Business
Q3 2010 NAV Announcement and
Q3 2010 NAV Announcement and.
About this update from Dci Advisors Limited
[{"type":"text","content":"\n RNS Number : 4733X Dolphin Capital Investors Limited 07 December 2010 \n \n\n7 December 2010\n \nDOLPHIN CAPITAL INVESTORS LIMITED \n(\"DCI\" or \"Dolphin\" or \"the Company\" and together with its subsidiaries \"the Group\")\n \nQ3 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 30 September 2010 and provide an update on operational progress.\n \nOperating Highlights since the Half Yearly Report issued on 21 September 2010: \n \nADVANCED PROJECTS:\n \n· The Porto Heli Collection (\"PHC\" - www.portohelicollection.com)\no Construction works at the Aman at Porto Heli, the first phase of the Porto Heli Collection, are progressing on schedule, with the completion of the Aman hotel expected by the end of 2011. \no The first two hotel pavilions were completed and furnished in October, and the final inspection by Aman Resorts and the project's architect, Ed Tuttle, was completed successfully.\no Construction permits were issued for four more Aman Villas, three of which represent the predefined Aman Villas linked to the Archimedia Holdings Ltd (\"Archimedia\") agreement executed on 20 September 2010 for the sale of a 14.29% stake in the Aman at Porto Heli. With these permits now in place, the transaction can proceed to completion. \no The drawdown of the first €4.9 million from an interim facility linked to the €33 million construction loan relating to the development of the Aman at Porto Heli has been signed and will be applied to refund the construction costs incurred by Dolphin thus far. The 13-year term construction facility has a grace period on principal for the first three years, a margin of 550 basis points over the six-month Euribor and is secured with mortgages against the project land. The facility does not include any financial or performance covenants and, as such, its debt service will be initially guaranteed by Dolphin, a position that will be reviewed annually based on the progress in executing the business plan. The Company remains in discussions with regard to the balance of the €50 million ori...