DCI Advisors Limited Update on legal actions (6335W)
13 12월 2023 - 5:46PM
UK Regulatory
TIDMDCI
RNS Number : 6335W
DCI Advisors Limited
13 December 2023
DCI Advisors Limited
(the "Company")
Update on legal actions with Dolphin Capital Partners Limited
("DCP")
13 December 2023
The Board of DCI Advisors Ltd ("DCI" or the "Company") provides
the following update on all current legal disputes between the
Company and its former Investment Manager, DCP, and DCP's close
business partners. The background for these legal disputes is that
the Company terminated the Investment Management Agreement dated 1
December 2021 (the "IMA") between the Company and DCP on 20 March
2023 on the basis of a repudiatory breach of contract by DCP for
failing to disclose a share option contract in relation to the sale
of the Amanzoe resort in 2018 (the "Undisclosed Share Option
Agreement").
1. The most recent development is the filing of criminal charges
in Greece by DCI against Miltos Kambourides, Michael Tsirikos, and
some members of staff of DCP and DCP's close business partner
Zoniro SA in Greece. These criminal charges were filed on 12
December 2023, and involve allegations of money laundering, and the
abuse of corporate governance. In total 9 individual cases were
filed as part of these criminal charges.
2. In August 2023, DCP's close business partner Zoniro Ltd
issued a statutory demand claiming that certain sums were payable
to it by DCI and another DCI group company. As background, Zoniro
SA (until 2015 part of DCI) used to be DCI's project development
manager for its Greek assets until the termination of the
agreements with Zoniro by DCI for suspected misconduct. DCI has
issued proceedings in the Commercial Court in the BVI to formally
set aside the two statutory demands, and has explained in its court
filings the close relationship between DCP and Zoniro and evidence
of collusion between the two to cause harm to DCI. Zoniro has not
responded to DCI's proceedings, and is now out of time to do so,
suggesting that it has no answer to the allegations set out in
DCI's evidence. A hearing is scheduled to be held in the BVI Court
in February 2024 when the matter will be determined. Until that
time, we do not expect any material developments in those
proceedings. Zoniro also started legal proceedings against one of
DCI's subsidiaries in Greece, and the Greek affiliate is defending
the case vigorously.
3. In early April 2023, DCP filed a claim in the High Court of
Justice of England and Wales against DCI alleging a repudiatory
breach of contract by the Company in relation to the termination of
the IMA (the "Commercial Claim") and claiming for unpaid fees. The
Company considers the Commercial Claim to be opportunistic, and
without merit and is defending it vigorously. The Company filed its
defence and counterclaim in June 2023, and it has also applied to
accelerate the matter by filing a reverse summary judgment / strike
out application to summarily determine the principal points of each
party's claims and counterclaims. The reverse summary judgment
hearing is scheduled to be held in March 2024.
As the above actions show, the Company will pursue all legal
options to defend itself and recover the value arising from the
Undisclosed Share Option Agreement and damages from other cases.
The directors continue to believe that the value of the Undisclosed
Share Option Agreement could be material in the context of the size
of the Company, but at this time they are not in a position to be
able to put a precise quantum on the Undisclosed Share Option. No
accrual has therefore been made in the Company's financial accounts
although the costs of all legal actions are accrued as they are
incurred.
Enquiries
DCI Advisors Ltd
Nicolai Huls / Nick Paris, Managing Directors nickparis@btinternet.com
+44 (0) 7738 470550
Cavendish Capital Markets (Nominated Adviser & Broker)
William Marle / Jonny Franklin-Adams / Edward Whiley / (Corporate Finance)
Pauline Tribe (Sales) +44 (0) 20 7220 0500
--------------------------------------
FIM Capital Limited (Administrator) llennon@fim.co.im / gdevlin@fim.co.im
Lesley Lennon / Grainne Devlin (Corporate Governance)
--------------------------------------
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END
UPDTJBPTMTIBMFJ
(END) Dow Jones Newswires
December 13, 2023 03:46 ET (08:46 GMT)
DCI Advisors (AQSE:DCI.GB)
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부터 10월(10) 2024 으로 11월(11) 2024
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부터 11월(11) 2023 으로 11월(11) 2024
