Dolphin Capital was presented to Curran Financial Services in 2013 as a bespoke, income generating investment fund with a 1yr term. After undertaking a due diligence process that included site & office visits, we introduced the fund to a small number of investors. Over 2014, additional information was sought and received in relation to the process & security. Through 2014 & 2015, all investments matured on time with coupons and returned to clients.
The fund rebranded as Dolphin Trust and new terms of 3 & 5 years were made available.
Between 2015 & 2018, the fund continued, with no delays of distributions or maturities. Regular visits due diligence exercises also maintained.
IMPORTANT: All investments at this time had ‘localised’ security – i.e. assigned to the particular project in which funds were invested. Wealth Options operated at the Trustee company for investment, distributions & maturities, but were not the investment manager.
- 2014.02 Investment Structure
- 2014.02 CreditRatingReport
- 2014.02 SFG Letter
- 2014.04 BK Law
- 2014.05 DT Project Track
- 2014.05 SEB
- 2014.08 Dolphin FAQ
- 2014.11 Dolphin Rebrand
- 2015.08 Credit Rating
- 2016.03 DT CorpBrochure
- 2016.04 DT Project Track
In 2018, Wealth Options secured the role of Investment Manager as well as Trustee for Irish Investors. This resulted in a change of terms for new investors (lower annual distributions) and, crucially, a change from localised to ‘collective’ security arrangements. Existing investors would retain their original terms for distributions but change over to the new security framework. The new arrangement involved independent security, in the form of property deeds, held by Wealth Options that would match or exceed, at all times, the total value of the equity loaned into Dolphin Trust. Also, Dolphin Trust would no longer be required to inform investors what projects their funds were assigned to, on the basis that this was becoming inefficient due to inflows of capital and increased project sizes.
IMPORTANT: Before Wealth Options took the role of Investment Manager, the investment was restricted (by ‘Agency Appointment’) to a small (<10) number of advisory firms. Wealth Options offered it openly to the Irish Broker Market, increasing the access and fund size from c. €40m to c.€110m in 14 months.
During 2019, news was received that UK Investors were facing delays in their distributions. Throughout 2019, brokers & investors were provided with regular updates explaining the reasons for these delays, while also reassuring Irish parties that this in no way affected them because of the collective security arrangement. Visits to the DT offices were taken regularly by firms and investors to seek reassurance on this point directly from DT management.
In November 2019, Irish Investors were informed there would be a delay in distributions & maturities scheduled for that month. By December 2020 the fund was closed to new investors and all parties were informed that DT (now under the name German Property Group – GPG) was not in a position to honour it’s commitments.
- 2019.05 GPG Press
- 2019.05 WO Detailed Statement
- 2019.05 WO DT Statement
- 2019.07 WO Update Sols Confirmation
- 2019.11 DT FAQ
- 2019.11 Site Val
- 2019.11 Sol Letter Security
- 2019.11 Closing to New Business
- 2019.12 GPG Letter Non Payment
- 2019.12 WO Update Missed Payment
- 2019.12 WO Update Non Payment
Since January 2020, investors & advisory firms have had to deal with an extremely frustrating process of trying to exit from Dolphin Trust with the capital/security as promised by Wealth Options. Initially the communicated goal was that the GPG Group would attempt a restructuring exercise as advised by an independent auditing firm called CFE. However this was quickly dismissed as unrealistic and by the time the Covid Pandemic was in place, the most likely outcome for all was the wind up of the GPG Group, with an insolvency firm appointed to deal with the creditors, including Wealth Options (i.e. Irish Investors). This first firm, who, according to Wealth Options’ Legal Team in Germany – Dentons, were ready to pass over the assigned security to them in July, were subsequently replaced and a second firm appointed. Since then, we await confirmation from these receivers that the security is ready to be transferred.
Over the year, information has regularly made it’s way into the media, usually sourced from online UK Investor advocacy groups. At no point has any of this information been verified or authenticated, but it has raised significant anxiety for all investors and representatives.
As of this point, the only acceptable outcome for investors is the return of the security, at or close to the capital value that has consistently been promised by Wealth Options. Other scenarios are being explored but it would be premature to engage them fully at this point.
- 2020.01 WO Update
- 2020.01 GPG Loan Note
- 2020.02 Sols Letter Security
- 2020.02 Updated Security Value
- 2020.02 WO Letter Security Assurance
- 2020.03 GPG Irish Update
- 2020.05 WO Update
- 2020.07 Insolvency Press Release
- 2020.07 WO Update Regarding Insolvency
- 2020.09 WO Options Letter
- 2020.11 WO Update Letter