DUNEDIN ENTERPRISE INVESTMENT TRUST PLC

Regulatory Filings • Oct 18, 2017

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RNS Number : 8798T

Dunedin Enterprise Inv Trust PLC

18 October 2017

Dunedin Enterprise realisation of Kee Safety

Dunedin Enterprise Investment Trust PLC is pleased to announce that a contract has been signed, subject to completion, to sell its investment in Kee Safety, the market-leading provider of collective fall protection, safety systems and solutions.  Completion of the transaction is due on 31 October 2017.

Capital and accrued interest in Kee Safety was valued at £11.6m as at 30 June 2017, the last published valuation.  Total proceeds from the sale will amount to £15.9m (an uplift of £4.3m) consisting of capital of £15.2m and income of £0.7m.  After taking account of carried interest accrued within Dunedin Buyout Fund III LP the uplift per share equates to 4.5p. 

The original cost of the investment made in November 2013 was £6.3m and over the life of the investment a total of £18.8m will be received by Dunedin Enterprise representing a 3.0 times return and an IRR of 35%.

Following the realisation of Kee Safety, the Company will have cash balances of £49.1m with outstanding commitments to limited partnership funds of £43.5m.  It is estimated that only some £22m of this total outstanding commitment will be drawn over the remaining life of the limited partnership funds.

As stated in the recent notification regarding the realisation of Alpha FMC, a Board Meeting will be held on 16 November 2017 following which the Board intends to announce a distribution to shareholders along with the quarterly trading update.

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