30th Jun 2015 10:34
LONDON (Alliance News) - Dolphin Capital Investors Ltd Tuesday said its subsidiaries had EUR1.5 million deposited with banks operating in Greece on Friday last week.
Greece has called a referendum on bailout proposals made by its creditors and has imposed capital controls on its banks after the European Central Bank decided against increasing the emergency credit it makes available to Greek banks. Greece is expected to miss a EUR1.5 billion debt repayment due to the International Monetary Fund on Tuesday.
"The largest part of the Greek deposits relates to working capital used in the operations of the group's Amanzoe and Nikki Beach resorts and are expected to be used in the ordinary course of furtherance of their business activities," Dolphin said.
The remaining cash balances, excluding restricted cash under financing arrangements, amounted to EUR55.8 million. Of that amount, EUR53.3 million was held by Capital International Ltd, the company's custodian, in the Isle of Man, in an account provided by the Royal Bank of Scotland.
The group's restricted cash balances, amounting to EUR18.4 million, are held with banks in the Dominican Republic, Isle of Man and Cyprus.
"The group's Amanzoe and Nikki Beach resorts continue their operations as usual and Dolphin, in close cooperation with the local management teams of the resorts, are monitoring the situation to ensure the uninterrupted provision of seamless services to our hotel guests," the company said of its Greek subsidiaries.
Dolphin Capital Investors shares were up 5.3% at 20.00 pence on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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