Business
Closing of Investment into Amanzoe
Closing of Investment into Amanzoe.
About this update from Dci Advisors Limited
[{"type":"text","content":"\n \nRNS Number : 5946O Dolphin Capital Investors Limited 08 August 2014 \n \n\n8 August 2014\n \nDOLPHIN CAPITAL INVESTORS LIMITED \n(\"DCI\" or \"Dolphin\" or the \"Company\" \nand together with its subsidiaries the \"Group\")\n \nClosing of Euro 40.4 million investment by Colony Capital into Amanzoe \n \nAs previously announced on 26 March 2014 and 11 June 2014, Dolphin had signed a non-binding agreement with Colony Capital Acquisitions LLC, acting on behalf of managed funds (\"Colony\"), for a potential investment in the Company's luxury resort hotel and villa complex located near Porto Heli, Peloponnese, Greece (\"Amanzoe\"), and Colony has since been performing legal, financial and technical due diligence on Amanzoe.\nDuring this period the Company has been working with Colony to optimize the structure and the overall economic terms of the proposed transaction and Colony entered into final agreements with DolphinCI14 Ltd (the Company's Cyprus subsidiary holding the Group's shareholding in Amanzoe) for a €40,400,000 second priority loan facility (the \"Facility\") into Amanzoe on [6] August 2014. \nAmanzoe, located in the area of Porto Heli, Greece and opened in August 2012, comprises a resort of 38 pavilions and 4 beach cabanas, spa, the Aman Beach Club and a collection of Aman Villas, serviced by the hotel. Amanzoe is one of the Company's Advanced Projects and is expected to generate operating profits for 2014 both from the hotel operations and from Villa sales.\nThe basic terms of the Facility are as follows:\n· €19 million of the Facility will be injected in Amanzoe and will be used to return the €10 million deposit made by Archimedia on 28 January 2014 under the Profit Sharing Agreement, as reported in the Company's 26 March 2014 Trading Update, which the Company has decided not to further pursue in view of its agreement with Colony, while the balance will be invested in Amanzoe via acquiring additional land, constructing further villas and expanding the beach club. \n· €21 million of the Facility will be paid to Dolphin by way of repayment of the loan to be used for general corporate purposes and the development of other projects.\n \n· The Facility has a six year term and a fixed 11% annual interest paid ...