22nd Jun 2007 07:02
Dolphin Capital Investors Limited22 June 2007 Not for release, publication or distribution in whole or in part, in or into theUnited States, Canada, Australia, the Republic of Ireland, the Republic of SouthAfrica, Japan or any other jurisdiction if to do so would constitute a violationof the relevant laws of such jurisdiction. DOLPHIN CAPITAL INVESTORS LIMITED (DCI.L) PLACING OF 178,041,096 NEW COMMON SHARES BY GOLDMAN SACHS INTERNATIONAL AND MORGAN STANLEY & CO. INTERNATIONAL PLC AT 170 PENCE PER SHARE TO RAISE €450 MILLION (£303 MILLION) Dolphin Capital Investors Limited ("Dolphin" or the "Company"), the leadinginvestor in the residential resort sector in south-east Europe and now thelargest real estate investment company listed on AIM, announces the placing (the"Placing") by Goldman Sachs International and Morgan Stanley of 178,041,096 newcommon shares of €0.01 each ("Common Shares") at a price of 170 pence per CommonShare to raise €450 million (£303 million) (before expenses) followingsuccessful completion of the bookbuilding exercise. The net proceeds of thePlacing will be used to fund the Company's ongoing investment programme and areexpected to be fully committed within the next 12 months. Highlights: • Placing subscribed over the maximum target level of €500 million • A total of 178,041,096 new Common Shares are being issued at a price of 170 pence per Common Share to raise €450 million (£303 million) • Net proceeds of approximately €439 million (£295 million) after expenses • Funds to be used for Dolphin's ongoing investment programme • Creates the largest AIM quoted real estate investment company Miltos Kambourides, Managing Partner of Dolphin Capital Partners Limited ("DCP"or the "Investment Manager"), commented: "We are delighted with the high level of support from our existing shareholdersand new investors, despite the challenging market conditions. This fundraisingwill enable us to maintain the strong pace of investment for the Company anddeliver further NAV growth to shareholders." Pierre Charalambides, Partner of DCP, commented: "We look forward to committing the newly raised funds to our exciting pipelineof investment opportunities and to further expanding Dolphin's leadership in theresidential resort sector in south-east Europe." Placing Goldman Sachs International ("Goldman Sachs") and Morgan Stanley & Co.International plc ("Morgan Stanley") were appointed as joint bookrunners, leadmanagers and placing agents and Panmure Gordon (Broking) Limited ("Panmure") asco-lead manager in connection with the Placing. A placing agreement was enteredinto on 14 June 2007 (the "Placing Agreement") under which Goldman Sachs andMorgan Stanley each agreed, subject to the satisfaction of certain conditions,to procure subscribers for new Common Shares. The number of Common Shares to be issued pursuant to the Placing (the "PlacingShares") and the price at which the Placing Shares are to be issued (the "Placing Price") was determined at the close of a bookbuilding exerciseundertaken by Goldman Sachs and Morgan Stanley. Dolphin, Dolphin CapitalPartners Limited, Goldman Sachs and Morgan Stanley have entered into the PricingAgreement under the terms of which the Placing Price is 170 pence per CommonShare and the total number of Placing Shares is 178,041,096. The Placing has been made in accordance with the terms of the Placing Agreementand the appendix to the announcement made on 14 June 2007. Completion of thePlacing is subject to all the conditions set out in the Placing Agreement,including the admission to trading on AIM of the Placing Shares ("Admission"),being satisfied or where appropriate waived. Application has been made for allthe Placing Shares to be admitted to trading to AIM and it is expected thatAdmission will occur on 27 June 2007 at which time the Placing Agreement willbecome unconditional in all respects. The Placing Shares will rank pari passu inall respects with the Dolphin Common Shares traded on AIM. Notices This announcement has been issued by Dolphin and is the sole responsibility ofDolphin. Goldman Sachs, Morgan Stanley and Panmure Gordon are each acting for Dolphin andno-one else in connection with the Placing. Goldman Sachs, Morgan Stanley andPanmure Gordon will not be responsible to anyone other than Dolphin forproviding the protections afforded to their respective clients, nor forproviding advice in relation to the placing or any other matter referred to inthis announcement. This announcement is for information purposes only and does not constitute anoffer or an invitation to acquire or dispose of any securities or investmentadvice in any jurisdiction. This announcement does not constitute an offer to sell or issue or thesolicitation of an offer to buy or subscribe for securities in the UnitedStates, Canada, Australia, the Republic of Ireland, the Republic of South Africaor Japan or any other jurisdiction in which such offer or solicitation isunlawful and should not be relied upon in connection with any decision toacquire the Placing Shares or any other securities of Dolphin. Unless otherwise identified, the rate of exchange used throughout thisannouncement is Euro/GBP 1.48715. ContactsDolphin Capital Investors Limited: +30 210 36 14 255Miltos E Kambourides [email protected] A Charalambides [email protected] Adventis Financial PR 020 7034 4757/07778 507162Annie Evangeli [email protected] Goldman Sachs International (Joint Bookrunner) 020 7774 1000Diego de GiorgiAndy Richard Morgan Stanley (Joint Bookrunner) 020 7425 8000Gergely VorosEmmanuel Blouin Panmure Gordon (Co - Lead Manager) 020 7459 3600Richard GrayDominic MorelyAndrew Potts Grant Thornton Corporate Finance (Nominated Adviser) 020 7383 5100Philip SecrettFiona Kindness This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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