18 Oct 2017 07:00
Dunedin Enterprise realisation of Kee Safety
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Dunedin Enterprise Investment Trust PLC is pleased to announce that a contract has been signed, subject to completion, to sell its investment in Kee Safety, the market-leading provider of collective fall protection, safety systems and solutions. Completion of the transaction is due on 31 October 2017.
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Capital and accrued interest in Kee Safety was valued at £11.6m as at 30 June 2017, the last published valuation. Total proceeds from the sale will amount to £15.9m (an uplift of £4.3m) consisting of capital of £15.2m and income of £0.7m. After taking account of carried interest accrued within Dunedin Buyout Fund III LP the uplift per share equates to 4.5p.
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The original cost of the investment made in November 2013 was £6.3m and over the life of the investment a total of £18.8m will be received by Dunedin Enterprise representing a 3.0 times return and an IRR of 35%.
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Following the realisation of Kee Safety, the Company will have cash balances of £49.1m with outstanding commitments to limited partnership funds of £43.5m. It is estimated that only some £22m of this total outstanding commitment will be drawn over the remaining life of the limited partnership funds.
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As stated in the recent notification regarding the realisation of Alpha FMC, a Board Meeting will be held on 16 November 2017 following which the Board intends to announce a distribution to shareholders along with the quarterly trading update.
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