Business
Q3 NAV and Trading Update
Q3 NAV and Trading Update.
About this update from Dci Advisors Limited
[{"type":"text","content":"\n Dolphin Capital Investors Limited\n13 November 2006\n\nFor release 13 November 2006\n\n\n\n Dolphin Capital Investors Limited ('DCI' or the 'Company')\n\n Q3 NAV and Trading Update\n\nDolphin Capital Investors Limited, the real estate investment company focused on\nthe residential resort sector in Southeast Europe and managed by Dolphin Capital\nPartners Limited, is pleased to announce a further uplift in its unaudited Net\nAsset Value ('NAV') and further investments in three existing projects, two in\nGreece and one in Cyprus.\n\n\nHighlights\n\n • Unaudited NAV per share as of 30 September 2006 stated both before and\n after Deferred Income Tax Liabilities ('DITL') at 122p and 103p respectively\n (excluding the new share issuance of October 2006).\n\n • 16% uplift over the 30 June 2006 NAV per share before DITL (13% after\n DITL).\n\n • NAV figures are based on the 30 June 2006 Colliers International property\n valuation and on the valuation of new investments executed during Q3 2006;\n specifically additional land acquisitions at Kilada Hills Golf Resort and\n the leasehold part of Lavender Hills Golf Resort.\n\n • Since the end of Q3 2006, DCI:\n\n • completed a secondary placing of €300m (£202.7m), becoming the second\n largest AIM-listed property fund by market capitalization;\n\n • acquired the minority stake of 41% in Apollo Heights Polo Resort in\n Cyprus for a consideration of €4 million and now owns 100% of the\n project;\n\n • signed a pre-contract to convert part of the leasehold land of\n Lavender Hills Golf Resort in Greece into freehold and in addition\n acquire adjacent land to the existing site by committing an additional\n amount of €30.5 million;\n\n • committed €20 million to Kilada Hills Golf Resort to acquire\n additional land and expand the permit applications.\n\n\nSaid Miltos Kambourides, Managing Partner, Dolphin Capital Partners: 'We are\npleased that the acquisitions executed in Q3 2006 contributed positively to the\nCompany's NAV. After the successful secondary placing in early Q4 2006, the\nCompany is rapidly implementing its investment strategy by enhancing its\nexisting projects and entering into new investments that we expect to be able to\nannounce shortly.'\n\nFurther Details\n\nThe Company's first reported NAV (unaudited) was calculated as of 30 June 2006.\nCollier...