World of Dolphins increased their holding in Dolphin Cove to 79.99 percent following the closing of compulsory offer to purchase shares from the minority shareholders, the company reported in a release to the stock exchange.
The Offer was accepted by 110 shareholders of Dolphin Cove who tendered 48,815,711 ordinary shares representing approximately 12.44 percent of all the shares issued by Dolphin Cove. Stafford Burrowes former majority owner sold a further 35,475,929 shares to World of Dolphins at the offer price of US$0.1338 per share.
On November 18, 2015, World of Dolphins Inc. acquired 58.51 percent amounting to 229,610,218 shares in Dolphin Cove’s issued shares. The majority of these shares were purchased from Stafford Burrowes, the founder and principal shareholder of Dolphin Cove. On December 18, 2015, World of Dolphins Inc. made the follow-up offer (“the Offer”) to purchase all shares in Dolphin Cove not already held by World of Dolphins at a price of US$0.1338 per share.