Dunedin Enterprise Inv Trust PLC Dunedin Enterprise realisation of Alpha (2856T)
11 October 2017 - 5:18PM
UK Regulatory
TIDMDNE
RNS Number : 2856T
Dunedin Enterprise Inv Trust PLC
11 October 2017
Dunedin Enterprise realisation of Alpha FMC
Dunedin Enterprise Investment Trust PLC is pleased to announce
the successful realisation of its investment in Alpha FMC, the
leading global asset and wealth management consulting firm. This
follows today's listing of Alpha on the AIM market. Dunedin
Enterprise, via its interest in Dunedin Buyout Fund III LP,
realised 100% of its holding in Alpha on listing.
The investment in Alpha was valued at GBP9.0m as at 30 June
2017, the last published valuation. Total proceeds from the sale
amounted to GBP16.7m (an uplift of GBP7.7m, or 37.5p per share),
consisting of capital of GBP15.6m and income of GBP1.1m. The
original cost of the investment in February 2016 was GBP8.1m and,
over its life, a total of GBP16.7m will have been received by
Dunedin Enterprise representing a 2.1 times return and an IRR of
55%.
Following the realisation of Alpha, the Company will have cash
balances of GBP33.2m with outstanding commitments to limited
partnership funds of GBP38.3m. It is estimated that only some
GBP22m of this total outstanding commitment will be drawn over the
remaining life of the limited partnership funds. Following a Board
Meeting to be held on 16 November 2017, the Board intends to
announce a distribution to shareholders along with the quarterly
trading update.
END
This information is provided by RNS
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