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On September 16, 2024, DCI Advisors Ltd announced a further delay in publishing its audited annual results for the year ended December 31, 2023, and interim results for the six months to June 30, 2024, both now anticipated for publication in October 2024. Its ordinary shares of €0.01 each, which have been suspended on AIM since July 1, 2024, are also expected to be re-listed in October. The company additionally anticipates receiving €22 million from the 100% sale of its Livka Bay interest during September.
| Date | 16 Sept 2024 |
| Time | 08:54:10 |
| Category | Miscellaneous |
| ID | 3134E |
DCI Advisors Ltd
(the "Company" or "DCI")
Delay in Publication of Annual Results and Temporary Suspension
16th September 2024
The Board of the Company provides the following update with respect to its audited annual results for the year end 31 December 2023 ("Annual Results") and its temporary suspension from trading on AIM.
Delay in Publication of Annual Results
DCI's auditor is KPMG Cyprus in cooperation with KPMG Greece and KPMG Croatia who audit the assets in those respective countries.
On the 18th June, the Company informed shareholders that the audit was expected to take until at least 9 August 2024, which was the best indication of timing the Board had received at the time.
Although disappointed that the audit has not yet completed, the Board confirms that the audit continues apace and now anticipates that the audited Annual Results will be published during October 2024. At the same time, the Company also expects to publish the interim results for the 6 months to 30 June 2024 in October.
The Board would like to reiterate that robust sale plans have been identified for each asset in the portfolio and expects to give an update on these when the audited annual and interim results are published.
Temporary Suspension
As announced on 18 June 2024, DCI's ordinary shares of €0.01 each ("Ordinary Shares") were suspended on 1 July 2024 after the Company was unable to publish its audited annual results.
DCI's Ordinary Shares remain suspended for the time being and the Board anticipates that suspension will be lifted during October after the audited Annual and Interim Results are published.
Further announcements will be made as required.
Update on Livka Bay process
As noted on the 28 June 2024, the Company entered into a Sale & Purchase Agreement to sell the Company's interest in Livka Bay on the island of Solte near to the city of Split on the Dalmatian Coast in Croatia (the "Sale"). The Board stated at the time that completion of this Sale was expected to take place shortly and is for 100% of the Company's interest, for a price of €22 million. The Board reiterate that it is nearing full completion and anticipates being in receipt of funds during September.
Enquiries
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DCI Advisors Ltd Nicolai Huls / Nick Paris, Managing Directors |
+44 (0) 7738 470550 |
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Cavendish Capital Markets (Nominated Adviser & Broker) James King / Jonny Franklin-Adams / Edward Whiley / (Corporate Finance) Pauline Tribe (Sales) |
+44 (0) 20 7220 0500 |
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FIM Capital Limited (Administrator) Lesley Lennon (Corporate Governance) |
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