Dunedin Enterprise Inv Trust PLC Disposal (2727N)
August 07 2017 - 5:03AM
UK Regulatory
TIDMDNE
RNS Number : 2727N
Dunedin Enterprise Inv Trust PLC
07 August 2017
Dunedin Enterprise realisation of Blackrock PM
Dunedin Enterprise Investment Trust PLC is pleased to announce
the successful realisation of its investment in Blackrock PM, the
provider of independent expert witnesses to dispute and litigation
resolution in the construction sector.
Capital and accrued interest in Blackrock was valued at GBP10.4m
as at 31 March 2017, the last published valuation. Total proceeds
from the sale amounted to GBP12.8m (an uplift of GBP2.4m, or 11.7p
per share), consisting of capital of GBP12.7m and income of
GBP0.1m. The original cost of the investment was GBP4.9m and over
the life of the investment a total of GBP13.9m was received by
Dunedin Enterprise representing a 2.8 times return and an IRR of
60%.
The Board is keeping under review the cash and outstanding
commitment position of the Company. Following the realisation of
Blackrock, the Company will have cash balances of GBP16.4m with
outstanding commitments to limited partnership funds of GBP28.5m.
It is estimated that approximately GBP13m of this total commitment
will be drawn over the remaining life of the limited partnership
funds. It is not the current intention of the Board to make a
capital distribution to shareholders until there are further
realisations from the portfolio.
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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