Dolphin Capital Investors Limited Completion of disposal of interest in OOKI (8963K)

TIDMDCI

RNS Number : 8963K

Dolphin Capital Investors Limited

23 December 2022

23 December 2022

Dolphin Capital Investors Limited

("Dolphin" or the "Company")

Completion of disposal of interest in the One&Only at Kea Island project

The Board of Directors of Dolphin, an investor in high-end resort developments in the eastern Mediterranean, is pleased to announce that, following the announcement made on 29 September 2022, the Company has completed the disposal of its entire interest in the One&Only at Kea Island project ("OOKI").

Prior to the sale, Dolphin was the owner of 66.67% of Single Purpose Vehicle Ten Ltd ("SPV10") which, in turn, indirectly owns 50% of OOKI, thereby providing the Company with an effective equity interest of 33.33% in OOKI. Pursuant to the sale, the Company received a net consideration, in aggregate, of EUR17.92 million, of which EUR0.9 million was paid as an advance on 5 December and the remaining EUR17.0 million balance was received on completion. Following the completion of the disposal of SPV10, the guarantees provided by Dolphin under the OOKI construction loan, including the existing share pledge and mortgage over Dolphin's Scorpio Bay asset to secure the guarantees, are expected to be released by the end of Q2 2023.

From these disposal proceeds, an amount of EUR13.01 million has been applied towards the repayment in full by 31 December 2022 of the existing loan facility that Dolphin drew down on 7 June and 16 July 2021. Following this repayment, all debt at the Company level is now fully repaid. All remaining proceeds from the sale of SPV10 will be retained by Dolphin to meet its accrued and current liabilities and working capital requirements.

Enquiries

 
 
   Dolphin Capital Investors                                                       Via FIM Capital Limited 
   Martin Adams 
 Dolphin Capital Partners                                                        [e-mail] 
  Miltos E Kambourides 
 
 finnCap (Nominated Adviser & Broker) 
  William Marle / Jonny Franklin-Adams / Edward Whiley / Milesh Hindocha 
  (Corporate Finance) 
  Mark Whitfeld / Pauline Tribe (Sales)                                           [phone] 
 
 FIM Capital Limited (Administrator)                                             [e-mail] / [e-mail] 
  Lesley Lennon / Grainne Devlin (Corporate Governance) 
 

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END

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December 23, 2022 04:07 ET (09:07 GMT)