DUNEDIN ENTERPRISE INVESTMENT TRUST PLC

Net Asset Value • Nov 15, 2019

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RNS Number : 4191T

Dunedin Enterprise Inv Trust PLC

15 November 2019

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

1.       Unaudited net asset value per share

The unaudited net asset value per share at 30 September 2019 was 427.9p. This represents a total return per share of 6.7% during the quarter when compared to the net asset value per share of 400.9p as at 30 June 2019.  

2.       Share price

The share price has decreased by from 368p to 341p in the quarter to 30 September 2019. The discount to net asset value at 30 September 2019 was 20%. 

3.       Balance Sheet

The unaudited balance sheet as at 30 September 2019 is noted below: -

	£'m
Investments: -
Dunedin managed	71.3
Third party managed	4.8
	76.1
Cash and near cash	13.1
Other assets and liabilities	(0.9)
Total net assets	88.3
Net asset value per share (p)	427.9

4.       Net asset value movements

The portfolio of investments has been re-valued at 30 September 2019. The increase in net asset value in the quarter can be attributed to: -

·        Within the Dunedin managed portfolio there were valuation increases at FRA (£3.0m), GPS (£2.3m), Hawksford (£1.6m), Kingsbridge (£1.6m) and Formaplex (£1.1m).  Each of these portfolio companies has benefited from an increase in maintainable earnings.   There was a valuation reduction at CitySprint (£3.4m).  CitySprint continues to experience a competitive market place in which margins are under pressure reducing maintainable earnings.

5.       Cash and Commitments

Dunedin Enterprise had cash and near cash balances of £13.1m at 30 September 2019. 

Outstanding capital commitments to limited partnership funds are £22.2m.  It is expected that only £5.6m of the total outstanding commitments will ultimately be drawn over the remaining life of the funds.

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.

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

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