Dolphin Cove’s Majority Stake to Be Sold?

• In a July 3^rd market notification, Dolphin Cove Limited (DCOVE) said its Board has been told of a possible deal to sell the company’s majority stake. Those shares are held by World of Dolphins Inc., DCOVE’s majority shareholder, and had been pledged as collateral, or charged¹.
• The enforcement of this share charge stems from the wider Chapter 11 bankruptcy and restructuring of DCOVE's ultimate parent entities, leaving investment banker Greenhill & Co. to manage the sale of the 79.99% block.
• The notification stated that the creditor holding that note was actively looking to sell the charged shares and DCOVE itself is not a party to any such deal. As at the date of the notice, Dolphin Cove’s independent directors were not aware that a binding agreement had been signed by or for World of Dolphins Inc.
• The Board has asked World of Dolphins Inc. for more information so it can assess the matter. It will then decide whether the situation triggers any disclosure, regulatory, takeover, or shareholder-communication obligations under the Jamaica Stock Exchange Rules, the Junior Market Rules, or securities laws.
• DCOVE’s stock price has fallen by 11.7% since the start of the year, closing at $10.60 on Tuesday, July 7, 2026. At its current price, the stock trades at a price-to-book (P/B) ratio of 1.0x, which is below the Junior Market Others Sector average of 1.8x.

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¹Charged shares are shares pledged as collateral (security) for a loan or other obligation. Where the borrower defaults, the creditor holding the charge can enforce its security by selling the pledged shares to recover the amount owed.

(Sources: JSE & NCBCM Research)