Dolphin Discovery Acquires Controlling Interest in Dolphin Cove

Dolphin Discovery Acquires Controlling Interest in Dolphin Cove

The Dolphin Discovery Group of Mexico announced that it has acquired approximately 58.5% of the ordinary share capital of Dolphin Cove Limited. The consideration paid by World of Dolphin Inc., a subsidiary within the Dolphin Discovery Group ranged from a low of J$13.70 (or US$0.1143) to a high of J$16.03 (or US$0.1338) per share. The majority of the shares were purchased from the holdings of Stafford Burrowes, the founder and principal shareholder of Dolphin Cove. Burrowes and persons connected with him will continue to own in excess of 10% of the Company. Stafford Burrowes will remain as chairman of the Company and it is anticipated that a number of the current directors will resign to make way for additional directors to be appointed by the Dolphin Discovery Group.

Under the rules of the Jamaica Stock Exchange and the Securities Take-Over and Mergers Regulations, DCOVE will have to make a “follow up” mandatory bid to the other shareholders within 30 days at the price at which control was acquired. However, the CEO of Dolphin Discovery indicated that there is no intention to delist the company from the Stock Exchange.