New Risk • Jul 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Revenue is less than US$5m (€2.3m revenue, or US$2.6m). Market cap is less than US$100m (UK£41.6m market cap, or US$56.0m). Duyuru • May 30
DCI Advisors Ltd. Announces Board Changes, Effective May 25, 2026 DCI Advisors Ltd. announced that, immediately prior to the Company's Annual General Meeting held on May 26, 2026, it received letters of resignation as Directors from Nicolai Huls and Nick Paris effective May 25, 2026. Given that Nicolai Huls and Nick Paris tendered their resignations as directors of the Company effective prior to the AGM, resolutions 3 and 4 relating to their respective re-appointments as directors were not tabled at the meeting and were therefore withdrawn. The Board now comprises Martin Adams, Nikiforos Charagkonis, Oliver Corlette and Sean Hurst. Duyuru • Apr 01
DCI Advisors Limited, Annual General Meeting, May 26, 2026 DCI Advisors Limited, Annual General Meeting, May 26, 2026. Reported Earnings • Mar 31
First half 2026 earnings released: €0.003 loss per share (vs €0.02 loss in 1H 2025) First half 2026 results: €0.003 loss per share (improved from €0.02 loss in 1H 2025). Net loss: €2.56m (loss narrowed 83% from 1H 2025). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Duyuru • Mar 21
DCI Advisors Ltd Announces Reorganization of Board Committees DCI Advisors Ltd. announced that the composition of the Committees that serve the Board was changed at a meeting of the Board of Directors held on March 19, 2026. The new composition is as follows: Audit Committee: Nick Paris, Chairman; Martin Adams, member; Nikiforos Charagkionis, member. A search has also been initiated to hire a new Independent Non-Executive Director who will become Chairman of the Audit Committee as Nick Paris is an Executive Director and the recommendation of the Quoted Company Alliance is that an Audit Committee should be chaired by a non-executive director. Nomination & Corporate Governance Committee: Sean Hurst, Chairman; Martin Adams, member; Nikiforos Charagkionis, member. Reported Earnings • Jan 02
Full year 2025 earnings released: €0.023 loss per share (vs €0.002 loss in FY 2024) Full year 2025 results: €0.023 loss per share (further deteriorated from €0.002 loss in FY 2024). Net loss: €17.2m (loss widened €15.7m from FY 2024). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Board Change • Oct 21
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 new directors. 2 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). MD & Executive Director Nicolai Henri Pierre Huls is the most experienced director on the board, commencing their role in 2021. Non-Independent Non-Executive Director Nikiforos Charagkionis was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. New Risk • Oct 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 1.5% per year over the past 5 years. Revenue is less than US$1m (€572k revenue, or US$661k). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Market cap is less than US$100m (UK£47.9m market cap, or US$63.6m). Duyuru • Oct 10
DCI Advisors Limited Announces Board Changes DCI Advisors Limited at its Extraordinary General Meeting held on 10 October 2025 approved the appointment of Martin Adams as a Director. Martin will be formally appointed as a Director of DCI once all director take on procedures and kyc formalities have been completed in Guernsey, London and Cyprus. The Company also announced the appointment of Mr. Nikiforos Charagkionis as a Non-Independent Non-Executive Director of the Company with immediate effect. Following the recent changes, the composition of the Board will now consist of a majority of non-executive directors, reinforcing the commitment to oversight and strong corporate governance. Nikiforos Charagkionis is a Greek executive and entrepreneur with nearly 30 years of experience in commercial real estate development and retail technology solutions. He currently serves as Managing Director at both Acropole Charagionis, a family-owned real estate development firm, and Chronografiki S.A., a provider of retail and industrial technology solutions. At Acropole Charagionis, where he has worked since 1995, he advanced from the commercialization department to executive leadership, overseeing major property acquisitions, development, leasing, and asset management. He has co-developed large projects such as a shopping center in Thessaloniki, managed international tenants like H&M and Inditex, and led partnerships with firms including Sonae Sierra. In addition to his executive roles, Nikiforos provides ongoing advisory services for real estate clients, specializing in development strategy, asset repositioning, and joint ventures across retail, mixed-use, and office sectors. He holds a BSc in Industrial and Business Economics from the London School of Economics and an MSc in International Economics and Management from SDA Bocconi. Fluent in Greek and English, with basic knowledge of Italian and French, his expertise spans real estate strategy, tenant negotiations, business development, executive leadership, and the integration of technology into retail solutions. In addition, Gerasimos Efthimiatos has ceased to be a Director of the Company with immediate effect. DCI is a modest sized company which does not need the services of six directors. Duyuru • Oct 02
