25th Feb 2015 09:48
LONDON (Alliance News) - Dolphin Capital Investors Ltd Wednesday said it has appointed several new non-executive directors, including a chairman, and revealed plans to review its strategy with the aim of narrowing the discount of its share price to net asset value and accelerating returns to shareholders.
Dolphin, which invests in residential resorts in emerging markets, said the new members of the board, who have replaced non-executive directors Andreas Papageorghiou, Christopher Pissarides, Cem Duna and Antonios Achilleoudis, will work in conjunction with investment manager and real estate private equity firm Dolphin Capital Partners to review its strategic business plan and management compensation structure.
The review will aim to streamline its development plans, monetize non-core assets and better align the interests of the investment manager and shareholders.
Dolphin Capital Investors said that businessman Laurence Geller will replace former Goldman Sachs banker David Heller, who was the company's non-independent chairman, and become its independent non-executive chairman. David Heller will continue as a non-executive director.
Robert Heller, the co-founder and chief executive of boutique advisory firm Spectrum Gaming Capital, will become an independent non-executive director, joining existing independent, Roger Lane Smith, known for his former chairmanship of JJB Sports PLC.
Graham Warner, a non-executive director at Dolphin shareholder J O Hambro Capital Management Umbrella Fund Ltd, will become a non-executive director. Also joining as non-executive directors are Mark Townsend, an executive director and fund manager at shareholder Asset Value Investors, and Justin Rimel, managing director of Third Point's real estate division.
Third Point owns a 20.18% stake in Dolphin Capital Investors, while Asset Value Investors has an 8.82% stake. J O Hambro owns 5.04% of the company.
Miltos Kambourides will remain on the new board as a non-executive director and a representative of the company's investment manager.
Dolphin Capital Investors shares were up 14% at 28.00 pence on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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