DUNEDIN ENTERPRISE INVESTMENT TRUST PLC

M&A Activity • Nov 1, 2017

National Storage Mechanism | Additional information

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RNS Number : 1462V

Dunedin Enterprise Inv Trust PLC

01 November 2017

Dunedin Enterprise realisation of Kee Safety

Dunedin Enterprise Investment Trust PLC is pleased to announce the successful realisation of its investment in Kee Safety, a global supplier of safety solutions and products designed to protect people from hazards.  This follows completion of the transaction first announced on 18 October 2017.

Our holding in Kee Safety was valued at £11.6m as at 30 June 2017, the last published valuation.  Total proceeds have been received of £15.8m (an uplift of £4.2m) consisting of capital of £15.1m and income of £0.7m.  After taking account of carried interest accrued within Dunedin Buyout Fund III LP the uplift per share equates to 4.4p. 

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

Following the realisation of Kee Safety, the Company has cash balances of £49.0m with outstanding commitments to limited partnership funds of £43.5m.  It is estimated that only some £27m 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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