Almitas Capital LLC Response to DCI Advisors Limited EGM Update Announcement On October 2, 2025, Almitas Capital LLC announced that it has reviewed the Company’s EGM Update dated September 26, 2025, concerned by the partisan tone, inaccurate claims, and misleading statements made by the independent directors, mentioned that in its view, these communications raise questions of corporate governance, proper exercise of directors’ fiduciary duties, and compliance with law. In addition, Almitas Capital stated that it has instructed its legal counsel to prepare a letter demanding the Company withdraw and apologise for false statements, some of which defame Ron Mass, the principal of Almitas Capital, if the Company does not do so, Almitas Capital reserve all rights, including the right to pursue legal action for redress. Almitas Capital alleged self-serving actions by directors, including proposing misaligned incentive schemes worth over €11 million, raising executive salaries to €250,000 without shareholder input, inserting poison pill clauses in loans to entrench directors, favouring related parties in loan terms, amending Articles to make director removal harder, incurring excessive expenses. Further, Almitas Capital mentioned the Company’s legal and fiduciary breaches regarding delayed the requisitioned EGM by 311 days, misrepresented executive directors as independent, excluded duly elected director Efthimiatos from meetings and financial info, failed to consult shareholders on remuneration, and ignored shareholder concerns. Almitas Capital recommended the shareholders of the Company to elect Martin Adams to the board, demand accountability for governance breaches, insist on transparency and proper fiduciary conduct. Duyuru • Sep 13
DCI Advisors Ltd Reaches Global, Comprehensive, Confidential Settlement Agreement with Dolphin Capital Partners Ltd The Directors of DCI Advisors Ltd. announced that DCI has reached a global, comprehensive, confidential settlement agreement with its former Investment Manager, Dolphin Capital Partners Ltd. (DCP), bringing all outstanding legal proceedings between the parties and their related parties, as well as the proceedings between DCI and Zoniro, to a close. This includes the resolution of all litigation proceedings previously ongoing in both the English and Greek courts which the parties have sought to irrevocably resolve, as well as a comprehensive waiver by both parties to refrain from raising further and/or additional claims against one another and their related parties. On the terms of this settlement, both parties have agreed to a comprehensive waiver of claims of wrongdoing against each other and have confirmed that matters between them are now fully and finally settled in an amicable fashion, with no further disputes outstanding. In connection with this agreement, DCI will receive a cash payment and DCP will receive certain assets. The resulting positive impact on the Company's Net Asset Value (NAV) after correcting for the advance payments is expected to be approximately €4.2 million. The Company's audited accounts shall provide further details in this regard. This global settlement agreement represents a constructive and value-enhancing outcome for both DCI and DCP, as well as its founder Mr. Miltos Kambourides, allowing each to focus fully on their strategic priorities going forward. Duyuru • Aug 08
Almitas Capital Provides Information to Shareholders of DCI Advisors On August 8, 2025, Almitas Capital LLC announced that is committed to the principles of strong corporate governance, including advocating for board structures where independent directors, with relevant expertise, constitute the majority, and it stated that it has concerns regarding DCI Advisors Limited’s current governance practices, including 1) lack of strategic progress poor operational & financial performance, 2) unreasonable large and misaligned executive compensation, 3) lack of independence on the board as defined by the UK, QCA and AIC and exclusion of certain directors from participating in Board proceedings. In addition, Almitas Capital calls for the appointment of Martin Adams to the Board. Duyuru • Jun 14
