Aristo Developers refinancing

23 Aug 2007 07:00

Dolphin Capital Investors Limited23 August 2007 23 August 2007 Dolphin Capital Investors Limited (DCI.L) Refinancing of Aristo Developers Plc and update on acquisition progress to date DCI Holdings Two, a subsidiary of Dolphin Capital Investors ("DCI") and holdingcompany of Dolphin Capital Atlantis ("DCA" or the "Company") which owns AristoDevelopers Plc ("Aristo"), has secured an €85 million debt facility from Bank ofCyprus. The interest-only loan has a cost of 95bps over 1-month Euribor withbullet repayment in five years. The loan is secured against DCA's shares inAristo and will be drawn down as required. The Company will use the proceeds of the refinancing to fund Aristo's ongoingacquisition programme which has resulted in investments in excess of €50 millionover the last three months. DCA currently holds 98.74% of the share capital of Aristo. The Public Offerprocess has been completed and the Company is now on track to activate its rightto squeeze out the remaining shareholders, a process expected to be completedwithin a period of approximately two months. Miltos Kambourides, Managing Partner of Dolphin Capital Partners, said: "Consistent with our business plan for Aristo, we proceeded with the refinancingof the acquisition at very flexible terms that will allow the company toincrease its liquidity and execute its growing investment pipeline, the detailsof which we will announce in due course. Despite the challenging credit andequity markets around the world, Dolphin's ability in executing its investmentstrategy and generating strong NAV growth for its shareholders is steadilyimproving." Contacts:Dolphin Capital Investors www.dolphinci.comMiltos E Kambourides miltos@dolphincp.comPierre A Charalambides pierre@dolphincp.com Financial Dynamics 020 7831 3113(Public Relations)Stephanie Highett Grant Thornton Corporate Finance 020 7383 5100(Nominated Adviser)Philip Secrett/ Fiona Kindness Panmure Gordon 020 7459 3600(Broker)Richard Gray/ Dominic Morley/ Andrew Potts Notes to Editors Dolphin Capital Investors is a real estate investment company focusingexclusively on residential resort developments in south-east Europe. DCI wasfounded by its Investment Manager, Dolphin Capital Partners, and a select groupof investors led by partners of Fortress Investment Group. DCI was admitted to trading on AIM in December 2005, raising €104 million, andwent on to raise a further €300 million in a follow-on issuance in October 2006. The company currently represents the largest real estate investment companylisted on AIM, further to a successful €450 million offering in June 2007. Since its admission to trading on AIM, DCI has demonstrated an impressiveinvestment performance. The company has currently almost fully invested theoriginal €399 million net equity funds raised (prior to its latest placing inJune 2007), acquiring strategic positions in Greece, Cyprus and Croatia inattractive land holdings and developments spread over more than 30 million m2 ofland. This information is provided by RNS The company news service from the London Stock Exchange