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DCI Advisors Ltd - British Virgin Islands-based investor in residential resorts in Greece and Cyprus - Reaches a ‘global, comprehensive, confidential’ settlement agreement with its former Investment Manager, Dolphin Capital Partners Ltd, bringing all outstanding legal proceedings between the parties and their related parties, as well as the proceedings between DCI and Zoniro, to a close. This includes the resolution of all litigation proceedings previously ongoing in both the English and Greek courts which the parties have sought to irrevocably resolve, as well as a comprehensive waiver by both parties to refrain from raising further and/or additional claims against one another and their related parties. Both parties have agreed to a comprehensive waiver of claims of wrongdoing against each other and have confirmed that matters between them are now fully and finally settled in an amicable fashion, with no further disputes outstanding. DCI will receive a cash payment and DCP will receive certain assets. The resulting positive impact on the company’s net asset value after correcting for the advance payments is expected to be around €4.2 million.
Current share price: 4.90 pence, closed up 2.1% in London on Friday
12-month change: down 3.9%
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