Completion of the Playa Grande Disposal

RNS Number : 2595R

Dolphin Capital Investors Limited

08 December 2016

 

8 December 2016

DOLPHIN CAPITAL INVESTORS LIMITED

("DCI" or "Dolphin" or the "Company",

together with its subsidiaries, the "Group")

​Completion of the Playa Grande Disposal

DCI, a leading investor in high-end residential resorts in the eastern Mediterranean and Panama, is pleased to announce the completion of the disposal of the Playa Grande Golf and Resort project to a joint venture comprising an affiliate of Third Point LLC, an affiliate of Discovery Land Company and others, at an enterprise value of €140 million.

DCI has received €4.6 million cash consideration (of which €0.9 million will remain in escrow to cover certain potential post completion claims and liabilities) and all of the Company's €50 million and US$9.17 million 2018 Convertible Bonds have been cancelled. The majority of these bonds were held by certain funds managed by Third Point LLC.  

For further information, please contact:

Dolphin Capital Investors Andrew Coppel, CBE	[phone]
Dolphin Capital Partners Miltos E. Kambourides	[e-mail]
Panmure Gordon (Broker) Richard Gray / Dominic Morley / Andrew Potts	[phone]
Grant Thornton (Nominated Adviser) Philip Secrett	[phone]
Instinctif (PR Communications Adviser) Mark Garraway	[phone]

 

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