Dolphin Cove seats new board members, as buyer takes control

Dolphin Cove Limited shareholders on Monday approved four new directors nominated by Global Attractions Limited, the Saint Lucia-based entity that agreed in July to acquire a 79.99 per cent stake in the Jamaican marine parks operator from World of Dolphins Inc.

The sale price has not been disclosed, but the 79.99 per cent stake is valued at roughly $3.4 billion based on the company’s market capitalisation of some $4.2 billion. The transaction was executed off-market through a private share purchase agreement.

The incoming directors joined remotely and introduced themselves to shareholders during the reconvened annual general meeting, held at The Courtleigh Hotel in New Kingston. The meeting completed business left unfinished from the AGM on July 30.

They are Sylvain Dominici, a French-born former partner at Ernst & Young with experience across entertainment parks and hotels; Dr Colin Kerr, a Jamaican corporate lawyer and chartered accountant; Daris Estrella, a former head of the stock exchange in her native Dominican Republic with Wall Street experience; and Alberto Bergés González, a Spanish business executive with ties to tourism and hospitality ventures across the Caribbean and Latin America.

Dolphin Cove founder Stafford Burrowes, who sold his majority stake to World of Dolphins in 2015, retains roughly 9.8 per cent and continues to serve as chairman.

The ownership change stems from financial distress higher up the corporate chain. World of Dolphins pledged all of its Dolphin Cove shares as collateral for a US$100 million senior note issued by the group’s Mexican holding company, Controladora Dolphin SA de CV. That note went into default. Affiliated company Leisure Investment Holdings subsequently filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of Delaware in March 2025. Multiple assets across the group’s global portfolio have since been sold through those proceedings, including the Miami Seaquarium lease for a reported US$22.5 million, Marineland for US$7.1 million and Gulf World for US$4.55 million.

It is unclear whether the transaction has formally closed, as completion was subject to the refinancing and discharge of Dolphin Cove’s existing credit facilities. The seating of the new board suggests Global Attractions is effectively in control, though the company has not confirmed the legal transfer. Under JSE takeover rules, once the acquisition formally completes, Global Attractions must make a mandatory follow-up offer to the remaining shareholders within 30 days, at a comparable price.

Non-executive Director Steven Strom, an investment banker appointed to the Dolphin Cove board last July, told shareholders at the earlier AGM that the Jamaican company is operationally separate from the bankrupt parent.

“Those entities are in Chapter 11, having nothing to do with the operational performance of Jamaica, but more having to do with the previous regime and the overall balance sheet of those companies,” Strom said. “This board has done work to ensure that Dolphin Cove Limited continues to be able to operate as a going concern.”

Global Attractions Limited was incorporated in Saint Lucia on March 16, 2026 – less than four months before it signed the July 9 purchase agreement. Its beneficial owners, financing arrangements and plans for the parks have not been disclosed, a situation that has left some minority shareholders uncertain about the company’s direction.

Separately, Dolphin Cove continues to recover from the tourism fallout of Hurricane Melissa. Revenue for the June quarter dipped 37 per cent to US$2.7 million, compared with a year earlier, while profit fell to US$100,000 from US$1.1 million in the corresponding period of 2025.

Dolphin Cove operates marine parks in Jamaica, with the main attraction being guest interaction with dozens of dolphins and other marine animals.

luke.douglas@gleanerjm.com