Dolphin Capital Investors, that invests in residential resort developments in south east Europe (Greece, Cyprus, Turkey and Croatia), announced its maiden results for the period ended June 30 since listing on London’s AIM in December 2005 and raising EUR 104 mln.
Profit before tax since incorporation on June 7, 2005 reached 60.9 mln and in the six months to June 30 completed the acquisition of three investments committing a total of EUR 70.2 mln of which EUR 67.0 mln was invested.
A further two investments were completed in July thus committing a total of EUR 91 mln of the money raised by the company during its listing.
The company said it has identified further potential investment opportunities, and is currently at advanced negotiation stages for new investments which would require over EUR 200 mln of additional capital.
As the region continues to demonstrate strong economic growth and a steadily increasing appeal to tourism, the demand for leisure integrated second or holiday homes is increasing whilst the supply remains limited, explained Dolphin has commited funds to a golf-integrated residential resort to be developed in Greece’s Cyclades islands., a leisure-integrated residential resort near Athens, the first polo-integrated residential resort to be developed in Cyprus between Limassol and Paphos and a golf-integrated resort to be developed in the area of Volos.
“As of 30 June 2006, Dolphin’s share price has recorded a 32% uplift since its admission to trading on AIM, considerably above the company’s peer group,” said the company’s chairman, Andreas Papageorghiou.
“Dolphin’s NAV after founding shareholder warrants and before deferred income tax liabilities as of June 30, 2006 was 107p (EUR 1.55) per share while the NAV after founding shareholder warrants and deferred income tax liabilities as of June 30, 2006 was 93p (EUR 1.34) per share (versus the 68p or EUR 1 issue price in December 2005) demonstrating Dolphin’s ability to create immediate value for shareholders.
The natural beauty of south-east Europe combined with the limited supply of premium-quality second-home developments in the region, create a very compelling investment environment for the company,” added Papageorghiou.
