Dolphin Cove, Jamaica’s First Tourism Junior Market Listing, Merges With Mexican Company

On Wednesday November 18, 2015, when over J$3 billion was exchanged for 229.7m Dolphin Cove shares, it became very obvious that a major move had been made for the Jamaican-born tourism company. The only person capable of making such a trade would be Stafford Burrowes and family who owns the largest chunk of the fast-growing tourism company.

Dolphin Cove – An amazing attraction

Later that afternoon, it was eventually disclosed that the decision was made to merge with a privately owned Mexican based company providing similar services. The Burrowes family will continue to be involved and own Dolphin Cove shares. The release by both companies also states that while a takeover offer will be made, they do not intend to delist the company.

The release from the companies stated:

The Dolphin Discovery Group of Mexico hereby announces that it has acquired approximately 58.5% of the ordinary share capital of Dolphin Cove Limited (“Dolphin Cove”), a company listed on the Junior Market of the Jamaica Stock Exchange. 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. Mr. 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.

Dolphin Cove is an amazing attraction which I have visited and also invested in during the initial public offering, and I have always thought highly of this company. I wish them all the best with the merger.