Dci Advisors Share Discussion Threads

[dicko80] 17/12/2010 15:10

Hello empire

strange reaction indeed, NAV increased and share price down c15%

[empirestate] 17/12/2010 15:05

am suprised we haven't seen the share price take a turn upwards here after the last update, will look to tuck away a few here if the share price flatlines for a while

[dicko80] 07/12/2010 08:34

Financial Highlights:

· Total NAV of €1.318 billion and €1.193 billion before and after deferred income tax liabilities ('DITL') respectively, representing a decrease of €15 million (1.1%) and €17million (1.4%) respectively from 30 June 2010. The decrease is mainly due to the weakening of the dollar versus the Euro during Q3 which affects the valuation of Playa Grande and Pearl Island. This position has been reversed so far in Q4 2010.

· NAV per share as at 30 September 2010 before DITL of 181p and after DITL of 164p. This represents an increase of 5.1% and 4.8% respectively versus 172p and 156p respectively, as at 30 June 2010, mainly due to the appreciation of the Euro versus Sterling during the quarter.

· The NAV reported as at 30 September 2010 is primarily based on 30 June 2010 property valuations, with the exception of some small components of the PHC and Aristo, which were revalued moderately upwards to reflect permitting advances achieved during the period. The next full independent portfolio valuation will be performed as at 31 December 2010.

· Balance sheet remains robust:

o Gross Assets of €1.841billion

o No bank debt at Company level*

o Group cash balance of circa €33 million as at 7 December 2010

o Group debt to asset value ratio remains low at 21%

o €347 million or circa 90% of all Group debt held within Aristo and comprising primarily long-term asset-backed loans.


* other than the guarantee on the construction facility for the Aman at Porto Heli, which currently stands at €4.9 million

Miltos Kambourides, Managing Partner of Dolphin Capital Partners Limited, commented:

"In the last three months we have progressed the funding of the first phases of Playa Grande and Pearl Island which, together with those of Porto Heli Collection and Venus Rock which are already funded, have the potential, based on our estimates, to generate profits in excess of €500 million. We are also pleased that the first hotel pavilions of the Aman at Port Heli have been completed ahead of schedule and will now act as a showcase of the level of quality and design aesthetics achieved by our designers and project management teams."

[dicko80] 22/9/2010 19:40

another good day i see :-)

mandm are u sure its not u whos building a v large stake here ?? lol

missed all of todays action, had a day out @ Alton towers...

Still way undervalued here, broker states 100p, I'd say that was fairer value ;-)

[empirestate] 22/9/2010 19:28

after a sluggish start this morning the 2pm bell really rung here, makes me wonder if the buyers come in from the U.S.

[morkandmindy] 22/9/2010 14:16

GOSH!!!! NOw 1.2 Million at 40p (1p over offer) :-)

[morkandmindy] 22/9/2010 14:15

....and now a further 200,000 at 40p (1p over offer) :-)

[dicko80] 21/9/2010 20:48

evening NYB

Dont think so, I bought in via my SIPP and through a spread bet with IG

[ny boy] 21/9/2010 20:30

Evening, looks interesting and obviously has some decent upside to come but is it ISA'able?

Thanks

[dicko80] 21/9/2010 20:21

welcome aboard empirestate ;-)

Hoping the seller will be cleared soon enough and II interest remaining to push the share price to a more realistic level compared to the huge discount at present to the NAV..

Might see directors adding again @ current levels too

[empirestate] 21/9/2010 19:44

joined you fellas in here today, looks like the seller is being eased out here

[dicko80] 21/9/2010 18:54

Greek holiday home specialist Dolphin Capital Investors has reported a 9.6 per cent drop in net asset values (NAV) at its half-year results, but has made a splash with the €11m (£9.29m) sale of a stake in one of its luxury Mediterranean resort projects.

The impending sale of a 14.3 per cent stake in its luxury Aman at Porto Heli scheme is to Archimedia, a company chaired by investor John Hunt, who has already sunk cash into an Aman resort in the Caribbean.

Dolphin says the sale price reflects a land valuation of €77m which is a 51 per cent premium to its latest book value.

The investor has the option to convert his stake into three luxury villas on the resort, and the balance will be paid after due diligence and the issuing of construction permits.

Management hope further stake sales in the four "advanced projects" (two of which are now under development) will narrow the huge gap between the company's NAV and share price as well as producing potential profits of €530m, equivalent to 77p-a-share.

Encouragingly, Dolphin reports €53m of sales in the half year (a 19 per cent uplift 2009), citing the return of foreign buyers. Excluding the stake sale proceeds, the company has €36m of cash, and no debt at a company level.

Broker Panmure Gordon forecasts a year-end NAV of 179p.

[dicko80] 21/9/2010 16:32

Nice finish to the day, 37.50p took out on the final bell ;-)

[morkandmindy] 21/9/2010 16:25

starting to motor now. Looking good for a sustained rise imo. ;-)

[dicko80] 21/9/2010 15:26

haha ;-)

should get a tick up on the bid shortly..

[morkandmindy] 21/9/2010 15:24

lol, i wish!

[dicko80] 21/9/2010 15:10

2 x 1million ;-)

Not yours then mandm ?? ;-)

[morkandmindy] 21/9/2010 15:06

A million shares just gobbled up for 36p. That makes me a happy DCI holder ;-)

[dicko80] 21/9/2010 08:57

can sell 50k online @ 35.85

can buy 15k online @ 35.95..