Dolphin Capital completes €27m disposal of Pearl Island share

Eastern Mediterranean-focussed high-end residential resort investor Dolphin Capital Investors announced the completion of the disposal of its 60% interest in Pearl Island, the private island development off the coast of Panama, to Grivalia Hospitality on Tuesday.

The AIM-traded firm said it received the €27m cash consideration on 13 March, of which €2m would remain in escrow for a period of 12 months post-completion to cover any potential breach of DCI's warranties or undisclosed indebtedness.

“The board, taking into consideration Dolphin's outstanding liabilities and working capital requirements, has decided not to make a distribution of the Pearl Island disposal proceeds to shareholders at this stage and apply the proceeds towards working capital and general corporate purposes,” it said in a statement.

“The board will re-evaluate the company's distribution potential when there is more clarity on the pace of additional disposals.”