Dolphin Cove majority shareholder gets offer to buy its shares

Ultimate parent company still engaged in Chapter 11 bankruptcy in America

Durrant Pate / Contributor

Jamaican based attractions company, Dolphin Cove has been made aware of a proposed share purchase agreement or similar arrangement involving the ordinary shares in the company held by its parent company, World of Dolphins Inc, which is registered in Bridgeton, Barbados.

The Board of Dolphin Cove has requested further information from World of Dolphins to enable the local subsidiary to assess the matter and determine whether any disclosure, regulatory, takeover, shareholder communication, or other obligations arise under the Jamaica Stock Exchange (JSE) Rules, Junior Market Rules, securities laws, and corporate governance requirements.

The move by World of Dolphin Cove to offload its 79.99 per cent stake in Dolphin Cove, a marine attractions company operating four locations on the island’s north coast at Ocho Rios, Moon Palace, Jamaica Grande, and Lucea, came last year, as its ultimate parent company, Leisure Investments Holdings LLC began bankruptcy court proceedings in Delaware, USA.

Another bankruptcy proceeding

In February 2025, Dolphin Cove revealed that its Mexican company, Dolphin Discovery, a parent of World of Dolphins, had begun insolvency and restructuring proceedings in a Mexican court. In March that year Leisure Investments Holdings began bankruptcy court proceedings in Delaware.

World of Dolphins, at the time, pledged its 79.99 per cent stake in Dolphin Cove, as collateral for a note purchase agreement on behalf of Dolphin Discovery. In its latest note to the JSE, Dolphin Cove advised that it will make further announcements as appropriate once additional information is received and assessed by the Board.

World of Dolphins appointed investment bankers at Greenhill & Co to manage the note transaction and coordinate inquiries from parties interested in purchasing all or part of the controlling stake. Dolphin Cove maintains independent operational status and its marine attractions across Jamaica continue to function normally despite the ongoing corporate restructuring.

Dolphin Cove’s operations continue unaffected, and the company has maintained its independent operational status. The board says it will continue to monitor the situation and make further disclosures as required.