Dolphin Capital $DCI – reentered

Have just bought back in to DCI at 6.3p 4.4% portfolio weight.  I am easing up on weights a bit as I have not had a particularly good run of ideas of late, better to be careful before I get my mojo back!

Quick refresh this is a luxury resort developer, mostly in Grece I bought in Dec 2016 before selling out at evens in April 2017.

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Dolphin Capital $DCI – bit fishy but worth a try…

Bought some DCI a couple of weeks ago at 7.25 – 4.7% portfolio weight.  Picked up more today at 8p – now a 6.8% portfolio weight.  They released an RNS in Mid November – basically selling property and paying down debt.  I thought this significantly derisked the company.  On Friday 2nd they announced an EGM – they are moving into liquidation mode.

They are a resort development company.  They have just sold Playa Grande at 10% below Nav and paid down debt.  They now have a debt to total assets ratio of 18.5%. Factsheet is here.

#EDIT 8/4/2017 – sold out flat – concerned this might take longer than expected – below may still hold though…