DUNEDIN ENTERPRISE INVESTMENT TRUST PLC

M&A Activity • Aug 7, 2017

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RNS Number : 2727N

Dunedin Enterprise Inv Trust PLC

07 August 2017

Dunedin Enterprise realisation of Blackrock PM

Dunedin Enterprise Investment Trust PLC is pleased to announce the successful realisation of its investment in Blackrock PM, the provider of independent expert witnesses to dispute and litigation resolution in the construction sector.

Capital and accrued interest in Blackrock was valued at £10.4m as at 31 March 2017, the last published valuation.  Total proceeds from the sale amounted to £12.8m (an uplift of £2.4m, or 11.7p per share), consisting of capital of £12.7m and income of £0.1m.  The original cost of the investment was £4.9m and over the life of the investment a total of £13.9m was received by Dunedin Enterprise representing a 2.8 times return and an IRR of 60%.

The Board is keeping under review the cash and outstanding commitment position of the Company.  Following the realisation of Blackrock, the Company will have cash balances of £16.4m with outstanding commitments to limited partnership funds of £28.5m.  It is estimated that approximately £13m of this total commitment will be drawn over the remaining life of the limited partnership funds.  It is not the current intention of the Board to make a capital distribution to shareholders until there are further realisations from the portfolio.

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