Majority shareholder in Dolphin Cove to sell its stake

Dolphin Cove has announced that its majority shareholder has agreed to sell its stake in the company.

In a disclosure to the Jamaica Stock Exchange, the company said World of Dolphins Incorporated has entered into a share purchase agreement to sell its 313.9 million shares, representing approximately 80 per cent of Dolphin Cove, to Global Attractions, a company incorporated in Saint Lucia.

The transaction remains subject to several conditions, including the refinancing and repayment of Dolphin Cove's existing loan facility with Sagicor Bank Jamaica.

Dolphin Cove says, once the acquisition is completed, the new owner will be required to comply with Jamaica Stock Exchange rules and securities regulations governing changes of control.

Under the takeover rules, Global Attractions will also be required to make a mandatory offer to purchase the shares held by the company's remaining shareholders within 30 days of acquiring control.