AIM-listed Dolphin Capital Investors (DCI), the largest residential resort investor in Southeast Europe, announced plans on Tuesday for a share buyback scheme under which shareholders will have the right to exchange common shares for certain real estate assets in the group.
AIM-listed Dolphin Capital Investors (DCI), the largest residential resort investor in Southeast Europe, announced plans on Tuesday for a share buyback scheme under which shareholders will have the right to exchange common shares for certain real estate assets in the group.
The programme is aimed at providing an exit opportunity for current shareholders, generating interest in the common shares among new shareholders, and increasing the Net Asset Value per common share.
Shareholders will be able to swap shares for assets 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.
Commenting 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 EUR2 bn, 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.'
The programme is due to be implemented on 1 May 2009 and is expected to run for four months until 1 September 2009. DCI intends to publish full details of the scheme by 15 April 2009.
