Dci Advisors Share Discussion Threads

[smithie6] 01/1/2022 09:42

Dolphin....(Capital Investors )

;-)

[smithie6] 07/12/2021 19:00

"The development costs (including the unknown amount of fees to the IM) will be borne by the project company."

no idea what the project company is called
...although I heard a rumour it might be named after some sea mammal, who knows, maybe whale, porpoise, dolphin.......


;-)

[scburbs] 06/12/2021 08:27

Smithie6

I agree it isn’t clear (perhaps deliberately?). The phrase used is “working capital commitments”, but an IM shouldn’t have significant working capital unless it capitalises it’s costs into work in progress (on the basis it can’t raise an invoice yet).

On the development the IM is probably claiming a fee for managing the development. The development costs (including the unknown amount of fees to the IM) will be borne by the project company.

[smithie6] 04/12/2021 19:54

scburbs
are you sure that the advance payments are to fund wages etc at the investment manager ?

where does it say that ?

I didn't think it inferred that. Rather that there is a schedule of payments to the IM to fund development costs for sites.
That is what I inferred anyway, happy to be corrected.

Arguably the RNS is very badly written, since if doubts about meaning exist it shows that the info presented is ambiguous & hence it is badly written (despite being written by expensive people).

[scburbs] 03/12/2021 09:01

I also like 25% of any incentive fees will be held in escrow. How do you hold something in escrow when you have already paid it in advance?

[scburbs] 03/12/2021 08:57

Superficially an aligned incentive scheme, but payments in advance of incentive fees? If the incentive fees are ultimately below the payments in advance is repayment expected? To meet working capital of the IM (aka running costs/wages removing any risk for them)? No details on level of fees being paid from the development (perhaps means these are high). Could it actually slow down the disposals as the IM will want to achieve exit prices generating incentives higher than the advances (which probably means over 2*market cap). Doesn’t look like the Ronseal of incentive schemes.

[spectoacc] 01/10/2021 11:37

Not much to disagree with there surely. Tho NAVs can change substantially depending on Covid (eg whether travel/holidays restart - or not).

At least we know who the big buyer was now.

[kooba] 01/10/2021 11:32

ALNA results yesterday commentAs previously announced, the Company has dipped its toe into the leisure market and acquired 2.7% of Dolphin Capital Investors (DCI LON). DCI is a European Leisure business focused on developing high end hotels in the eastern Mediterranean (Greece and the surrounding area). DCI has lost its shareholders even more money than the previous board of Local Shopping REIT achieved...a record not to be proud of.The shareholders of DCI voted some years ago to liquidate and return capital to shareholders. This process is still ongoing and will certainly take a few more years, in our opinion. Shareholders recently removed the previous board and are now working on accelerating the liquidation process. DCI's September 2021 NAV was 16p per share, as a going concern...which makes little sense to us when the company is in wind down mode. Nonetheless, we believe the break-up value of the Company is North of the current market price of 4.1p/share but South of 16p. We would be very happy to get out at 8p/share with a +100% gain on our cost or better. We do not, however, realistically believe that DCI shares will fetch 16p in liquidation. Time will tell.

[hugepants] 28/9/2021 11:06

Sounds a bit harsh!

[my retirement fund] 27/9/2021 21:33

The true nav after liabilities and costs is probably 4p tops.

[baner] 27/9/2021 15:08

hugepants - agreed, however a 100% uplift is not that bad! not much risk.

[spectoacc] 27/9/2021 13:50

Perhaps the higher the NAV, the less outrageous the costs seem.

Looking forward to the imminent review.

[hugepants] 27/9/2021 13:36

interims


How can this shadowy outfit continue to get away with claiming NAV is 15p? If that was accurate they'd be selling stuff. Like when you sell your house you may have to keep lowering the price until you get an offer. The true NAV is probably something like 8p-9p.

[wi1l] 03/7/2021 16:33

Similar to Minoan Group then!

[baner] 01/7/2021 08:58

investor driven i am sure. fantastic assets in DCI however need to speed up the process of selling out and distribute funds to shareholders. there should be 8p+ per share to come out of the company in 1-2 years time. very little debt. low risk, huge upside.

[catsick] 01/7/2021 07:39

Does anyone have a view of the change of management, is this investor driven or do Coppel and the others wnt to buy some of these assets themselves and need to quit to make it non related party ? These are very cheap and the Greek hotels will be very attractive assets.

[spectoacc] 01/7/2021 07:23

Progress!


"Martin Adams was elected as Chairman of the Board. Nicolai Huls and Nick Paris were appointed to the Audit Committee, with Nick Paris as Chairman. Martin Adams, Nicolai Huls and Nick Paris were appointed to the Nomination and Corporate Governance Committee, with Nicolai Huls as Chairman.



The Board has amended, with immediate effect, the Directors' aggregate annual remuneration to €200,000 (2020: €379,000; 2019: €496,000).



The Directors have also decided to undertake, in co-operation with the Company's Investment Manager and other service providers, a strategic review focused principally on:



· the investment portfolio and realisation processes;

· the investment management arrangements;

· corporate governance;

· operating costs; and

· cash flows.
"

[kooba] 27/6/2021 12:17

Alina last results.."The Company's current investment strategy is to identify and acquire interests in potential target businesses capable of delivering long term value for its shareholders. We intend to seek to acquire interests in companies in the leisure, hospitality and entertainment sectors within Europe. "

[kooba] 27/6/2021 12:15

I notice Peter Gyllenhammar as well as being a major investor in ALNA (25%) is already an investor in DCI with over 7% declared.

[kooba] 25/6/2021 17:41

Ha he's sneaked up again. Also Swedish value investor Gyllenhammer big shareholder in ALNA..not going to be there as passive investors I reckon .

[tiltonboy] 25/6/2021 16:31

I didn't see the ALNA announcement, so thanks for bringing it to light.

I thought I had rid DS from my life once I exited LSR!

[kooba] 25/6/2021 15:38

Time for change here it seems?

[spectoacc] 25/6/2021 15:24

Lol, fair point ;)