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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Dunedin Enterprise Investment Trust Plc | LSE:DNE | London | Ordinary Share | GB0005776561 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 480.00 | 464.00 | 496.00 | 464.00 | 464.00 | 464.00 | 1,485 | 16:35:07 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Finance Services | 1.52M | 1.25M | 0.0950 | 48.84 | 60.95M |
TIDMDNE
RNS Number : 9851M
Dunedin Enterprise Inv Trust PLC
13 May 2015
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:-
GBP'm Investments:- Dunedin managed 90.9 Third party managed 14.3 105.2 Cash and near cash 7.7 Other assets and liabilities (5.3) ----- Total net assets 107.6 ===== Net asset value per share (p) 515.5 ===== 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 GBP1.4m. There have been valuation uplifts at CitySprint (GBP3.0m) and Kee Safety (GBP0.5m). 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 (GBP0.7m) and Premier Hytemp (GBP0.6m). 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 GBP8.7m. An investment of GBP4.9m 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 GBP1.8m in the quarter and were made in Red (GBP1.5m) and Steeper (GBP0.3m). There was a drawdown of GBP1.3m made by Realza for a new investment in a printing business. A further GBP0.7m was drawn by Dunedin and third party funds for management fees and ongoing expenses.
A total of GBP2.1m was realised in the quarter. Of this total, GBP1.7m 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 GBP7.7m at 31 March 2015. The Trust has a revolving credit facility of GBP20m available until 27 February 2017.
As at 31 March 2015 the Company has outstanding capital commitments to limited partnership funds of GBP63.7m of which it is forecast that approximately up to GBP38m 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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