Business
Q1 2010 NAV Announcement and
Q1 2010 NAV Announcement and.
About this update from Dci Advisors Limited
[{"type":"text","content":"\n RNS Number : 2067N Dolphin Capital Investors Limited 08 June 2010 \n \n\n \n8 June 2010\nDOLPHIN CAPITAL INVESTORS LIMITED \n('Dolphin' or the 'Company' and together with its subsidiaries the 'Group')\n \nQ1 2010 NAV Announcement and Trading Update\n \nDolphin Capital Investors Limited, a leading global investor in the residential resort sector in emerging markets and the largest real estate investment company listed on AIM by Net Asset Value ('NAV'), is pleased to announce its NAV as at 31 March 2010 and provide an update on its operations.\nOperating Highlights since the last Trading Update on 11 March 2010: \n· Venus Rock Golf Resort ('Venus Rock' - www.venusrock.com) obtained final planning permits for its two Tony Jacklin designed golf courses, on 27 May 2010. This represents a major milestone for the project, as it creates an area zoned for an additional 711 single unit and 6 apartment building lots, (a total of 200,000 m2 buildable freehold residential space). With these additional permits, the first phases of the project are now fully permitted and have a total building capacity of 267,960 m2, which brings the currently zoned capacity of the project to 450,180 m2, not including its 364 hectare land bank. The value of the relevant land is expected to be positively impacted in the upcoming independent H1 2010 revaluation.\n· Following the above permit awards, the 13-year asset-backed loan facility of €50 million secured three months ago for Venus Rock, should shortly become available, enabling the Company to advance construction works on the first phases. \n· Good progress made at the Aman at Porto Heli, with works progressing on schedule following the appointment of the main turn-key contractor. To date, 60% of the excavation works and 10% of the concrete foundations have been completed, while an extensive marketing campaign in the UK, the U.A.E. and Russia has begun. \n· The legal completion of the 13-year asset-backed loan facilities totalling €50 million, for the development of the Aman at Porto Heli, other components of The Porto Heli Collection ('PHC' - www.portohelicollection.com) and the refinancing of €10 million of Dolphin's equity, are also progressing well and should become available shortly. \n· &nb...