Share Name Share Symbol Market Type Share ISIN Share Description
Dolphin Capital Investors LSE:DCI London Ordinary Share VGG2803G1028 COM SHS EUR0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.125p -2.17% 5.625p 5.50p 5.75p 5.75p 5.625p 5.75p 53,500 14:52:40
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 38.2 -120.2 -13.3 - 50.89

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Date Time Title Posts
17/10/201614:031.855 billion euro assets/NAV 173p....sp 32.5p274
14/10/201609:54DCI - Unusual Trade Action7
13/10/201615:55DCI - Unusual Share Trades but Little News as yet-
13/10/201611:11Dolphin Capital13
07/9/201208:57Dolphin undervalued?174

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Dolphin Capital Investors Daily Update: Dolphin Capital Investors is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker DCI. The last closing price for Dolphin Capital Investors was 5.75p.
Dolphin Capital Investors has a 4 week average price of 5.75p and a 12 week average price of 5.46p.
The 1 year high share price is 19.25p while the 1 year low share price is currently 3.50p.
There are currently 904,626,856 shares in issue and the average daily traded volume is 450,771 shares. The market capitalisation of Dolphin Capital Investors is £50,885,260.65.
cascudi: nav 30p , share price 5.5p wow
hugepants: Should be unless they've spent the £45M. I don't understand the directors resigning. They've collapsed the share price. They were there on behalf of the largest shareholder so its a bit like cutting off your nose to spite your face isn't it? Unless there is something else going on.
anley: Interesting results but not marvellous............would like to be convinced that sales will take the NAV up and the share price with it.
anley: Well there is today with the appointment of another broker to get new shareholders in. Seems that good progress is being made even though some cash due from the Chinese seems slow to arrive in the coffers. As to what the share price should be I am not sure but over 40p I hope in the near future.
langostino: There is a UK investment trust Third Point Offshore TPOG which acts as a feeder fund for the master fund. Their web page is regularly updated with monthly and quarterly reports. DL used to write the quarterly reports until about a year ago and they were always worth a read. Still in the archive. I hold some TPOG but the trouble is they appear to have no discount control mechanism so share price lags fund price. Very solid investment IMO
dicko80: "great opportunity for a bargain" "There are lots of opportunities in companies that listed on Aim from 2005-07," says James Burns, investment director at Smith & Williamson. "They are unloved and forgotten and a great opportunity for a bargain." He cites Alpha Tiger Property Trust, whose shares are on a 39 per cent discount, as an example. The company had a number of holdings in Indian property during the boom, causing its share price to hit 25p at the bottom of the market. Yet, Burns points out that its net asset value (NAV) has never been below 100p since 2008. The company has 40 per cent cash on its balance sheet, has withdrawn from some Indian projects and is looking to reinvest elsewhere. Another company he is watching is Dolphin Capital, which invests in resort developments in Greece, Cyprus and elsewhere along the Mediterranean coast. The shares are trading at a 65 per cent discount and Burns admits it is a high-risk venture due to its location. But many of the board members are also large shareholders, which Burns believes gives them an incentive to improve performance.
dicko80: 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' - 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 ( · 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 ( · 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 ( · 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 ( · 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
spectoacc: 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.
kenmitch: Thanks for both replies and the very clear explanations. A pity that they are not reassuring though and I can see how this could become a vicious circle. None of this was apparent when they issued what looked like excellent results only a few weeks ago - unless I missed it. Also everything I've read from Panmure has suggested that the shares are massively undervalued - which they would be in normal times but these aren't! I can see that there is "massive apparent value" in DCI but that's not much good if the shares are going to halve again. Only at the beginning of this month, David Stevenson in I/C reported that he had bought more DCI at 90p so presumably he didn't foresee this either.Yet the falling share price suggests plenty did know that it was time to sell. It was David Stevenson's ultra bullish article a few months ago that first got me looking at DCI. Wishing now I had never read it! No dividend is another negative - and I guess if there was one they would be cancelling it now! The one thing this does show - yet again - is what a total waste of money the huge share buybacks have been. I've been making this point for some time - buying back shares at a massive discount is even then a waste of money if the shares are going to continue to fall heavily even after those buybacks as the DCI share price has. For me it has been a costly way of being proved right. I guess DCI might well recover strongly in time but for now I've been led down the garden path. If we cannot take at face value news and statements from Companies even at the time they are making them, then how do we work out whether that Company is worth investing in? The banks earlier this year were a classic example of this when RBS claimed that ABN was going even better than expected - and Barclays, equally bullish, were still buying back their shares. I'm beginning to wonder if anyone running many of our Companies has a clue what they are doing.
kenmitch: Thanks Hectorp. Seeing the area for yourself is far better than analyst comment from afar. What you report is quite encouraging. Briefly re. the share buybacks. I've just seen a post on the Dawnay Day Treveria bb reminding us how they wasted their money on buybacks at 3 times the current share price. No doubt the shares were trading at a significant discount then too. So more food for thought there. When buybacks are undertaken at prices as low as the DCI share price is now it should be a sensible use of spare funds - but I'm becoming convinced that it isn't for reasons given in recent posts here.
Dolphin Capital Investors share price data is direct from the London Stock Exchange
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