Dunedin Enterprise Inv Trust PLC 3rd Quarter Results (3605P)
November 16 2016 - 8:14AM
UK Regulatory
TIDMDNE
RNS Number : 3605P
Dunedin Enterprise Inv Trust PLC
16 November 2016
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 30 September 2016.
1. Unaudited net asset value per share
The unaudited net asset value per share at 30 September 2016 was
473.0p. This represents a decrease of 0.6% from the level at 30
June 2016.
2. Share price
The share price has increased by 5.2% from 310.0p to 326.0p in
the quarter to 30 September 2016. This compares to an increase in
the FTSE Small Cap Index of 11.9% over the same period. The
discount to net asset value at 30 September 2016 was 31%.
3. Balance Sheet
The unaudited balance sheet as at 30 September 2016 is noted
below:-
GBP'm
Investments:-
Dunedin managed 73.8
Third party managed 21.8
95.6
Cash and near cash 1.6
Other assets and liabilities 0.5
------
Total net assets 97.7
======
Net asset value per share
(p) 473.0p
======
4. Net asset value movements
The portfolio of investments has been re-valued at 30 September
2016. The decrease in net asset value in the quarter can be
attributed to:-
-- Within the Dunedin managed portfolio there were valuation
increases at Blackrock (GBP1.1m) and Kee Safety (GBP0.6m).
Blackrock continues to show strong organic earnings growth. Kee
Safety has now completed ten acquisitions under Dunedin's
ownership. The maintainable earnings of Kee Safety have benefitted
from both organic growth and a contribution from these ten
acquisitions
-- The valuation of the two European funds (Innova - GBP1.0m,
Realza - GBP0.6m) have both benefited from favourable exchange rate
movements. In addition Innova also benefited from valuation
increases from portfolio companies operating in the food and
building products sectors.
-- These valuation uplifts have been offset principally by
reductions in value at Hawksford (GBP2.8m).and Formaplex (GBP0.7m).
At both Hawksford and Formaplex there has been uncertainty due to
significant management change over the past six months. Both
companies now have new leadership in place.
-- Management fees and banking costs contributed a reduction in net assets of GBP0.6m.
5. New investment and realisations
A further investment of GBP0.3m was made in EV to support
working capital.
A total of GBP5.7m was realised from portfolio companies during
the quarter. Both Kee Safety and U-POL successfully completed
re-financings. Kee Safety redeemed GBP1.1m of loan stock and paid
GBP1.8m of accrued loan interest. U-POL paid GBP2.6m of accrued
interest.
6. Cash and Commitments
The Company had cash and near cash balances of GBP1.6m at 30
September 2016. In addition the Company has a revolving credit
facility of GBP20m available until 31 May 2018.
As at 30 September 2016 the Company has outstanding capital
commitments to limited partnership funds of GBP37.0m of which it is
forecast that approximately up to GBP20m will be drawn over the
next three years.
The Board and Manager remain satisfied with the balance between
available credit facilities and outstanding commitments given the
expected rate of new investment and potential realisations of
existing investments.
7. Outlook
The UK economy and M&A market continues to be affected by
the economic uncertainty, the oil price weakness and the impact of
the Brexit vote. Trading in portfolio companies continues to be
mixed.
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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