Dunedin Enterprise Inv Trust PLC 1st Quarter Results (5869N)
10 May 2018 - 4:01PM
UK Regulatory
TIDMDNE
RNS Number : 5869N
Dunedin Enterprise Inv Trust PLC
10 May 2018
Quarterly Update Report
Dunedin Enterprise Investment Trust PLC (Company No SC52844) -
Quarterly Update
1. Unaudited net asset value per share
The unaudited net asset value per share at 31 March 2018 was
451.9p. This represents a total return per share of 2.6% during the
quarter when compared to the net asset value per share of 489.2p as
at 31 December 2017 and taking account of the 50p per ordinary
share returned to shareholders in February 2018. The net asset
value per share of 451.9p is stated before the final dividend of
5.5p per share which is payable on 17 May 2018 following the
AGM.
2. Share price
The share price has decreased by from 396.5p to 370p in the
quarter to 31 March 2018. The share price total return for the
quarter to 31 March 2018 was 5.9%. This compares to a decrease in
the FTSE Small Cap Index of
6.5% over the same period. The discount to net asset value at 31 March 2018 was 18.1%.
3. Balance Sheet
The unaudited balance sheet as at 31 March 2018 is noted below:
-
GBP'm
Investments:-
Dunedin managed 59.2
Third party managed 9.8
69.0
Cash and near cash 22.8
Other assets and liabilities 1.5
------
Total net assets 93.3
======
Net asset value per share (p) 451.9p
======
4. Net asset value movements
The portfolio of investments has been re-valued at 31 March
2018. The increase in net asset value in the quarter can be
attributed to:-
-- Within the Dunedin managed portfolio there were valuation
increases at Red (GBP1.2m), Realza (GBP0.9m), Pyroguard (GBP0.8m),
Steeper (GBP0.7m), FRA (GBP0.5m) and Hawksford (GBP0.4m). The
valuations of Red, Pyroguard and FRA have benefitted from an
increase in maintainable earnings. The valuation uplift in Steeper
represents deferred proceeds received in February and April.
Hawksford has benefitted from a reduction in net debt.
-- These valuation increases have been offset by a reduction in
the valuation of CitySprint (GBP0.9m). CitySprint continues to
experience margin pressure in a competitive market.
5. Cash and Commitments
Dunedin Enterprise had cash and near cash balances of GBP22.8m
at 31 March 2018.
Dunedin Enterprise has outstanding capital commitments to
limited partnership funds following the recent realisations from
Dunedin Buyout Fund III LP which are GBP43.2m. It is expected that
GBP22m of the total outstanding commitments will ultimately be
drawn over the remaining life of the funds.
6. Dividend
If approved by shareholders at the Annual General Meeting on 10
May 2018 a final dividend of 5.5p per share will be paid to
shareholders on 17 May 2018.
7. Outlook
The Board remains committed to the aim of maximising shareholder
value through the orderly wind-down process. This will be achieved
either by the judicious and timely sales of fund interests on the
secondary market or by continuing to hold these interests if this
is likely to provide a better return to shareholders.
The Board remains encouraged by the pricing of realisations
achieved during 2017 and the trading performance of the
portfolio.
For further information on Dunedin Enterprise please go to
www.dunedinenterprise.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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