Business
Q1 2011 NAV Announcement and Trading Update
Q1 2011 NAV Announcement and Trading Update.
About this update from Dci Advisors Limited
[{"type":"text","content":"\n \nRNS Number : 0397I Dolphin Capital Investors Limited 08 June 2011 \n \n\n8 June 2011\n \nDOLPHIN CAPITAL INVESTORS LIMITED \n(\"DCI\" or \"Dolphin\" or \"the Company\" and together with its subsidiaries \"the Group\")\n \nQ1 2011 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 2011 and provide an update on operational progress.\n \nOperating Highlights since the last Trading Update issued on 22 March 2011: \n \nADVANCED PROJECTS:\n· The Porto Heli Collection (\"PHC\" - www.portohelicollection.com)\nThe Aman at Porto Heli \n- Construction works are continuing to progress on schedule at the Aman at Porto Heli resort, with the opening of the Aman hotel expected in spring 2012. \n- The construction of the first four villas began in February 2011, and they are expected to be delivered concurrently with the opening of the hotel. \n- To date, the Company has drawn down €12 million from the €33 million construction loan for the Aman hotel. \n- Preliminary approval received from the relevant governmental committee for subsidies amounting to €7.8 million for the construction of the Aman at Porto Heli. The subsidy funds will be released as the construction works progress. \n- The Company has received a further payment of €2.9 million from the sale of shares in the project to Archimedia (the owner of 14.29% of the Aman at Porto Heli and the holder of an option to exchange its project share participation for three Aman Villas). The sales consideration was increased due to the enlargement of one of the Aman Villas and is expected to reach €13 million, while the remaining payment of €9.1 million can be deferred wholly or partially until the Aman hotel opening, with a 7% interest p.a. \n \nThe Nikki Beach Resort at Porto Heli \n- A term sheet was signed on 20 May 2011 with a major European bank for a €10.5 million long term asset backed construction facility for the development of the Nikki Beach Resort at Porto Heli. \n- Pr...