|Still looking at (and not doing) disposals of interests, and a 17.5p divi to come. Reducing running costs that will become apparent "over time".
But the table that says it all:
Year to 31 December Net Asset Share Cos)
2016 value(*1) price Index
--------------------- ----------- ------- ---------
One year 2.7% 0.0% 12.5%
Three years 2.1% -22.1% 23.7%
Five years 5.0% 16.4% 142.6%
Ten years 24.9% 0.3% 60.9%
Edit - hasn't formatted well but the key line is that over 5 years the index is up 142%, DNE NAV s up 5%.|
"Dunedin Enterprise invests in FRA
8 March 2016 - Dunedin Enterprise Investment Trust PLC ("Dunedin Enterprise") has, through the Dunedin Buyout Fund III, invested GBP5.9 million in Forensic Risk Alliance ("FRA"). Dunedin Enterprise will have an interest of 6.5% in FRA.
FRA is an international consultancy business that provides forensic accounting, data analytics and e-discovery expertise to help businesses manage risk in an increasingly regulated global environment. "|
|The "some time" is very relevant though - remember the extended timescale in original RNS re winding up the co. Big difference between say +50% in a year, and +50% in 7 years.
Unfortunately, it also has to be set against DNE's historic performance - frankly dreadful - and charges.
On the plus side - the change in market sentiment towards oil in particular ought to help out a couple of their holdings.
I remain a holder of DNE - but this was the first good news on them in a while.|
|It may take some time but the underlying assets are worth more than the market valuation. Hold|
|Certainly be nice to think they could sell the entire portfolio for that sort of uplift in time!|
|That income slab = 10.7p/share.
A truly remarkable RNS - how often do you see a realisation at more than a 100% premium to valuation!
Obviously a great piece of news; but makes one wonder even more at the competence of management vis-a-vis the old valuation,,,|
|Good spot. "The income receipts will be paid out to shareholders via a dividend in due course" is about as good as it gets for us long-suffering shareholders.|
|Piece of good news here as Steeper realised at a premium
|Another listed private equity fund has been increasing its holding:
|I've a few esoteric holdings but quite keen on some other propcos - got a load of KWE, a few SREI & TRY, & like PILR, RGL & AEWU, though don't hold all of them right now.
Sucker for yield & discount - not much capital growth in most of the REITs but some really strong income streams I reckon.|
|Specto - "...have those already" - Yes, we all seem to be suffering portfolio compression due to the paucity of value to be found elsewhere. I'm still only in PE trusts, propcos (now just LSR & UAI) & distressed debt (NBDG - my largest holding). Every day I cast around for something different...|
|@Sky - agree there's better elsewhere, but trouble is, I seem to have those already! Spread puts me off selling, tho I know it shouldn't, and also living in hope that they can finally turn it around and actually have some success.
Although the GRY may be nothing to write home about, the NAV discount does give a fair bit of margin for error.|
|Specto - agree, everything has a price, however because of the extended and reaffirmed timescale, I would suggest that you could do a lot better elsewhere.
If they manage to pay out the current NAV of 473p by 30th Jun'22, the GRY weighs in at a lightweight 7.8%pa at the bid price of 310p.|
|What went wrong? For years it was a successful and popular - with retail investors - trust.|
|Only technical, didn't really trade there.
Still - DNE remains probably the worst p/e trust on the market IMO - only in it myself because "everything has a price" !|
|Yet another drop back, minus 3.1%, on the day.|
|Third Quarter Results
|Barwon Equity Partners - Private Equity & Property investors - now has a 7.26% holding in DNE.
|"..just picked the wrong sectors." You are very generous Topvest. Personally I vote with eeza on this one. I view Dunedin management as incompetent and on the take. It seems as though the whole Dunedin structure is managed for the good of its managers, not its stockholders.
Glad to be out...|
|Think they have just picked the wrong sectors. Reminds me a bit of Candover, but hope its going to turn out a lot better than that one.|
|The management are, probably, the most inept in the sector. Would you give them a job? I would say that they are unemployable. Look at their record. Over any period you can mention they have vastly underperformed their peer group.
The CEO, at each results presentation, has always expressed surprise (disappointment) with the results. Almost a cut & paste each time.
"Well, unfortunately, another disappointing performance from DNE". As if it's the Co's fault, and nothing at all to do with the totally useless, unfit for purpose management. Whilst they charge 2.9% for abject failure.
They know full well they are pariahs in the sector, and unemployable, so they are going to stretch this out to infinity - if not beyond. IMO.
However, don't want to de-ramp as I sold the residue of my holding almost immediately I read " disappointing, no returns in the short term", at a small loss. I was expecting a better performance & a tender with the half year, given their earlier optimistic murmurings about interesting short term opportunities for realisations. Now off the watchlist, and BB deleted.
Good luck to all who stay the course.|
|You think they'll be that quick?|
|It's 475p of assets, allegedly in wind-down, for 320p, but can't disagree re disappointing performance - and can't tell whether NAV is going to start turning up sometime, or is in continual decline.
Not sure what "short term" is either - 3 months? 6 months? A year? We know there's returns coming, but clearly in the equally vague medium term.
Was never comfortable with "at least 7 years" for orderly wind-down - seems that's one of the few things the board will keep their word about!|
|Agreed, disappointing. Decided to cut my small loss and move on...|