Business
Sale of the Venus Rock Golf Resort in Cyprus
Sale of the Venus Rock Golf Resort in Cyprus.
About this update from Dci Advisors Limited
[{"type":"text","content":"\n \nRNS Number : 0640F Dolphin Capital Investors Limited 20 May 2013 \n \n\n20 May 2013\nDOLPHIN CAPITAL INVESTORS LIMITED(\"Dolphin\" or the \"Company\")\nSale of the Venus Rock Golf Resort in Cyprus \nDolphin, a leading global investor in the residential resort sector in emerging markets and one of the largest real estate investment companies quoted on AIM in terms of net assets is pleased to report that, on 17 May 2013 (the \"Closing Date\"), the Company's 49.8% subsidiaries Aristo Developers Ltd (\"Aristo\") and Venus Rock Estates Ltd (together, the \"Sellers\") executed a binding Contract of Sale (the \"Agreement\") for their interest in the Venus Rock Golf Resort (\"Venus Rock\").\n \nThe Venus Rock transaction\n \n- The Agreement has been entered into with a Hong-Kong based international conglomerate and real estate investment group (the \"Purchaser\") for the sale of shares and assets in the Venus Rock project, comprising all the plots and land, all permits and licenses granted, all related machinery and stock, and all the contracts and other agreements relating to the Project's development (the \"Transaction\").\n \n- The agreed purchase price for the sale of the Sellers' interest in Venus Rock amounts in aggregate to €290 million (the \"Purchase Price\") and comprises a fixed consideration of €241.5 million and a conditional deferred consideration of €48.5 million. \n \n- An amount of €15 million from the deferred consideration is conditional upon the increase of the existing residential building capacity of the two golf phases of the Venus Rock project, expected to materialize soon as this measure has already been announced by the Cypriot government (as reported in the Company's 22 April announcement). The €33.5 million balance is conditional upon the finalisation of the on-going rezoning of certain agricultural land plots included in the project within 12 months from the Closing Date, which may be expected with more than 50% certainty.\n \n- The Sellers have already received a non-refundable deposit of €2 million against the Purchase Price, while another €10 million is payable anytime before 30 June 2013. The remaining €229.5 million fixed consideration will be paid in part within three months from the Closing Date...