4th Jun 2015 07:14
LONDON (Alliance News) - Dolphin Capital Investors Ltd Thursday said it has raised the targeted amount of funds in its share placing.
The company, which invests in high-end residential resorts in the Eastern Mediterranean, Caribbean and Central America, said on Wednesday that it planned to raise EUR62.7 million in equity, as it reported full-year results and revealed plans to separate its investments into core projects and non-core assets.
Dolphin Capital Investors said that 219.3 million new shares have been placed by Liberum Capital Ltd and Panmure Gordon (UK) Ltd at a price of 21 pence per share, raising about GBP46 million, roughly equivalent to EUR62.7 million.
The funds raised through the placing add to the USD14.4 million of 2016 convertible bonds due to be converted at the 21p issue price, resulting in a total fundraising of about EUR75 million.
The 21p issue price is a discount of about 6.67% to the closing mid-market price on Wednesday.
The new shares will represent a 29% in the company and 41% prior to when they were issued.
"We are delighted to have received such strong investor support for this oversubscribed fundraise, which we believe is a positive endorsement of the refocused strategy announced yesterday and we look forward to updating shareholders on progress going forward," Miltos Kambourides, founder of Dolphin and managing partner of private equity firm Dolphin Capital Partners, the manager of the company, said in a statement.
Dolphin Capital Investors shares were untraded on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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