Business
Shares-for-Assets Programme
Shares-for-Assets Programme.
About this update from Dci Advisors Limited
[{"type":"text","content":"\n RNS Number : 9654O Dolphin Capital Investors Limited 17 March 2009 \n \n17 March 2009\nDOLPHIN CAPITAL INVESTORS LIMITED \n('DCI' or the 'Company' \nand together with its subsidiaries the 'Group')\n\nShares-for-Assets Programme \n\n\nDolphin Capital Investors Limited, the leading investor in the residential resort sector in south-east Europe and the largest real estate investment company quoted on AIM, announces its intention to put in place an innovative share buyback programme (the 'Programme') whereby Shareholders will, subject to the terms and conditions of the Programme, have the right to exchange common shares in the Company ('Common Shares') for certain real estate assets of the Group that are valued as at 31 December 2008 at double the applicable market price of the Common Shares tendered at the time of the exchange. \n\nThe main purposes of the Programme are to provide an exit opportunity for current Shareholders, generate interest in the Common Shares by new Shareholders, and increase the Net Asset Value per Common Share ('NAV').\n\nCommenting on the Programme, Miltos Kambourides, Managing Partner of Dolphin Capital Partners, said: 'This innovative proposal is intended to capitalise on DCI's unique position of owning one of the largest real estate portfolios in our region, currently valued at over €2 billion, and has several benefits for the Company. It is a win-win situation for everyone, as the participants in the Programme have an indirect way of accessing some of DCI's trading assets at half their market value, while the Company receives its own shares that have an NAV which is a multiple of the asset exchange price. This Programme will not cost anything to the Company in cash terms, only relates to non-core building plots, home inventory and land held for development predominantly owned by Aristo, does not affect DCI's core business and is expected to attract a lot of would-be buyers of such assets and therefore generate increased demand for the DCI shares.'\n \nThe Programme\n\nThe Programme is currently expected to become effective on 1 M...