Last checked at 
16 Nov 2022 12:52
Dunedin Enterprise Investment Trust PLC
LEI: 213800E2VLUZ5AF9Z434
Date: 16 November 2022
Preliminary Unaudited Net Asset Value announcement for 30 September 2022
1. Unaudited net asset value per share
The unaudited net asset value per share at 30 September 2022 was 576.6p. This represents a total return per share of 1.6% during the quarter when compared to the net asset value per share of 567.5p as at 30 June 2022. The net asset value per share of 576.6p is stated before the payment of a 34.0p per share interim dividend on 24 November 2022.
2. Share price
The share price has increased by from 502p to 511.5p in the quarter to 30 September 2022. The share price total return for the quarter to 30 September 2022 was 1.9%. This compares to a decrease in the FTSE Small Cap Index of 9.9% over the same period. The discount to net asset value at 30 September 2022 was 11.3%.
3. Balance Sheet
The unaudited balance sheet as at 30 September 2022 is noted below: -
£'m | |
Investments: - | |
Dunedin managed | 38.2 |
Third party managed | 5.7 |
43.9 | |
Cash and near cash | 29.9 |
Other assets | 1.9 |
Total net assets | 75.7 |
Net asset value per share (p) | 576.6p |
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 a valuation increase at FRA (£0.8m).
5. Tender Offer
A Tender Offer returning £41m to shareholders was approved at a General Meeting held on 16 November 2022. The Tender Offer price is 537.1740p per share, a 1% discount to the ex-dividend net asset value per share. The basic shareholder entitlement is 58.10 per cent. Proceeds from the Tender Offer will be distributed to shareholders on 24 November 2022.
6. Interim Dividend
An interim dividend for the year ended 31 December 2022 of 34.0p per share is to be paid on 24 November 2022. This follows the receipt of loan interest on completion of the realisation of RED. The interim dividend was paid to shareholders on the register at 4 November 2022. The ex-dividend date was 3 November 2022.
7. Cash and Commitments
Following payment of the Tender Offer and Interim Dividend, Dunedin Enterprise will hold cash and near cash balances of £9.9m. Outstanding capital commitments to limited partnership funds are £9.7m. 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