Dunedin Enterprise Inves... Share Discussion Threads

[forensic] 30/9/2017 13:14

Forthcoming float of Alpha

[pvb] 29/9/2017 15:52

What's this? DNE share price rising? That's a break with tradition! :-)

[yieldsearch] 29/9/2017 15:16

not clear to me why suddenly this one is rallying?

[getscenic] 01/9/2017 14:12

RCT. And tipped on the Fool website, so run a mile!

[skyship] 31/8/2017 16:14

RCT - poor & untrustworthy management, high costs, too long a realisation period...and based North of the border!

[spectoacc] 31/8/2017 11:05

I've been long a while, but truth is there's no certain timescale for realisations, & costs are high in the meantime. Too large a discount I say - but then I would say that, tho i've not been buying more.

[rcturner2] 31/8/2017 10:42

This appears to be on a massive discount, what's the story?

[pvb] 31/8/2017 10:31

Half Year Report:

[kramch] 12/5/2017 11:16

Did anyone attend the AGM this year?

As I understand it the current portfolio (D3) closes to new investment in Nov 17
They state they have commitments of £29M of which they expect £13M to be drawn. So we should start to see net cash coming in from realisations.
There is a nod that they could dispose of odd investments in the secondary PE market and prices for realisations are currently buoyant.
Management fees are £0.4M for the quarter, they didn't state them in the RNS last year.
K.

[skyship] 12/5/2017 08:32

They are XD (payable 18th May), so at 350p they are on a 28.4% discount to a 488.6p NAV. Unless the wind-up is accelerated these look rather expensive.

[pvb] 11/5/2017 23:23

The discount to net asset value at 31 March 2017 was 31.8%.

A final dividend of 17.5p per share is payable to shareholders on 18 May 2017.

[nk104] 06/4/2017 14:47

I've taken the 368p and got out. Made money over the year or so I've held, but I must admit I don't have confidence in management.

[spectoacc] 06/4/2017 14:25

Great stuff. But - does it deserve +6%?

[nk104] 06/4/2017 14:17

Ah, now that's interesting. I thought the Board had forgotten they were supposed to be winding up.

[spectoacc] 20/3/2017 07:35

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%.

[spectoacc] 08/3/2017 11:47

Hmm.

"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. "

[spectoacc] 04/2/2017 09:40

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.

[bit thick] 03/2/2017 09:06

It may take some time but the underlying assets are worth more than the market valuation. Hold

[spectoacc] 02/2/2017 16:46

Certainly be nice to think they could sell the entire portfolio for that sort of uplift in time!

[skyship] 02/2/2017 16:43

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,,,

[spectoacc] 02/2/2017 16:28

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.

[nk104] 02/2/2017 13:33

Piece of good news here as Steeper realised at a premium

[pvb] 02/12/2016 13:13

Another listed private equity fund has been increasing its holding:

[spectoacc] 30/11/2016 14:56

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.