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2 Feb 2017 12:54
Dunedin Enterprise realisation of Steeper
Dunedin Enterprise Investment Trust PLC has realised its investment in Steeper Holdings Limited ("Steeper"), the UK's leading supplier of rehabilitation services including prosthetic, orthotic and electronic assistive devices and services.
Capital and accrued interest in Steeper was valued at £3.9m as at 30 September 2016, the last published valuation. Total initial proceeds from the sale amounted to £8.9m (an uplift of £5.0m, or 24.4p per share), consisting of capital of £6.7m and income of £2.2m. In addition, proceeds amounting to £1.0m are subject to an earn out over the next 18 months.
The Board is not proposing to return any of the capital proceeds to shareholders due to the level of outstanding undrawn commitments at the current time. The income receipts will be paid out to shareholders via a dividend in due course.
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