Dci Advisors Limited Appoints Alexios Anastasiou as Alternate Director DCI Advisors Limited announced Mr. Alexios Anastasiou has been appointed as an Alternate Director to Nicholas Paris in order to attend meetings of the DCI directors if he is unable to do so. He is based in Athens and has been closely involved in advising DCI on the development of The Kilada Hills Golf Resort for a number of years. Current Directorships; Mindcompass Overseas Agoras Anaptyxis kai Ekmentalleusi Akiniton S.A. Mindcompass Overseas Two Agoras Anaptyxis kai Ekmentalleusi Akiniton S.A. Mindcompass Parks Agoras Anaptyxis kai Ekmentalleusi Akiniton S.A. Scorpio Bay Resort Agoras Anaptyxis kai Ekmentalleusi Akiniton S.A. Golfing Developments Meletitiki Kataskeuastiki S.A. Etaireia Anaptyxeos Kritis Ktimatiki, Techniki, Touristiki, Emporiki S.A. Anastasiou A. & Sia L.P Ingenium Developments L.P Iglide Single Member P.C Blocktopus P.C. Meteorologica P.C. Pythagoras Systems Single Member Ltd. Zeus Partners Ltd. I4CU Limited. Previous Directorships held in the past five years; Zoniro Kataskeuasti ki Techniki Symvouleutiki Anaptyxis Akiniton Monoprosopi S.A. Attis Akiniton kai Kataskeunon Emporiki kai Techniki S.A. Omnieview Monoprosopi Agoras Anaptyxis kai Ekmentalleusis Akiniton S.A. Aristo Ntevelopers Ktimatiki, Techniki, Oikodomiki, Touristiki, Xenodocheiaki, Emporiki S.A. Varma Developers S.A. Duyuru • Feb 12
DCI Advisors Limited, Annual General Meeting, Feb 27, 2025 DCI Advisors Limited, Annual General Meeting, Feb 27, 2025. Duyuru • Dec 10
DCI Advisors Ltd to Report Fiscal Year 2026 Results on Dec 31, 2026 DCI Advisors Ltd announced that they will report fiscal year 2026 results on Dec 31, 2026 Duyuru • Nov 05
Gerasimos Efthimiatoswho to Join the Board of DCI Advisors Ltd with Effect from 15 November 2024 as Non-Executive Director DCI Advisors Ltd. announced that Mr. Gerasimos Efthimiatoswho is based in the USA has been invited to join the Board of DCI with effect from 15 November 2024 as a non-executive director. Duyuru • Jun 20
Dolphin Capital Partners Ltd Announces €12 Million Counterclaim Filed Against DCI Advisors Ltd Dolphin Capital Partners Ltd. (DCP) announced that a counterclaim has been filed in Greece against DCI Advisors LTD (formerly known as Dolphin Capital Investors Limited, DCI) on 17 June 2024. Duyuru • Nov 23
DCI Advisors Ltd, Annual General Meeting, Dec 15, 2023 DCI Advisors Ltd, Annual General Meeting, Dec 15, 2023, at 10:00 Central European Standard Time. Location: the offices of Gowling WLG, 38, avenue de l'Opéra, 75002 Paris, France Paris France Duyuru • Feb 13
Dolphin Capital Investors Limited Announces Directorate Change Dolphin, announces that Martin Adams, who has been Chairman of the Board of Directors of the Company since 30 June 2021, has resigned as a Director with immediate effect. The Board and the Investment Manager would like to thank Martin for his guidance and support in (i) improving the Company's corporate governance; and (ii) implementing itsnew investing policy and realisation strategyaimed at selling the remaining investments, repaying debt and distributing the net proceeds to Shareholders. Sean Hurst has been appointed as a Director, also with immediate effect, and elected by the Board to be the new Chairman. He has 32 years experience in the financial services industry including 29 years involved in listed closed-end investment companies and 15 years as an investment manager focused on absolute return, relative value mandates investing in closed end funds. He was a co-founder, Director and CIO of Albion Asset Management, a French regulated asset management company, from 2005-2009. He is an experienced multi-jurisdictional Director including roles at London/AIM-listed funds and numerous offshore and UCITS funds and is a specialist in UK-listed fund reorganisations. He is currently the Non-Executive Chairman of JPEL Private Equity Ltd. which is invested in Global private equity funds and co-investments and the Senior Independent Director of Vietnam Holding Ltd. which is invested in Vietnam equities and he was a Non-Executive Director of AIM-listed ARC Capital Holdings Ltd. which was invested in Chinese private equity. He holds an MBA in Finance from CASS Business School in London and is a resident of France. Duyuru • Sep 15
Dolphin Capital Investors Limited, Annual General Meeting, Oct 18, 2022 Dolphin Capital Investors Limited, Annual General Meeting, Oct 18, 2022, at 09:00 Coordinated Universal Time. Location: 55 Athol Street, Douglas, Isle of Man, IM1 1AP Isle of Man United Kingdom 
