Dolfines

Since our last update, Dolfines has continued its capital increase programme with the conversion of the remaining bonds. The conversion of notes resulted in a massive dilution by creating more than 100 million shares (almost doubling), which was reflected in the tanking share price since September 2022. Accordingly, our NAV is severely impacted by the rising number of shares.

The sharp drop in the DCF is subject to the same factors that decreased the NAV. We are, however, expecting higher revenues next year, driven by successful acquisitions and awards by the French government.