Business
Q1 2008 NAV and Trading Updat
Q1 2008 NAV and Trading Updat.
About this update from Dci Advisors Limited
[{"type":"text","content":"\n RNS Number : 5386W Dolphin Capital Investors Limited 12 June 2008 \n \n12 June 2008 \nDOLPHIN CAPITAL INVESTORS LIMITED \n('Dolphin' or the 'Company')\n\nQ1 2008 NAV Announcement and Trading Update\n\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, is pleased to announce its NAV as at 31 March 2008 and provide an update on the progress in the implementation of its investment strategy.\n\nHighlights for the quarter ending 31 March 2008 and to date: \n\n\n\nNAV per share at 31 March 2008 before deferred income tax liabilities ('DITL') was 7% higher than 31 December 2008 (227p) at 243p.\n\n\nOngoing expansion of Dolphin's landholdings at existing projects, including Kilada Hills Golf Resort ('Kilada Hills'), Lavender Bay Golf Resort ('Lavender Bay'), Sitia Bay Golf Resort ('Sitia Bay'), Seascape Hills Resort ('Seascape Hills'), Livka Bay Resort ('Livka Bay'), Eagle Pine Golf Resort ('Eagle Pine'), LaVanta Resort ('LaVanta') and Playa Grande Golf Resort ('Playa Grande'), for a total consideration of approximately €14 million. \n\n\nBuyouts of minority partners in Venus Rock, Livka Bay and the Turkish projects for a total consideration of approximately €11.2 million. \n\n\nAdditional €62.7 million invested in the acquisition of prime land in strategic locations in Cyprus, funded 100% by Aristo Developers Plc's ('Aristo') operational cash flow and credit lines.\n\n\nCompletion of Aristo squeeze-out and delisting from the Cyprus Stock Exchange on 15 May 2008. \n\n\nPermitting progressed across the portfolio, with significant milestones achieved for the first phases of Kilada Hills and Seascape Hills. Final construction permits for the first phase of both projects are expected imminently. \n\n\nPreparation is underway for the re-launch of residential sales in Venus Rock, a...