Dunedin Ent.it. Regulatory News (DNE)

Dunedin Enterprise Investment Trust PLC (Company No SC52844) - Quarterly Update

Whilst there is no longer a requirement to publish an Interim Management Statement ("IMS") the Board of Dunedin Enterprise Investment Trust PLC ("Dunedin Enterprise") has decided to continue to provide an update on the net asset value of the Trust in a similar format as previously provided in the IMS on a quarterly basis. This net asset value update is as at 31 March 2015.

1. Unaudited net asset value per share

The unaudited net asset value per share at 31 March 2015 was 515.5p. This represents an increase of 1.0% from the level at 31 December 2014.

2. Share price

The share price has decreased by 3.5% from 352.4p to 340.0p in the quarter to 31 March 2015. This compares to an increase in the FTSE Small Cap Index of 4.9% over the same period. The discount to net asset value at 31 March 2015 was 34.0%.

3. Balance Sheet

The unaudited balance sheet as at 31 March 2015 is noted below:-

4. Net asset value movements

The portfolio of investments has been re-valued at 31 March 2015. The increase in net asset value in the quarter can be attributed to:-

· an increase in the value of Dunedin managed investments totalling £1.4m. There have been valuation uplifts at CitySprint (£3.0m) and Kee Safety (£0.5m). CitySprint has benefited from an increase in EBITDA multiple from 8 to 9 reflecting the increasing scale and profitability of the business. The increased valuation in Kee Safety reflects strong earnings growth.

· these valuation increases have been offset by a reduction in the valuation of EV (£0.7m) and Premier Hytemp (£0.6m). Trading at both companies has been impacted by the fall in the price of oil.

· there have been no other significant movements.

5. New investment and realisations

New investments in the quarter totalled £8.7m. An investment of £4.9m was made in Blackrock Programme. Blackrock is a professional services firm which provides independent expert witness and construction consulting services for large, international construction projects. Follow-on investments totalled £1.8m in the quarter and were made in Red (£1.5m) and Steeper (£0.3m). There was a drawdown of £1.3m made by Realza for a new investment in a printing business. A further £0.7m was drawn by Dunedin and third party funds for management fees and ongoing expenses.

A total of £2.1m was realised in the quarter. Of this total, £1.7m relates to Enrich being the recovery from the successful court action taken against the vendor of the business.

6. Cash and Commitments

The Company had cash and near cash balances of £7.7m at 31 March 2015. The Trust has a revolving credit facility of £20m available until 27 February 2017.

As at 31 March 2015 the Company has outstanding capital commitments to limited partnership funds of £63.7m of which it is forecast that approximately up to £38m will be drawn over the next three years.

7. Outlook

The UK economy continues to demonstrate reasonable growth and falling unemployment. The result of the UK general election has provided the prospect of some political stability. The portfolio is mature and the prospects for exits are good in a strong market.

For further information on Dunedin Enterprise please go to www.dunedinenterprise.com