Inconceivably tainted history of Dimand - From bubble listing to sleight of hand in financial statements

The fairy tale has been in full swing since the day the company listed on the stock exchange.
Shareholders who entered at the listing saw no benefit, as a stock collapse followed, which to this day has not recovered its losses.
And naturally, the expediency of listing on the stock exchange is beyond question, which was essentially executed at an inflated valuation (as subsequent performance demonstrated), but also to pay off the usurious loans that Dimand had taken out.

Constant mockery

Naturally, despite the permanent optimism of the primary shareholder and head of the company, Dimitris Andriopoulos, that in the following year it would be in a position to distribute a dividend, this has not materialized.
After all, each time the ironclad argument is made that no distribution is taking place in order to utilize profits to bolster its investment program and project development.
Only, at the exact same time, capital is allocated toward share buybacks, which apparently are not needed for development.
In plain terms, verbal boosting of the program is permanent, yet shareholders, in a paradoxical manner, have seen no bright days from 2022 when the company listed on the stock exchange until today.

Cheers to unsuspecting investors

In any case, the bad day was visible from dawn, specifically from the stock exchange listing.
Back then, the eager banks that would not lend to Dimand, leaving it dependent on HIG, found the solution: making unsuspecting investors, who were purchasing shares at 15 euros apiece, foot the bill.
With that money, the banks collected their handsome commissions, and Dimand secured investor funds (including those investing through domestic mutual fund professionals, who are again controlled by the banks).
Issuance costs reached the astonishing sum of 5.342 million euros on a total capital increase of 98 million euros, corresponding to 5.5% of the issuance!

The rush for the exorbitant loan

If one examines the prospectus, one can discern the haste surrounding the listing, as well as the conflict of interest issues that arise, as it states that:

«50,896 thousand euros will be allocated within three (3) business days from the certification of the Capital Increase, for the repayment of the revolving credit facility agreement dated March 22, 2022 between the Company and Eurobank (see section 3.12.1.3 "Letter of guarantee from Eurobank to TEMPUS and revolving credit facility agreement between the Company and Eurobank within the framework of Company cooperation with TEMPUS"), which concerns (a) the complete prepayment of all amounts owed pursuant to the terms of the TEMPUS Bond Loan, total sum 50,592,750.00 euros, and (b) the buyback of Preferred Shares by the Company for a total sum of 303,615 euros (see Section 3.12.1.1 "Business cooperation agreement between the Company, its shareholders and TEMPUS").

Alternatively, in the event that the above is not implemented, the aforementioned sum will be allocated by the Company within three (3) business days from certification of the Capital Increase for the prepayment of all amounts owed by virtue of the TEMPUS Bond Loan and the payment of all amounts owed for the buyback of Preferred Shares by the Company. The option of using proceeds to repay the revolving credit facility agreement dated March 22, 2022 between the Company and Eurobank is preferred by the Company».

Essentially, one can readily understand that things had reached a point where a letter of guarantee was issued for payment to Tempus, a company belonging to HIG.
To grasp what was truly transpiring, it suffices to consider that on December 23, 2019, Dimand executed a bond loan issuance agreement with a duration of up to 5 years, with TEMPUS as bondholder, for a total sum of up to 49,798 thousand euros, from which by December 31, 2021 an amount of 33,729 thousand euros had been drawn down.

Interest rate of 26.35%!

This loan carried a fixed interest rate of 10% and an interest rate of 26.35% based on the effective interest rate method!
At the end of 2021, for the 33,729 thousand euros, the loan had reached a value of 39.8 million euros and the bill arrived at 50.6 million euros.
And no one questioned how a company that ends up paying such interest to a distress fund was marketed and sold by the banks that refused to lend to it.

What did Deloitte sign?

What provokes astonishment, however, is the assurance report of Deloitte on working capital sufficiency based on unknown assumptions, when during the half-year prior to the listing, working capital on a consolidated basis was negative by 31 million euros, and it is wonder-inducing how the Hellenic Capital Market Commission swallowed it whole.

Double loss

And we arrive at today, four years and four months after its listing.
The share of Dimand closed at 13.85 euros, meaning it still trades lower, and considerably lower if one factors in inflation and the wild rally of the General Index from then until now.
In short, those who invested suffered a double loss.
First, they are still losing money, and second, they missed out on the stock market rally.
Yet, nobody was moved, since the objective of rescuing the company with investor funds was achieved in 2022, where again nobody wondered why letters of guarantee to Tempus were necessary.

