DCI Advisors Limited Update on legal actions
02 Abril 2024 - 8:33AM
RNS Regulatory News
RNS Number : 0228J
DCI Advisors Limited
02 April 2024
DCI Advisors
Limited
(the
"Company" or "DCI")
Update on legal actions with Dolphin
Capital Partners Limited
2 April
2024
Following the Company's litigation update
published on 28 March 2024, the Board of DCI has been made aware
that its former manager, Dolphin Capital Partners Limited ("DCP"),
has contacted a number of DCI's shareholders with claims that the
litigation being pursued by DCI against DCP could prove
unaffordable for DCI. Following receipt of such communication
from DCP, one shareholder has even suggested that DCI obtains third
party funding for its litigation against DCP.
The DCI board therefore wishes to advise
shareholders that it started exploring litigation funding for most
of its litigation against DCP from a third party in 2023, with a
funding agreement signed earlier this year.
Further, concerning DCI's litigation against
DCP and individuals associated with DCP in Greece, DCI has the
funding in place to carry the litigation to its conclusion, with a
maximum cost to DCI estimated at approximately €100,000. DCI's
directors believe that for such a modest cost it is overwhelmingly
in the best interest of shareholders as a whole that this
litigation is pursued, as the advice provided to the Company is
that the financial upside the Company could expect from success is
currently c.€57.0 million, with the potential for this amount to
increase. The litigation funding that DCI has secured will
mitigate DCI's legal costs in pursuing this claim and means that
DCI is well positioned to continue to their conclusion all its
legal cases and claims against DCP.
The Board of DCI would also like to use this
opportunity to respond to DCP's misleading statement that this
€57.0 million claim only relates to the Amanzoe option. This
is incorrect. Many different claims have been made and these
are unrelated to the Amanzoe option.
The Directors anticipate that they will release
a general update on DCI and its portfolio next week.
Enquiries
DCI
Advisors Ltd
Nicolai Huls / Nick Paris, Managing
Directors
|
nickparis@btinternet.com
+44 (0) 7738 470550
|
Cavendish Capital Markets (Nominated Adviser &
Broker)
James King / Jonny Franklin‐Adams /
Edward Whiley / Oscar Valeur‐Adu (Corporate Finance)
Pauline Tribe (Sales)
|
+44 (0) 20 7220 0500
|
FIM
Capital Limited (Administrator)
Lesley Lennon / Grainne Devlin
(Corporate Governance)
|
llennon@fim.co.im
/ gdevlin@fim.co.im
|
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END
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