Business
Listing Commitment from Inves
Listing Commitment from Inves.
About this update from Dci Advisors Limited
[{"type":"text","content":"\n RNS Number : 0003K Dolphin Capital Investors Limited 12 April 2010 \n \n\n12 April 2010\n \nDOLPHIN CAPITAL INVESTORS LIMITED\n(\"Dolphin\" or the \"Company\")\n \nListing Commitment from Investment Manager\n \nDolphin Capital Investors Limited, the leading investor in the residential resort sector in south-east Europe and the largest real estate investment company listed on AIM by net asset value, is pleased to announce that it has received a commitment from Dolphin Capital Partners, the Company's Investment Manager, in relation to the public listing of the Company. \n \nSpecifically, the owners of the Investment Manager commit to Dolphin and its shareholders that they will:\n \n1. not cooperate as a concert party or otherwise with other shareholders in the Company to cause a delisting of the Company from the AIM market without such delisting being approved by the Company's shareholders at a general meeting of the Company (a \"Delisting EGM\"); and\n2. not vote in favour of a shareholder resolution to delist the Company proposed at a Delisting EGM, provided that the average closing mid-market Euro equivalent price of a Dolphin share for the thirty London stock exchange trading days immediately prior to the date of the RNS announcement of the convening of the Delisting EGM is above the Company's last published quarterly NAV per share after DITL on such calculation date discounted by the Critical Discount (as defined below).\nThe Critical Discount is defined as: 70% in 2010 (approximately the current discount as of today), 65% in H1 2011, 60% in H2 2011, 55% in H1 2012, 50% in H2 2012, 45% in H1 2013, and 40% thereafter. \n \nIn recognition of the above agreement and in order to further align the Investment Manager with the Company, the Board has agreed to extend the Company's Investment Management Agreement (\"IMA\") with the Investment Manager by five years to 1 August 2020. \n \nDolphin's Board (excluding Miltos Kambourides by dint of his interest in the Investment Manager) consider, having consulted with Grant Thornton, the Company's Nominated Adviser, that in light of the commitment to the public listing, the amendment to the IMA is fair and reasonable insofar as Dolphin's shareholders are concerned.\n \nThe Investment Manager and the Board of the...