Business
Re: Tender Offer
Re: Tender Offer.
About this update from Dci Advisors Limited
[{"type":"text","content":"\n RNS Number : 6833A Dolphin Capital Investors Limited 13 October 2009 \n \n13 October 2009\nDolphin Capital Investors Ltd\n(\"Dolphin\" or the \"Company\")\nTender Offer by Hallmark Investors Ltd\nOn 29 September 2009 Hallmark Investors Ltd (\"Hallmark\") announced a tender offer (the \"Tender Offer\") to purchase 120,000,000 common shares of €0.01 each of Dolphin (\"DCI Shares\") which was made without prior consultation or approach to the Board of the Company. A Tender Offer Document was posted by Hallmark to DCI Shareholders on 2 October 2009. The Board of Dolphin Capital Investors Ltd (excluding Miltos Kambourides) (the \"Independent Directors\") state the following:\nThe Company announced its interim figures for the period ended 30 June 2009 on 29 September 2009 which contained a detailed summary of the Company's current financial position and prospects. As at 30 June 2009, the total Net Asset Value (\"NAV\") of the Company and its subsidiaries (the \"Group\") was €1.423 billion before deferred income tax liabilities (\"DITL\") and €1.289 billion after DITL. NAV per DCI Share as at 30 June 2009 was 193 pence before DITL and 175 pence after DITL. The Group had a cash balance of €92 million as at 30 June 2009 (circa €86 million as at 20 September 2009), with no bank debt at Company level, no or very limited bank debt on 11 out of 13 major projects and with a Group loan to asset value ratio of only 19%. Aristo bank loans accounted for 89% of total Group debt and comprise primarily long term asset-backed loans with low principal repayment obligations in 2009 and 2010. \n\nThe prices of 34 pence to 44 pence per DCI Share at which DCI Shareholders may elect to tender their DCI Shares under the Tender Offer represent a premium of approximately 18.26 per cent. and 53.04 per cent. respectively to the historic lowest Closing Price per DCI Share. The highest Tender Offer Price represents a premium of approximately 19.51 per cent. and 18.09 per cent. to the average Closing Price of DCI Shares during the three (3) and six (6) month periods prior to 28 September 2009.\n\n...