Business
Admission to AIM
Admission to AIM.
About this update from Dci Advisors Limited
[{"type":"text","content":"\n Dolphin Capital Investors Limited\n08 December 2005\n\n\nFor Release 8 December 2005\n\n\n NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA, JAPAN, AUSTRALIA OR THE\n REPUBLIC OF IRELAND\n\n Dolphin Capital Investors LIMITED\n\n Admission to aim - First day of dealings\n\n First dedicated investment vehicle investing exclusively in residential resort\n developments in Greece, Cyprus, Croatia and Turkey\n\n\nThe Placing\n\nDolphin Capital Investors Limited ('DCI' or the Company'), the first dedicated\ninvestment vehicle focusing exclusively on residential resort developments in\nSoutheast Europe (Greece, Cyprus, Croatia, Turkey), announces completion of its\nadmission to AIM and that trading in its ordinary shares commenced at 8.00am\ntoday, 8 December 2005.\n\n • Panmure Gordon, the Company's broker, has placed 104 million new\n ordinary shares on behalf of the Company, at 68p per share raising\n approximately £70.7 million (€104.0 million) before expenses. The placing\n was oversubscribed.\n\n • The new DCI shareholder list comprises a range of leading UK\n institutions and the National Bank of Greece.\n\n • The market capitalisation of DCI at the placing price on commencement of\n dealings is expected to be approximately £74.1 million (€109.0 million).\n\n • Following the placing, the Investment Manager believes that Dolphin\n Capital Investors has become one of the largest foreign real estate\n investors currently dedicated to Greece, Cyprus, Turkey and Croatia.\n\n • The opportunity is to invest in residential resort developments in\n Southeast Europe at an early stage with the target of a high level of medium\n to long term capital appreciation.\n\n • DCI expects to fully commit the funds raised within the next 12 to 18\n months.\n\n • Targeted project returns are in the range of 25 to 45% IRR.\n\n • The Investment Manager of DCI is Dolphin Capital Partners Limited, an\n independent investment management business founded in 2004 by Miltos\n Kambourides and Pierre Charalambides.\n\n\nInvestment Strategy\n\n • Residential resort developments involve residential units (typically\n several hundred), integrated with leisure components (e.g. golf, polo,\n hotel, marina, spa), targeting holiday and retirement home buyers primarily\n from Northern Europe.\n\n • The Investment Manager has agreed terms a...