The provocation of the Optima loan

Just as they do not wonder now, for example, with what ease the company borrows from Optima.
Specifically, on February 17, 2026, the Company disbursed the sum of 42,175,000 euros under a common bond loan agreement with Optima Bank as bondholder, which was signed on August 28, 2025 with a maximum amount of 50,000,000 euros.
As noted in the financial statements, the purpose of the loan is financing the acquisition of all shares in Kantza Emporiki S.A. through funding the equity participation share of the Group, as well as covering working capital needs.
As of June 30, 2026, bonds with a total value of 47,575,000 euros had been issued (December 31, 2025: 5,400,000 euros).
If one examines the transaction with Kantza Emporiki, one will find that Dimand completed on February 20, 2026, via subsidiary Arcela Investments Ltd, the acquisition of 100% of the share capital of Kantza Emporiki S.A. for a consideration of 44,637,349 euros, of which 7,226,350 euros had been paid as an advance by December 31, 2025.
In short, it completed an acquisition entirely with borrowed funds, and because that was not enough, it also took working capital as a dowry. And what a coincidence: lender and seller share a common shareholder.

The matter of... liquidation

The best was saved for Alkanor, where it reports that during the interim period from January 1 to June 30, 2026, the settlement of the sale of subsidiary Alkanor S.A. was completed, resulting in a loss for the Group amounting to 19,229 euros.
Yet on December 30, 2025, Dimand had announced that the sale to ABINVEST I Single-Member S.A. of all shares in its 100% subsidiary Alkanor S.A. was completed via its subsidiary Arcela Investments Limited.
Concurrently, it added that «the consideration for the transfer of all shares of Alkanor S.A. amounted to approximately 36.7 million euros, which was determined using the real net worth method. Invested capital by the Dimand group for this development amounted to approximately 22.0 million euros».

Manufacturing impressions

Thus, it created the impression that it generated profits in the 2025 financial year, but that was not quite the case, since financial statements show profits of 6,093,321 euros, with the remainder having been booked in previous years.
It is evident that here we have an advanced art of manufacturing impressions, which Dimand practices without the Hellenic Capital Market Commission noticing anything. They must have explained to public relations experts dedicated to preserving their seats (truly, by what process have they kept them all these years?), Lazaridou and Stamou, that the company enjoys high-level backing.

The revelation from the buyer

Matters become even more entangled if one studies the financial statements of the purchaser.
There it states that «the largest portion of the consideration was paid in cash, while there is also a contingent consideration of 1,924,816 euros which on December 30, 2025 was measured at fair value and is included in the acquisition cost of the participation, payment of which depends on the fulfillment of specific conditions linked to settlements regarding the properties of ALKANOR, which the seller must complete within specific timeframes as defined in the share transfer agreement».
The same financial statements state that the maximum amount ABINVEST I may pay stands at 2,050,000 euros, assuming the seller fully observes the conditions and commitments undertaken in the share purchase agreement.
Following this, Dimand and the certified auditor must explain how they recognized contingent consideration into earnings and how a loss resulted in the famous settlement. Under which provision of IAS was this executed?
Naturally, these are not the only curiosities concerning Dimand, where the major question is how each time a bank emerges as a deus ex machina to deliver solutions, or someone else does.

The curious dealings in Gournes

The latest achievement was the sale of the property in Gournes.
This specific property had been factored into the grand ledger of the 2026 half-year results, where the total estimated Gross Development Value (GDV) of projects upon completion was announced at 2,193.3 million euros, with the fair value of Group real estate investments (including inventories) standing at 241.3 million euros and investments in joint ventures at 111.4 million euros.
It is noted that Dimand acquired the property of the former American base in Gournes, Heraklion, Crete (via subsidiary Arcela Investments) on September 10, 2025, for a total consideration of 40.1 million euros.
The property was purchased from REDS (a subsidiary of the Ellaktor group), and fourteen months later it was sold for 72.5 million euros, of which 39.9 million euros were allocated to repay a loan.
Here the very intriguing question is whether REDS sold the property at a fire-sale price and investors of the ELLAKTOR group essentially suffered lost profits, or whether Dimand, for some unknown reason, sold as it claims with a profit exceeding 32 million euros on an asset it had once again acquired with borrowed money.
Of course, it announced no profit, but stated that it would have a significant impact on financial results, in line with its favorite practice of creating impressions.
On this front, as with other moves, the investigation continues and we shall return very shortly.

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