Dunedin Enterprise Inv Trust PLC Result of Tender Offer (4235S)
16 November 2021 - 6:00PM
UK Regulatory
TIDMDNE
RNS Number : 4235S
Dunedin Enterprise Inv Trust PLC
16 November 2021
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, CANADA, JAPAN,
NEW ZEALAND AND THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO MAY RESULT IN THE CONTRAVENTION OF ANY
REGISTRATION OR OTHER LEGAL REQUIREMENT OF SUCH JURISDICTION
16 November 2021
Dunedin Enterprise Investment Trust plc
Legal Entity Identifier: 213800E2VLUZ5AF9Z434
Result of Tender Offer
The Board of Dunedin Enterprise Investment Trust plc (the
"Company") is pleased to announce the results of the tender offer
to return up to GBP26 million to Shareholders (the "Tender Offer")
as set out in the circular published by the Company on 18 October
2021 (the "Circular").
13,367,426 Ordinary Shares, being approximately 73.85 per cent.
of the Company's issued share capital as at 6.00 p.m. on 12
November 2021 (the "Record Date"), were validly tendered under the
Tender Offer. As a result, the Tender Offer was oversubscribed.
Tenders will therefore be accepted in full from Shareholders who
validly tendered their Basic Entitlement or any number of Shares
less than their Basic Entitlement. Following a scale back exercise,
tenders in excess of the Basic Entitlement will be satisfied to the
extent of the Basic Entitlement plus approximately 2.51 per cent.
of the excess Shares tendered.
4,963,370 Shares will therefore be purchased by Singer Capital
Markets Securities Limited ("Singer Capital Markets") on 18
November 2021 for a total cost of approximately GBP26 million. This
represents approximately 27.42 per cent. of the issued share
capital of the Company as at the Record Date. The Tender Price at
which the Shares will be repurchased represents a discount of
approximately 1.2 per cent. to the NAV per Share as at 30 September
2021 (excluding dividend). Under the terms of the Repurchase
Agreement, Singer Capital Markets has a put option exercisable on
18 November 2021 to require the Company to purchase, from Singer
Capital Markets, the Shares purchased by Singer Capital Markets
pursuant to the Tender Offer at the Tender Price. The Shares
purchased by the Company pursuant to the Repurchase Agreement will
be cancelled.
As set out in the Circular, it is anticipated that the proceeds
payable to Shareholders whose tendered shares are held through
CREST accounts will be made by 18 November 2021 and that cheques
for the certificated Shares purchased under the Tender Offer will
be despatched during the week commencing 22 November 2021. Balance
certificates will be despatched in respect of certificated Shares
that were not accepted pursuant to the Tender Offer during the week
commencing 22 November 2021.
Total Voting Rights
Following the completion of the Tender Offer, the Company will
have 13,136,810 Shares in issue with no Shares held in treasury.
Therefore, the total number of voting rights in the Company will be
13,136,810 and this figure may be used by Shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the Company under the FCA's Disclosure and
Transparency Rules.
Defined terms used in this announcement have the meanings given
in the Circular unless the context otherwise requires
For further information please contact:
Dunedin LLP
Graeme Murray +44 (0)7813 138 367
Singer Capital Markets
Robert Peel +44 (0)20 7496 3000
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