Dolphin issued 217,959,896 new common shares at 96p each, making it the second largest company in its sector on AIM.
The funds will be directed towards the company’s ongoing investment programme.
Targeting residential resorts in south-east Europe, principally Greece, Cyprus, Turkey and Croatia, Dolphin are currently in negotiation for $280m worth of projects.
The money raised by the placing will be used to fund the Company's ongoing investment programme.
Corporate finance partner Nick Heather, corporate finance partner for Lawrence Graham, led the Lawrence Graham team advising Dolphin and was assisted by John Reed.
Miltos Kambourides, founder and managing partner of Dolphin Capital Partners, commented: “We are very delighted with the level of support from existing and new investors. We look forward to deploying the funds raised in securing additional.”
Panmure Gordon, broker to Dolphin, was sole bookrunner in connection with the placing and was advised by Travers Smith (Aaron Stocks). Grant Thornton is the nominated adviser to Dolphin. Lawrence Graham LLP were legal advisers.
© Crimson Business Ltd. 2006
