever be developed in Greece, a great privilege. The Aman Resort at Porto Heli is currently under construction, and is expected to open in 2012. Construction is progressing according to plan, and sales of the Aman Branded Residences have already been launched

Greece currently does not really have an ultra-luxury resort branded by a very well known company such as Amanresorts, a name synonymous worldwide with understated luxury, exclusivity and impeccable service.

At the same time, we have been seeing increased interest for residence sales at the Aman Resort. This is an encouraging factor, which we believe stems from the fact that the project is the first of its kind in Greece, is truly unique, and is set in a breathtaking yet easily accessible location.

Dolphin is an exciting, young company founded by experienced professionals, with a unique portfolio which will create residential resort destinations of exceptionally high quality in regions where there is a significant lack of product and demand for developments of this type.

We have remained strong throughout the global economic crisis due to our prudent investment strategy and look forward to seeing our advanced and other projects emerging from the ground over the next few years.

We are a responsible and collaborative partner both within the communities where we invest and with our design and construction partners, underlined by the fact that we work with many teams across multiple projects.

Having formally launched the Aman Residences at Porto Heli – our first project – onto the market a few months ago and, with more to come in 2010 and beyond, we are extremely excited about the opportunities that lie ahead – watch this space!





8th June 2010

Venus Rock Golf Resort ('Venus Rock' - www.venusrock.com) obtained final planning permits for its two Tony Jacklin designed golf courses, on 27 May 2010.

This represents a major milestone for the project, as it creates an area zoned for an additional 711 single unit and 6 apartment building lots, (a total of 200,000 m2 buildable freehold residential space). With these additional permits, the first phases of the project are now fully permitted and have a total building capacity of 267,960 m2, which brings the currently zoned capacity of the project to 450,180 m2, not including its 364 hectare land bank.

The value of the relevant land is expected to be positively impacted in the upcoming independent H1 2010 revaluation

The Aman at Porto Heli...

an extensive marketing campaign in the UK, the U.A.E. and Russia has begun.

Sales update since the last Trading Update on 11 March 2010:

Dolphin has executed EUR18.8 million of sales since the last trading report. This figure is made up of:


· EUR11.1 million from the sale of 51 homes and plots by Aristo between March and May 2010, an increase of 230% compared to the same period last year. These include:

o The sale of a one acre plot in Nicosia for EUR1,871,500



o The sale of two plots at Venus Rock for EUR280,000 and EUR292,000


· EUR2.35 million from the sale of the first non-branded Seafront Villa lot at PHC

· EUR5.4 million from the sale of a 1,350 m2 office building in Paphos, part of Aristo's non-core assets

The above sales proceeds represent a 5% premium to the latest independent valuation by Colliers and a multiple in excess of 3.5x to Dolphin's acquisition cost.



Negotiations for more asset sales are currently taking place. Two of them, totalling a gross amount of EUR25 million, are in advanced stages.

............................................................................



16th March 2010







...................................................................



11th March 2010



Advanced Projects



As reported in recent trading updates, four out of the 13 major projects in Dolphin's portfolio are considered to be advanced in the sense that the masterplanning, designing, zoning, and much of the pre-marketing work required to launch the construction works and the sales campaign has been completed.



The four Advanced Projects are The Porto Heli Collection, Venus Rock, Playa Grande and Pearl Island.



Due to their current advanced status, the Investment Manager is now in a position to estimate with some more clarity the equity capital requirements from this point onwards for the first phases of each project, as well as their expected profitability using conservative debt and sales assumptions that reflect the current market conditions.



The Porto Heli Collection (www.portohelicollection.com)


· Phase A of the project includes the development of:


o The Aman at Porto Heli, a 38-room hotel and spa, designed by Ed Tutle and currently under construction

o The Aman Beach Club

o The Aman Villas serviced by the Aman hotel

o The Beach Hotel (ex Youli hotel), which will include hotel suites as well as apartments for sale

o The Seafront Villas (ex Kilada Hills Collection villas), the shells of which have already been constructed.

·

Based on current market assumptions, the Investment Manager estimates that the project's gross sales from the development of Phase A will exceed EUR240 million and are expected to generate gross returns of over EUR120 million, after deducting related infrastructure, development and marketing costs. Subject to the finalisation of the new loan, no additional equity is expected to be required to complete that phase.



Venus Rock Golf Resort (www.venusrock.com)


· Phase A of the project includes the development of:


o Two 18-hole Golf Courses designed by Tony Jacklin

o Two Golf Club Houses

o A Nikki Beach Club

o c.1,000 Villas and 264 Plots.



· The Investment Manager estimates that the project's gross sales from the development of Phase A will exceed EUR565 million and are expected to generate gross returns of over EUR230 million, after deducting related infrastructure, development and marketing costs. Subject to the finalisation of the new loan, no additional equity is expected to be required to complete that phase.

Playa Grande Club & Reserve (www.playagrande.com)


· Phase A of the project includes the development of:


o The renovation of the existing legendary Robert Trent Jones, Snr. Golf Course based on the new designs by his son Rees Jones

o A new Golf Club House, fitness, spa and tennis facilities

o The Playa Grande Beach Club

o A Village Inn Hotel adjacent to the golf course of approximately 20 suites with a boutique retail centre

o Approximately 100 residential units (lots, villas, townhouses/condos) around the golf course and the beach village

o A 40-room Aman Hotel designed by Jean-Michel Gathy

o The Aman Villas serviced by the Aman Hotel.



