DUNEDIN ENTERPRISE INVESTMENT TRUST PLC

Net Asset Value • May 8, 2019

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RNS Number : 3924Y

Dunedin Enterprise Inv Trust PLC

08 May 2019

Dunedin Enterprise Investment Trust PLC (Company No SC52844) - Quarterly Update

LEI: 213800E2VLUZ5AF9Z434

1.       Unaudited net asset value per share

The unaudited net asset value per share at 31 March 2019 was 427.2p. This represents a total return per share of 3.5% during the quarter when compared to the net asset value per share of 412.9p as at 31 December 2018.  The net asset value per share of 427.2p is stated before the final dividend of 2p per share which will be paid to shareholders on 16 May 2019.  The net asset value per share following the final dividend is 425.2p.  

2.       Share price

The share price has increased from 328p to 360p in the quarter to 31 March 2019. The share price total return for the quarter to 31 December 2018 was 9.8%.  This compares to an increase in the FTSE Small Cap Index of 4.7% over the same period.   The discount to net asset value at 31 March 2019 was 15.7%. 

3.       Balance Sheet

The unaudited balance sheet as at 31 March 2019 is noted below: -

	£'m
Investments: -
Dunedin managed	65.3
Third party managed	6.0
	71.3
Cash and near cash	17.4
Other assets and liabilities	(0.5)
Total net assets	88.2
Net asset value per share (p)	427.2p

4.       Net asset value movements

The portfolio of investments has been re-valued at 31 March 2019. The increase in net asset value in the quarter can be attributed to: -

·  Within the Dunedin managed portfolio there were valuation increases at Red (£2.0m), FRA (£1.6m), Kingsbridge (£1.1m), EV (£0.7m) and Formaplex (£0.6m).  Each of these portfolio companies has benefited from an increase in maintainable earnings.  

·   These valuation increases have been offset by a reduction in the valuation of CitySprint (£1.9m).  CitySprint is experiencing a competitive market place in which margins are under pressure.  This has resulted in a reduction in the maintainable earnings of CitySprint during the quarter.

5.       Cash and Commitments

Dunedin Enterprise had cash and near cash balances of £17.4m at 31 March 2019. 

Outstanding capital commitments to limited partnership funds are £22.0m.  It is expected that £8.1m of the total outstanding commitments will ultimately be drawn over the remaining life of the funds.

The Board will keep the cash position of the Company under review balancing the potential to return cash to shareholders against outstanding commitments.

6.       Outlook

There continues to be significant uncertainty regarding the final outcome of Brexit.  While the Board does not expect there to be any significant impact from Brexit on the operations of the Company itself, each of our portfolio companies has developed plans to cater for a variety of outcomes which will be continually reviewed as the course of Brexit becomes clearer.

The Board welcomes the strong trading performance of several portfolio companies and the returns which have been delivered for shareholders by the underlying investment performance.

This announcement contains inside information for the purposes of article 7 of EU Regulation 596/2014. Upon publication of this announcement, this inside information is now considered to be in the public domain.

For further information on Dunedin Enterprise please go to www.dunedinenterprise.com

For further information, please contact:

Dunedin LLP

Company Secretary

Telephone: 0131 225 6699

8 May 2019

END

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