Dolphin Capital adjusts conversion price on convertibles, warrants

By Tali David

Minneapolis, Oct. 25 - Dolphin Capital Investors Ltd. said that DCI Holdings Seven Ltd., the holding company of the company's Playa Grande project, is adjusting the conversion price on its $40 million of convertible bonds and its warrants, according to a press release.

On Dec. 30, 2011, as part of a €8.5 million equity raising, the company issued 5,054,889 warrants to subscribe for new shares.

According to the release, the convertibles and the warrant instrument's standard provisions to adjust their respective conversion prices were triggered when the company issued the new shares because the price per new share was less than 95% of the volume-weighted average price per share for the five dealing days prior to Oct. 25.

The new conversion prices are £0.453 per share for the convertibles and £0.317 per share for the warrants.

Dolphin is a real estate investment company and the leading investor in the residential resort sector in southeast Europe.

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