St Lucian company to buy majority stake in Dolphin Cove

A St Lucia-based entity has agreed to purchase the 79.99 per cent controlling stake in Dolphin Cove Ltd, bringing to a head more than a year of US bankruptcy proceedings that have held the fate of the Jamaican-listed marine attractions operator.

"World of Dolphins Inc., the company's majority shareholder, has entered into a share purchase agreement dated July 9, 2026, to sell all of its shares in the company to Global Attractions Ltd, a company incorporated in Saint Lucia," Dolphin Cove said in a market notification published on the Jamaica Stock Exchange on Sunday.

The sale price was not disclosed.

The stock last traded at J$11.59.

The identity of the individuals behind Global Attractions Ltd is not public.

Completion of the transaction is subject to conditions, including the refinancing and discharge of Dolphin Cove's existing credit facility with Sagicor Bank Jamaica Limited, the company said.

The purchaser has indicated it intends to comply with all JSE rules and applicable laws relating to changes of control, takeovers and disclosures.

Under JSE takeover and merger rules, Global Attractions will be required — within 30 days of acquiring control — to make a mandatory follow-up offer to all remaining Dolphin Cove shareholders to purchase their shares.

The sale follows a prolonged US marketing push on behalf of the debtors in the Chapter 11 bankruptcy of Leisure Investments Holdings LLC, which trades as The Dolphin Company.

It is the ultimate parent of World of Dolphins.

Leisure Investments filed for bankruptcy protection in the US Bankruptcy Court for the District of Delaware in March 2025.

A hearing in the case is scheduled for July 20, according to Verita Global, the court-appointed claims and noticing agent.

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.

The creditors holding security over the shares have been driving the sale process.

Multiple assets across The Dolphin Company's global portfolio have already been sold through the Delaware 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.

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

He will be among the shareholders entitled to receive a mandatory offer from Global Attractions once the transaction is completed.

The change in ownership comes as Dolphin Cove navigates a sharp post-hurricane downturn.

Revenue fell 39 per cent in the first quarter ended March 2026 to US$2.5 million, while profit dropped 83 per cent to US$140,000, reflecting reduced visitor arrivals after Hurricane Melissa.