Dunedin Ent.it. Regulatory News (DNE)

Dunedin Enterprise Investment Trust PLC

LEI: 213800E2VLUZ5AF9Z434

Date: 12 November 2020

Time: 07.00am

Quarterly Update

1. Unaudited net asset value per share

The unaudited net asset value per share at 30 September 2020 was 393.1p. This represents a total return per share of 3.5% during the quarter when compared to the net asset value per share of 379.8p as at 30 June 2020.

2. Share price

The share price has increased from 263p to 299p in the quarter to 30 September 2020. The share price total return for the quarter to 30 September 2020 was 13.7%. This compares to a decrease in the FTSE Small Cap Index of 2.2% over the same period. The discount to net asset value at 30 September 2020 was 23.9%. 

3. Balance Sheet

The unaudited balance sheet as at 30 September 2020 is noted below: -

4. Net asset value movements

The portfolio of investments has been re-valued at 30 September 2020. The increase in net asset value in the quarter can be attributed to valuation increases at GPS (£2.0m), U-POL (£1.8m) and Incremental (£1.1m) offset by a valuation reduction at FRA (£1.9m).

5. Cash and Commitments

Dunedin Enterprise had cash and near cash balances of £24.0m at 30 September 2020. Following the quarter end a distribution of £10m will be made on 12 November 2020 to shareholders via a tender offer. Following this distribution total cash and near cash balances will be £14.0m.

Outstanding capital commitments to limited partnership funds are £20.1m. It is expected that £9m of the total outstanding commitments will ultimately be drawn over the remaining life of the funds.

6. Tender Offer

A Tender Offer returning £10m to shareholders was approved at a General Meeting held on 4 November 2020. The Tender Offer price is 384.84p per share, a 2.1% discount to the net asset value per share at 30 September 2020. The basic shareholder entitlement is 12.3225 per cent. Proceeds from the Tender Offer will be distributed to shareholders on 12 November 2020.

7. Outlook

The disruption and ongoing uncertainty created by the pandemic continues to be the main focus for portfolio companies. While each portfolio company has implemented plans, where possible, to address this threat, the generally strong financial position of portfolio companies has provided some protection.

Whilst there is continued uncertainty regarding the UK's ongoing relationship with the EU, the Board does not expect there to be any significant impact from Brexit on the operations of the Company. Each portfolio company has developed contingency plans to mitigate a variety of Brexit scenarios.

For further information, please contact:

Dunedin LLP

Company Secretary

Telephone: 0131 225 669

END