Business
Acquisition
Acquisition.
About this update from Dci Advisors Limited
[{"type":"text","content":"\n Dolphin Capital Investors Limited\n05 April 2007\n\n\nFor immediate release\n\n5 April 2007\n\n Dolphin Capital Investors Limited (DCI.L)\n\n Acquisition of an 80% shareholding in Aristo Developers Plc and Public\n Offer to acquire the remaining shares\n\n Total investment of €245m marks the largest transaction of Dolphin to date\n\nDolphin Capital Investors ('Dolphin'), the leading investors in the residential\nresort sector in south-east Europe, is pleased to announce the acquisition of an\n80% shareholding in Aristo Developers Plc.\n\nHighlights\n\n • Dolphin has today announced the acquisition of an 80% shareholding in\n Aristo Developers Plc ('Aristo'), the largest holiday home development\n company in Cyprus and listed on the Cyprus Stock Exchange\n\n• Dolphin has secured a 60% shareholding from Mr. Theodoros Aristodimou,\n the principal shareholder and founder of Aristo, in exchange for €128.7m and \n a 15% interest in the Dolphin vehicle acquiring Aristo, and 20% from \n Aristo's second largest shareholder for €57.9m in cash\n\n• The purchase price equates to €2.15 per share, a premium of 8.5% to the last \n traded price\n\n\n • Dolphin will shortly launch a public tender offer to acquire the\n outstanding 20% of shares in Aristo also at a price of €2.15 per share which\n implies a total cash consideration of €57.9m\n\n\n • The total value of the equity of Aristo is therefore valued at €289m, and\n together with debt of €149m (as at 31 December 2006), represents an\n acquisition value of Aristo of €438m\n\n • Aristo owns a number of strategic assets that are complementary to\n Dolphin's strategy of acquiring large land sites and establishing premium\n branded residential resorts\n\n • Aristo is today believed to be the largest private land owner in Cyprus\n and the largest holiday home developer both in terms of annual turnover and\n number of units sold\n\n • Aristo owns three out of the twelve new preliminary licences for\n golf-integrated residential resorts granted by the Cypriot government and is\n considering applying for a fourth one\n\n • Aristo's flagship asset is Venus Rock, a 1,000 hectare site that is one of\n the largest sea-front residential resort development sites in Europe, and\n which is expected to comprise up to 3 golf courses, more than 3,000\n residential units...