DUNEDIN ENTERPRISE INVESTMENT TRUST PLC

Report Publication Announcement • Oct 6, 2017

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RNS Number : 9101S

Dunedin Enterprise Inv Trust PLC

06 October 2017

Dunedin Enterprise realisation of Alpha Financial Markets Consulting plc ("Alpha")

Dunedin Enterprise Investment Trust PLC is pleased to announce that Alpha has today announced a conditional placing and proposed admission to trading on the LSE's AIM market on 11 October 2017.  On Admission, Dunedin Enterprise, via its interest in Dunedin Buyout Fund III LP, will realise 100% of its holding in Alpha.

The investment in Alpha was valued at £9.0m as at 30 June 2017, the last published valuation.  Total proceeds from the sale will amount to £16.7m (an uplift of £7.7m, or 37.5p per share), consisting of capital of £15.6m and income of £1.1m.  The original cost of the investment in February 2016 was £8.1m and, over its life, a total of £16.7m will have been received by Dunedin Enterprise representing a 2.1 times return and an IRR of 55%.

Following the realisation of Alpha, the Company will have cash balances of £33.2m with outstanding commitments to limited partnership funds of £38.3m.  It is estimated that only some £22m of this total outstanding commitment will be drawn over the remaining life of the limited partnership funds.  Following a Board Meeting to be held on 16 November 2017, the Board intends to announce a distribution to shareholders along with the quarterly trading update.

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