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To conduct an orderly realisation of its assets, to be effected in a manner that seeks to achieve a balance between maximising the value of the investments and progressively returning cash to Shareholders.
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Yes, a tender at this stage would be an unnecessary cost , better to dispose of the remaining investments and liquidate. The disposal would also release the £9m commitment for distribution.
The latest RNS says "in particular, the Board and its advisers are exploring whether to wind-up the Company and return cash to shareholders, including the proceeds of the Premier Hytemp realisation, by way of a members' voluntary liquidation." This makes it sound as if the liquidation would happen without disposing of the remaining investments, with just the Premier Hytemp cash returned ? What would happen to the remaining investments ?
I suspect the liquidation consideration is probably from parsimony - why incur the costs of another tender if you can avoid them?
Key issue for me is the £9m of commitments. Surely these are largely theoretical than probable at this stage but the practice has been to cover these 100% with cash. I'd not be terribly keen on an immediate liquidation with £9m of cash still trapped.
Available to buy today at 520.
I suppose the tender offers were to sell a part of the business, now that it is so small continuing would be uneconomical.
So probably will not get back NAV less 1% as liquidation costs and sell on of existing holdings may not be realised in full but I given the history here I trust the board to do the best for shareholders.
"To conduct an orderly realisation of its assets, to be effected in a manner that seeks to achieve a balance between maximising the value of the investments and progressively returning cash to Shareholders."
Yes, still a good price. From the latest RNS looks like there won't be another tender but rather a liquidation. Why they are investigating a liquidation (controlled by the liquidators) rather than continuing the sales strategy (controlled by the directors) is not clear to me.
Available to buy today at 529.4p the last tender offer was 1% below NAV lets say 610p
.
Good news, it makes the next Tender Offer even more likely to be soon. I don't know what the 'net. Current Assets ' are but I assume that it represents near cash items like money due to be received. I'm glad that I topped up again yesterday at 486p
3rd Nov - Premier Hytemp full value of £4.9M realised.
Unlisted investments were valued at £12.7m less £4.9M = £7.8M
Cash balances of £18.4m + £4.9M = £23.3M
Net current assets of £2.9m making total net assets of £34.0m of which 68.5% is CASH
Over half net assets in cash...
The Board of Dunedin Enterprise Investment Trust PLC is pleased to announce a preliminary unauditedThe Board of Dunedin Enterprise Investment Trust PLC is pleased to announce a preliminary unaudited net asset value of 617.6p per share as at 30 September 2023 (609.2p at 30 June 2023).
The preliminary unaudited net asset value has been calculated using the underlying managers' latest valuations (including those received since 30 September 2023), which remain subject to review by the Board of Directors.
Based on those valuations, as at 30 September 2023, the Company's unlisted investments were valued at £12.7m. The Company also held cash balances of £18.4m and net current assets of £2.9m making total net assets of £34.0m. (609.2p at 30 June 2023).
The preliminary unaudited net asset value has been calculated using the underlying managers' latest valuations (including those received since 30 September 2023), which remain subject to review by the Board of Directors.
Based on those valuations, as at 30 September 2023, the Company's unlisted investments were valued at £12.7m. The Company also held cash balances of £18.4m and net current assets of £2.9m making total net assets of £34.0m.
Agreed Pedro. I'm back in having bought at 501.8 last week and 484.68 today. Share price seems to be on the slide, but with the recent receipt of £4.7m I can see the next share Repurchase offer may be soon, hopefully.
Quoted £4.90 to buy today, topped up.
With the recent history of returning cash this is a Strong Buy IMHO
NAV at 30/6 is 609.2 half of which is in unlisted securities. I am quoted 560p to buy today, I don't think I will buy now although I will continue to look out for any announcement of distributions to reconsider. Other IT's seem to offer better value in my opinion.
NAV at 30/6 is 609.2 half of which is in unlisted securities. I am quoted 560p to buy today, I don't think I will buy now although I will continue to look out for any announcement of distributions to reconsider. Other IT's seem to offer better value in my opinion.
Added 900 shares at £5.53 today
plus a Final Dividend of 25p just announced
Just bought back in here at £5.25 based on this.
Preliminary Unaudited Net Asset Value announcement for 31 December 2022
The Board of Dunedin Enterprise Investment Trust PLC is pleased to announce a preliminary unaudited net asset value of 627.1p per share as at 31 December 2022 (576.6p at 30 September 2022). The net asset value per share is stated after a 34p per share dividend paid in November 2022. The net asset value total return for the year to 31 December 2022 is 21.7%.
I'm glad to see that you succeeded in the T/O too Pedro, I am of course fully out now but will keep following this IT and looking to buy back in eventually but I doubt if there will be another buy back for some time, unless they can somehow realise significant cash. Sorry I can't give advice on alternative investments in the Investment Trust field.
100% of my tendered shares accepted today ( basic entitlement plus excess) .
Same for me will always watch this to see if discount grows again!
What to re-invest proceeds in...
ICGT, Oakley and AVI anything else?
GLA
100% of my tendered shares accepted today ( basic entitlement plus excess) . Very good
Hi all,
I tendered my shares held in both AJBell and interactive investor. AJBell is showing them as tendered shares. ii ijust showing them as normal with no indication that I have tendered any. Anybody have something different?
Agreed it's a fairly compelling case to buy /add although you should note that the basic entitlement to have your tendered shares accepted is 58.1% so you will have a residual shareholding afterwards. I have previously had a sizable excess number of shares also redeemed at the offer price ( Interactive investor). Lovely
Q3 NAV as of 30th Sept is 576p
Dividend of 34p to be paid ex-div on 4th Nov
Tender offer set at 537p
Tender 537 + Divi 34 = 571p and you buy these on the market for 540p
Now awaiting NAV on 1st Nov
"RED realisation - Dunedin Enterprise Investment Trust PLC is pleased to announce that Dunedin Buyout Fund II LP has entered into a legally binding agreement to realise the investment in RED, the provider of SAP contract and permanent staff. The transaction is subject to funding and regulatory approvals and is expected to complete in the second half of 2022.
The investment in RED was valued at £23.7m in the Preliminary Unaudited Net Asset Value at 30/06/22 published on 1 August 2022. Proceeds from the sale are expected to amount to £23.7m, consisting of capital of £19.7m and income of £4.0m. Additionally, there are future potential proceeds from an earn-out arrangement which are dependent upon RED achieving profit targets in the year to 31 March 2023.
Following funding and regulatory approvals being received the Board intends to announce a distribution to shareholders."
The DNE Market Cap is ~£70M and with £23.7M being realised that's roughly 33% of the market cap.
NAV at 567p...
This is a buy still.
The Board of Dunedin Enterprise Investment Trust PLC announces a preliminary unaudited net asset value of 567.5p per share as at 30 June 2022 (594.9p at 31 March 2022). The net asset value per share is stated after a 1.9p per share dividend paid in May 2022.
I'm ready to buy more, it really is money for nothing as long as you are prepared to HOLD