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16 Nov 2023 07:00
Dunedin Enterprise Investment Trust PLC
LEI: 213800E2VLUZ5AF9Z434
Date: 16 November 2023
Time: 07.00am
Preliminary Unaudited Net Asset Value announcement for 30 September 2023
1. Unaudited net asset value per share
The unaudited net asset value per share at 30 September 2023 was 617.6p. This represents a total return per share of 1.4% during the quarter when compared to the net asset value per share of 609.2p as at 30 June 2023.
2. Share price
The share price has decreased by from 560p to 530p in the quarter to 30 September 2023. The share price total return for the quarter to 30 September 2023 was -5.4%. This compares to an increase in the FTSE Small Cap Index of 1.8% over the same period. The discount to net asset value at 30 September 2023 was 14.2%.
3. Balance Sheet
The unaudited balance sheet as at 30 September 2023 is noted below: -
£'m | |
Investments: - | |
Dunedin managed | 9.9 |
Third party managed | 2.8 |
12.7 | |
Cash and near cash | 18.4 |
Other assets | 2.9 |
Total net assets | 34.0 |
Net asset value per share (p) | 617.6p |
4. Net asset value movements
The portfolio of investments has been re-valued at 30 September 2023. The increase in net asset value in the quarter can be attributed to a valuation increase at Premier Hytemp (£0.5m). Following the quarter end an agreement was reached to realise the investment in Premier Hytemp. Completion of the transaction is subject to satisfaction of certain customary closing conditions. Proceeds from the sale are expected to amount to £4.9m in line with the valuation.
5. Cash and Commitments
Dunedin Enterprise held cash and near cash balances of £18.4m. Outstanding capital commitments to limited partnership funds are £9.0m. 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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