Dunedin Enterprise Inv Trust PLC 3rd Quarter Results (8455S)
19 November 2021 - 06:00PM
UK Regulatory
TIDMDNE
RNS Number : 8455S
Dunedin Enterprise Inv Trust PLC
19 November 2021
Dunedin Enterprise Investment Trust PLC
LEI: 213800E2VLUZ5AF9Z434
Date: 19 November 2021
Time: 07.00am
Preliminary Unaudited Net Asset Value announcement for 30
September 2021
1. Unaudited net asset value per share
The unaudited net asset value per share at 30 September 2021 was
546.2 p. This represents a total return per share of 10.0 % during
the quarter when compared to the net asset value per share of 496.5
p as at 30 June 2021. The net asset value per share of 546.2p is
stated before the payment of a 16.0p per share interim dividend on
18 November 2021.
2. Share price
The share price has increased by from 344 p to 424 p in the
quarter to 30 September 2021. The share price total return for the
quarter to 30 September 2021 was 23.3 %. This compares to an
increase in the FTSE Small Cap Index of 2.2 % over the same period.
The discount to net asset value at 30 September 2021 was 22.4 %
.
3. Balance Sheet
The unaudited balance sheet as at 30 September 2021 is noted
below: -
GBP'm
Investments: -
Dunedin managed 54.0
Third party managed 5.2
59.2
Cash and near cash 41.1
Other assets and liabilities (1.4)
------
Total net assets 98.9
======
Net asset value per share (p) 546.2p
======
4. Net asset value movements
The portfolio of investments has been re-valued at 30 September
2021. The increase in net asset value in the quarter can be
attributed to valuation increases at GPS (GBP8.0m) and RED (2.5m)
offset by a valuation reduction at FRA (GBP0.7m) and an increase on
the provision for carried interest (GBP1.6m).
5. Tender Offer
A Tender Offer returning GBP26m to shareholders was approved at
a General Meeting held on 10 November 2021. The Tender Offer price
is 523.8376p per share. The basic shareholder entitlement is 27.42
per cent. Proceeds from the Tender Offer were distributed to
shareholders on 18 November 2021.
6. Interim Dividend
An interim dividend for the year ended 31 December 2021 of 16.0p
per share was paid on 18 November 2021. This follows the receipt of
loan interest on completion of the realisation of U-POL. The
interim dividend was paid to shareholders on the register at 15
October 2021. The ex-dividend date was 14 October 2021.
7. Cash and Commitments
Following payment of the Tender Offer and Interim Dividend,
Dunedin Enterprise will hold cash and near cash balances of GBP
12.2 m. Outstanding capital commitments to limited partnership
funds are GBP 11.7m. It is the Board's intention to retain
sufficient cash reserves to meet all outstanding capital
commitments and short-term operating expenses of the Company.
For further information on Dunedin Enterprise please go to
www.dunedinenterprise.com
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END
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