Dolphin Cove selling its Lucea property

Dolphin Cove selling its Lucea property

Hotel to be constructed on property

Observer business writer

Wednesday, March 25, 2020

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Dolphin Cove Limited is selling its property in Lucea, Hanover, on which the marine park in the parish is located.

The property is being sold through Dolphin Cove's subsidiary, Dolphin Cove (Negril) Limited, which has already granted to Reserve Investments Limited an option for one year, renewable for a further period of one year, to purchase the prime beachfront property.

The land is being sold for the purpose of constructing a hotel. Under the deal, Reserve Investments will pay Dolphin Cove US$100,000 to exercise the first-year purchase option, and a further sum of US$100,000 will be payable if the option period is extended for a further year.

Dolphin Cove, which is incorporated and domiciled in Jamaica, has as its principal activities the operation of a tourist attraction comprising dolphin programmes plus ancillary operations such as restaurants, gift and video shops at several locations.

Dolphin Cove advised the stock exchange, on which its shares are traded on the junior market, that the deal took effect on March 3, 2020. Under the purchase arrangement Dolphin Cove reports that it has retained the right to continue to operate its marine park in the hotel.

In addition, Dolphin advises that it has successfully negotiated being “adequately compensated should the park at Lucea need to be closed for any reason and period during construction, in the event the option is exercised”.

The company, which has its principal place of business at Belmont Road, Ocho Rios, St Ann, promises to keep the market abreast of any additional developments.

Dolphin Cove (Negril) was incorporated in Jamaica on May 11, 2010, and commenced operations in September 2010. Its principal place of business is located at Point, Lucea in Hanover, where it offers dolphin programmes and ancillary operations similar to that of the company.

Dolphin Cove reported a loss in profit of almost 40 per cent for 2019, moving from US$2.33 million to US$ 1.63 million in the period under review. In it's just-completed audited financial statements for 2019 the company made a slight gain of almost US$1,000 on the disposal of property, plant and equipment, compared with a loss of US$105.

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