Business
Completion of the Shares-for-
Completion of the Shares-for-.
About this update from Dci Advisors Limited
[{"type":"text","content":"\n RNS Number : 2220V Dolphin Capital Investors Limited 07 July 2009 \n \n7 July 2009 \n\nDOLPHIN CAPITAL INVESTORS LIMITED\n('DCI' or the 'Company')\n\nCompletion of the Shares-for-Assets Programme\n\nDolphin Capital Investors Limited, the leading investor in the residential resort sector in south-east Europe and the largest real estate investment company quoted on AIM, announces the completion of its Shares-for-Assets Programme (the 'Programme').\n \nAs of 4.30 pm (Cyprus time) on 4 July 2009, the deadline for submission of tender forms, non-core assets with an aggregate sales price of €8.8 million have been exchanged or tendered for a total of 9.3 million DCI common shares.\n\nIn total, 39 assets were exchanged or tendered through the Programme, comprising: \n\n\n35 completed homes ranging from 77 m2 to 244 m2 in the districts of Paphos and Limassol;\n\n\n3 residential plots ranging from 523 m2 to 684 m2 in the districts of Paphos and Ammochostos; and\n\n\n1 land site of 1,004 m2 in the district of Larnaca.\n\n\n\nThe finalization of the transfer of tendered shares from participating shareholders to the Company will be completed within the next 10 business days, in accordance with the Programme's terms and conditions. Once completed, the 9.3 million DCI common shares will be held in treasury. \n\nThe asset value of the properties exchanged or tendered as recorded in the Company's books as at 31 December 2008, based on the latest Colliers valuation, amounted to €4.2 million. This represents a 52% discount to the sale price of €8.8 million, which was used as a basis for the exchange of the assets.\n\nAs expected, the Programme has been accretive to the Company's Net Asset Value ('NAV') per share. Based on the Company's last reported pro-forma NAV per share before deferred income tax liabilities as at 31 March 2009 of €2.50, the total NAV of the 9.3 million DCI common shares tendered in exchange for this €4.2 million asset value equals to c. €23.4 million, representing a 5....