World of Dolphins Inc’s reaches share target for Dolphin Cove

BY AVIA COLLINDER Business reporter collindera@jamaicaobserver.com

Tuesday, January 26, 2016

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World of Dolphin Inc said this week it has acquired a 79.9 per cent shareholding in Dolphin Cove, the maximum allowable limit under the agreement with lockout shareholders.


It also earlier indicated that it spent around US$30.5 million to obtain the 58.51 per cent shareholding first acquired and approximately US$11.4 million to fund the remaining, for a total of US$41.9 million.


Following the acquisition of 58.5 per cent of the company in November last year, the company embarked on a mandatory acquisition of remaining shares at $16.03 (or US$0.1338) per share. A lockout agreement stipulated purchase of no more than 79.9 per cent.


The 20.1 per cent which remains in the hands of the public permits continued listing on the Junior Market of the Jamaica Stock Exchange (JSE).


The offer opened on December 18 and closed on Friday January 8.


World of Dolphins said, via a notice on the JSE last week, that the offer was accepted by 110 shareholders of Dolphin Cove who tendered 48,815,711 ordinary shares representing another 12.44 per cent of all the shares issued.


It said that Stafford Burrowes also sold a further 35,475,929 shares to World of Dolphins at the offer price of US$0.1338 per share, leading to the current shareholding of 79.99 per cent of the shares issued by Dolphin Cove.


World of Dolphins, a subsidiary of the Dolphin Discovery Group, is headed by Dolphin Capital Company S de RL de CV. The Group operates 11 dolphinariums and parks in Mexico and one each in Tortola (BVI), Grand Cayman, Anguilla, St Kitts and the Dominican Republic.


With the acquisition of Dolphin Cove Jamaica, the privately owned company adds four more dolphinariums for a portfolio of 22 parks and dolphinariums in nine territories.


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