Playa Grande Golf Resort and Amanera to be sold
Dolphin Capital has agreed to sell its Playa Grande Golf and Resort project, including the Amanera resort, on the north coast of the Dominican Republic for EUR64 million to Third Point, the AIM-listed company’s largest shareholder, which is acting on behalf of certain funds.
Miltos Kambourides, founder and managing director of Dolphin Capital, said the sale would enable the project to move on the next stage of development.
The sale was agreed at an enterprise value of EUR140 million, which represents a 10% discount of the project’s carrying value at 30 June and will result in a loss of EUR15m, which will be recognized in the company’s financial statements for the year ending 31 December.
The buyer will assume all EUR75 million of Playa Grande’s liabilities, of which EUR58 million are loans. The company will also be released from liability and its guarantees from the EUR19 million senior construction project loan with a consortium of banks in the Dominican Republic.
The sale is conditional on the lapse of a right of first refusal for the project in favor of its prior owner, who is required to pay a deposit equal to 10% of the consideration for the disposal within 15 days of receipt of a draft sale contract. It is not anticipated that this right will be exercised.
Source: DR1, Digitallook
Nov 16, 2016
Category: DR News |