Bottom Fishing: Third Point To Buy Stake In Greek Property & Land Company

From Market Folly:

Daniel Loeb’s hedge fund Third Point has entered into a deal to buy up to euro 45m worth of new shares in AIM listed property company, Dolphin Capital Investors (LON: DCI) .

A Play on Greece

Dolphin Capital Investors are a large private owner of developable seafront land in Greece and Cyprus. Dolphin also holds a 50% stake in Aristo Developers, the largest holiday-home developer in Cyprus.

This isn't Third Point's first foray into the mess that is Greece.  Loeb is long Greek government bonds, a position revealed in their Q3 letter.

Special Rights Issue

Via a special rights issue, Dolphin Capital Investors are offering Third Point the chance to buy between euro 30-45m shares at GBP 0.195 per share. At the close on October 18th, DCI’s shares were worth GBP 0.265 so Third Point has the chance to buy their shares at a discount....

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