Dolphin has put out a statement following the imposition of capital controls within Greece. It says the cash balances of the Group’s subsidiaries deposited with banks operating in Greece as at 26 June 2015 amounts in aggregate to €1.5m and the largest part of the Greek deposits relates to working capital used in the operations of the Group’s Amanzoe and Nikki Beach resorts. They expected this to be used in the ordinary course of business.
The rest of their cash (excluding restricted cash under financing arrangements) was €55.8m at 26 June 2015. €53.3m of this is held at the Isle of Man, by Capital International Limited, the Company’s Custodian, in a Royal Bank of Scotland account. The restricted cash balances of the Group €18.4m held at banks in the Dominican Republic, Isle of Man and Cyprus.
To make life easier for themselves, they will publish semi-annual rather than quarterly NAVs in future.
DCI : Dolphin statement on Greek capital controls