Dunedin Enterprise Inves... Share Discussion Threads

[pvb] 05/9/2024 10:27

...Err. No.

Which is why delisted shares are removed from ISAs. Because they don't qualify for ISAs.

But... 'Interesting' issues can arise with some brokers when it comes to what happens to the payments of the proceeds from liquidation of delisted shares that have been removed from ISAs!

Only a specialist part of HMRC (which you cannot contact directly) - dealing with the management of ISAs - knows the answer to that one. Apparently.

Or you could just let sleeping dogs lie...

So, when it comes to ISAs, the 'simple' answer to Chrysalis99's original question is: Wait and see! :-)

[forensic] 05/9/2024 10:24

Dito ISA's

[cousinit] 31/8/2024 07:16

SIPPs fine to hold delisted stocks (but maybe complicates any transfers out or vesting).

[pvb] 28/8/2024 17:09

...Ah well! Now that is an interesting question. :-)

The realisation itself just means cash goes into DNE and has no effect on an ISA holding. However if, following the realisation, the members vote goes for a voluntary liquidation then at some point DNE will be delisted from the stock exchange. At that point it will no longer be eligible as an ISA holding and will be removed - possibly to an associated broker non ISA account, if you have one.

So, if that is the route taken the answer ultimately is likely 'No'.

I don't know the rules for SIPPS.

[chrysalis99] 28/8/2024 15:26

What impact will MVL realisation have on holdings within a SIPP/ISA? Will the cash received remain within the wrapper? TIA

[pvb] 20/8/2024 09:00

...No, that's OK SKYSHIP.

[skyship] 20/8/2024 07:32

pvb - thanks for that. Hope you don't mind if I repost onto the VL thread.

[pvb] 19/8/2024 14:16

A vote of shareholders will be taken as to liquidation. If it goes ahead the Trust's shares would be delisted from the stock exchange, the portfolio liquidated and the cash returned to shareholders.

In general, this can take years - in some cases - or it could be quick if DNE already consists mainly of cash, or liquid cash instruments.

While still quoted you can sell your shares before delisting, to save time. But you might get more by hanging on and getting the cash. You will have to judge that at the time for yourself.

It rather looks from the flat share price chart that 515p per share will be the expected final settling price, for now. But note:

Preliminary Unaudited Net Asset Value announcement for 30 June 2024

The Board of Dunedin Enterprise Investment Trust PLC is pleased to announce a preliminary unaudited net asset value of 627.6p per share as at 30 June 2024 (623.5p at 31 March 2024).

That's a lot more! So, likely worth hanging on for the cash?

[danh1] 19/8/2024 12:30

Can anyone explain how exactly this will pan out ?

[pvb] 05/8/2024 08:14

Members voluntary liquidation then:



Dunedin Enterprise Investment Trust PLC
Date: 5 August 2024

Realisation of EV Holdings Limited ("EV")

"Following completion of the EV realisation the Board intends to send shareholders a proposal for a members' voluntary liquidation of the Company as envisaged in the Chairman's Statement published in March."

[thinking] 17/4/2024 09:35

Why the 5% drop in price today?

[pvb] 03/11/2023 14:22

RNS Number : 3218S

Dunedin Enterprise Inv Trust PLC

03 November 2023

Premier Hytemp realisation

"Dunedin Enterprise Investment Trust PLC is pleased to announce that an agreement has been reached which will allow Dunedin Buyout Fund II LP to realise the investment in Premier Hytemp, a manufacturer and supplier of engineered metal solutions. Completion of the transaction is subject to satisfaction of certain customary closing conditions.

The investment in Premier Hytemp was valued at GBP4.9m in the Preliminary Unaudited Net Asset Value at 30/09/23 published on 1 November 2023. Proceeds from the sale are expected to amount to GBP4.9m, consisting entirely of capital."