· Based on current market assumptions, the Investment Manager estimates that the project's gross sales from the development of Phase A will exceed EUR240 million and are expected to generate gross returns of over EUR145 million, after deducting related infrastructure, development and marketing costs. The additional equity requirement is estimated at c. EUR30 million, based on conservative project financing assumptions.



Pearl Island (www.pearlisland.com)


· Phase A of the project includes the development of:

o A 24-suite Zoniro Lodge Hotel with beach club, spa and other leisure facilities

o A 40 berth and 30 dry dock marina

o c. 100 residential units (villas and plots).



· Based on current market assumptions, the Investment Manager estimates that the project's gross sales from the development of Phase A will exceed EUR95 million and are expected to generate gross returns in excess of EUR35 million, for the 60% of Dolphin's shareholding, after deducting related infrastructure, development and marketing costs. The additional equity requirement for Dolphin is estimated at c. EUR8 million, based on conservative project financing assumptions.



These four Advanced Projects today represent less than half of the NAV of Dolphin.

Their first phases have a collective profitability potential in excess of EUR530 million or c.77p per share over a five-year period, assuming aggregate equity injection of EUR38 million in Playa Grande and Pearl Island and no profit from the investment in the leisure components.

On average they represent less than 30% of the Advanced Projects' total potential development profitability.

In addition, completion of these first phases, which include the bulk of the projects' overall infrastructure investment, is expected to unlock the significant profitability of their remaining phases with little or no requirement for additional Dolphin equity.

Track Record to date



Since its IPO in December 2005, Dolphin has established a track record of rapid capital deployment and significant NAV creation, while adhering to stringent risk management criteria. More specifically:



1. The Company has acquired one of the largest developable land portfolios in the eastern Mediterranean and beyond having invested over EUR714 million in 13 major and several smaller projects in Greece, Cyprus, Croatia, Turkey, Dominican Republic and Panama totalling c.60 km of unique coastlines.

2. Dolphin acquired Aristo Developers Ltd., the largest development company and largest private land owner in Cyprus, through a public to private transaction, the largest ever in the history of the Cyprus stock market. Since acquisition, Aristo has invested EUR177 million from its own financial sources to further expand its land bank and project pipeline.


3. The average public capital raising price per share of 115p has today a NAV per share (before DITL) of 193p.


4. Dolphin has generated c. EUR263 million of sales at a premium to the respective Colliers valuations and significantly above DCI's investment cost:



· EUR27 million through the sale of stakes or entire holdings in five projects;

· EUR236 million through the sale of 827 homes by Aristo, 31 LaVanta villas and one Aman Villa at PHC.

Chairmans statement

This position continues to be true in 2010 and in my view the current trading levels of Dolphin shares do not match the current value or the profit potential of the Company.

The Board, together with the Investment Manager, will make every effort to demonstrate the real value of the portfolio and reduce the share price discount

[dicko80] 19/9/2010 17:35

Trading and NAV update Tuesday

[dicko80] 19/9/2010 17:33

Company Number of shares %

Real Yellow 133,113,087 21.22
Silver Capital Holdings 96,923,913 15.45
BlackRock Investment Management 83,724,379 13.34
Dolphin Capital Holdings 66,331,362 10.57
Standard Life Investments 39,317,865 6.27
Scotish Widows Investment Partnership 33,408,931 5.32
Fortress Investment Group 32,991,917 5.26
Capital Research and Management Company Holdings 27,787,123 4.43
F&C Asset Management 24,606,985 3.92

538,205,562 85.78

Other 89,196,985 14.22

Total 627,402,547 100.00



Advanced Projects

[its the oxman] 11/3/2010 08:30

very cheap v nav - results look ok with only a quick scan

[sammu] 06/12/2009 23:19

Whoever tendered at prices below 44p have made a mistake. Anyone who tendered at 44p must feel silly.

[spectoacc] 04/12/2009 15:48

57p to sell atm; I guess a success for them that they've picked up 13.7m at 44p max.

But whoever tendered at prices below 44p must feel silly.

[kimboy2] 04/12/2009 14:34

Over for the time being.

The next date is 28th Feb 2010 at which time Bidco are free to propose a delisting. If I was in bidco's shoes that is what i would do.

[spectoacc] 04/12/2009 13:47

At last it's over - a few big mistakes been made by people who didn't read it closely enough:

* 11,767 DCI Shares at 34 pence per DCI Share;
* zero DCI Shares at 36 pence per DCI Share;
* zero DCI Shares at 38 pence per DCI Share;
* 19,513 DCI Shares at 40 pence per DCI Share;
* 9,834 DCI Shares at 42 pence per DCI Share; and
* 13,618,387 DCI Shares at 44 pence per DCI Share.

[terropol] 03/12/2009 08:16

Very good news this morning.

[its the oxman] 02/12/2009 15:02

yep good value here longer term - surely there are plenty willing to buy in the sun