DUNEDIN ENTERPRISE INVESTMENT TRUST PLC

Net Asset Value • Nov 19, 2021

National Storage Mechanism | Additional information

RNS Number : 8455S

Dunedin Enterprise Inv Trust PLC

19 November 2021

Dunedin Enterprise Investment Trust PLC

LEI:            213800E2VLUZ5AF9Z434

Date:          19 November 2021

Time:          07.00am

Preliminary Unaudited Net Asset Value announcement for 30 September 2021

1.       Unaudited net asset value per share

The unaudited net asset value per share at 30 September 2021 was 546.2p. This represents a total return per share of 10.0% during the quarter when compared to the net asset value per share of 496.5p as at 30 June 2021.  The net asset value per share of 546.2p is stated before the payment of a 16.0p per share interim dividend on 18 November 2021.

2.       Share price

The share price has increased by from 344p to 424p in the quarter to 30 September 2021. The share price total return for the quarter to 30 September 2021 was 23.3%.  This compares to an increase in the FTSE Small Cap Index of 2.2% over the same period.   The discount to net asset value at 30 September 2021 was 22.4%. 

3.       Balance Sheet

The unaudited balance sheet as at 30 September 2021 is noted below: -

	£'m
Investments: -
Dunedin managed	54.0
Third party managed	5.2
	59.2
Cash and near cash	41.1
Other assets and liabilities	(1.4)
Total net assets	98.9
Net asset value per share (p)	546.2p

4.       Net asset value movements

The portfolio of investments has been re-valued at 30 September 2021. The increase in net asset value in the quarter can be attributed to valuation increases at GPS (£8.0m) and RED (2.5m) offset by a valuation reduction at FRA (£0.7m) and an increase on the provision for carried interest (£1.6m).

5.         Tender Offer

A Tender Offer returning £26m to shareholders was approved at a General Meeting held on 10 November 2021.  The Tender Offer price is 523.8376p per share.  The basic shareholder entitlement is 27.42 per cent.  Proceeds from the Tender Offer were distributed to shareholders on 18 November 2021.

6.       Interim Dividend

An interim dividend for the year ended 31 December 2021 of 16.0p per share was paid on 18 November 2021. This follows the receipt of loan interest on completion of the realisation of U-POL. The interim dividend was paid to shareholders on the register at 15 October 2021. The ex-dividend date was 14 October 2021.

7.       Cash and Commitments

Following payment of the Tender Offer and Interim Dividend, Dunedin Enterprise will hold cash and near cash balances of £12.2m.  Outstanding capital commitments to limited partnership funds are £11.7m.  It is the Board's intention to retain sufficient cash reserves to meet all outstanding capital commitments and short-term operating expenses of the Company.

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

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