Business
Interim Results (amended)
Interim Results (amended).
About this update from Dci Advisors Limited
[{"type":"text","content":"\n Dolphin Capital Investors Limited\n18 August 2006\n\n\nThe following amendments have been made to the 'Interim Results' announcement \nreleased today at 07:00 under RNS No 8208H.\n\nSmall changes have been made to the Highlights section.\n\nAll other details remain unchanged.\n\nThe full amended text is shown below.\n\n\n\n\n\nAugust 18th 2006\n\n Dolphin Capital Investors Limited (DCI.L)\n\n Interim Results for the period ended June 30th 2006\n\n\nDolphin Capital Investors, the first company investing in residential resort\ndevelopments in south east Europe (principally Greece, Cyprus, Turkey &\nCroatia), announces its maiden results for the period ended June 30th 2006.\n\nHighlights\n \n• The company was admitted to AIM in Dec 2005 as the first investment fund \n dedicated to residential resorts in the south east Mediterranean at a price\n of €1.00 (68p) raising €104m\n\n• Profit before tax since incorporation on June 7th 2005 was €60.9m\n\n• In six months to June 30th 2006, it completed the acquisition of three \n investments committing a total of €70.2m of which €67.0m was invested.\n \n• After deducting minorities, the company's share of these developments\n represents a value of €138.8m, substantially ahead of expectations at the \n time of Admission.\n \n• A further two investments were completed in July thus committing a total of \n €91m of the €109m raised (€5m seed capital pre listing and €104m from AIM \n listing).\n \n• The company has identified a substantial pipeline of further potential \n investment opportunities, and is currently at advanced negotiation stages \n for new investments which would require over €200 million of additional\n capital. The company's rate of sourcing and executing investments has been\n considerably ahead of initial forecasts.\n \n• A valuation produced by Colliers International at June 30th indicated an \n NAV of €1.73 (119p) before founding shareholder warrants and deferred \n income tax liabilities, of €1.55 (107p) after founding shareholder warrants \n and before deferred income tax liabilities, and of €1.34 (93p) after \n founding shareholder warrants and deferred income tax liabilities.\n \n• As of June 30th 2006, the share price had risen 32% since Admission.\n\nOutlook\n \n• As the region continues to demonstrate strong economi...