[pvb] 01/2/2023 17:33

"The Board of Dunedin Enterprise Investment Trust PLC is pleased to announce a preliminary unaudited net asset value of 627.1p per share as at 31 December 2022 (576.6p at 30 September 2022). The net asset value per share is stated after a 34p per share dividend paid in November 2022. The net asset value total return for the year to 31 December 2022 is 21.7%."

Nice!

[super_sub] 24/11/2022 16:07

Tendered my entire holding with Interactive Investor, and they appear to have redeemed them all with no scaling back.
Although I should add that II have subsequently changed their calculations for similar tenders on more than one occasion in the past.

[cousinit] 23/11/2022 19:25

Agreed. Would be a different animal compared to the current crop, lower down the cap scale than OCI. The LLP likely attracting enough capital directly now based on the track record.

[topvest] 23/11/2022 19:02

It would be nice if they could arrange a continuation vehicle.

[cousinit] 22/11/2022 22:08

I think there is an intention now to under promise/ over deliver. The issues of a decade ago seem to partly stem from being a bit too optimistic and then disappointing. Obviously things can still go wrong, especially in the current economic climate.

They wrote off the remaining GPS stake over the summer. They did the same when they didn't have control of CitySprint, which did generate a small return on ultimate disposal.

Dunedin seemed to find their niche about a decade ago and moved from buy/fix/flip to buy quality, invest in growth and hold for longer. Some of the remaining assets do pre-date then though!

[topvest] 22/11/2022 21:33

Its been a great run-off here...can it continue? They still have over 5 investments to exit, which may take a couple of years. I suppose there is the possibility of some sort of offer being made for the company or some continuation event now that its down to a small size and most of the return has been delivered. It's been a good ride over the last ten years or so that's for sure - at one stage it looked fairly bleak but things just got better and better. The last one of these I had was Candover and that was a real shocker!

[cousinit] 22/11/2022 18:15

I did wonder if it might be relatively under subscribed but that was more if individuals were in a position of managing their CGT given the scale of the tender. With the reduction in CGT allowances for future years announced by Hunt last week, that may have changed things, but maybe came too late for people to change their elections?

It doesn't look like there is an easy potential "turn" now of accepting the tender and buying back at a price 10-15% lower in the market.

[topvest] 22/11/2022 12:57

Looks like 50% of the excess tenders will go through, which is a surprise. Maybe the remaining investments are still looking good then, and some investors are hanging on for the value?

[topvest] 21/10/2022 18:22

This investment trust is certainly a vehicle that just keeps on giving. Unusual in a wind-down mode. It normally gets worse rather than better!

[pvb] 21/10/2022 11:07

Dunedin Enterprise Inv Trust PLC Tender Offer
21/10/2022 7:00am



Details of the Tender Offer

The Tender Offer will enable those Shareholders (other than Sanctions Restricted Persons, Restricted Shareholders and certain Overseas Shareholders) who wish to sell some or all of their Shares to elect to do so, subject to the overall limits of the Tender Offer. Shareholders who successfully tender Shares will receive the Tender Price per Share, being a 1.0 per cent. discount to the NAV per Share as at 30 September 2022 (adjusted for the Dividend of 34 pence per Share (as defined below) announced today).

[pvb] 11/2/2022 16:45

DNE to pay second interim dividend of 12.6p on 26 March.



Also a dividend:

The Company has today announced an interim dividend for the financial year ending 31 December 2022 of 34 pence per Share which is to be paid on 24 November 2022 to Shareholders on the Register as at 6.00 p.m. on 4 November 2022 (the "Dividend").

[exotic] 23/11/2021 14:28

Hargreaves only updated accounts today. I tendered all my shares but had just 45.87% redeemed. Seems ii clients got a much better deal on this one.

I was just in for the tender offer and sold the remainder today, profit from the whole exercise 5.25% after fees.

On a positive note for holders, it seems someone is accumulating and sellers are getting far above mid price. I would expect this to go higher, but I needed my money back.