Dunedin Enterprise Inv Trust PLC Realisation of Kee Safety (8798T)
October 18 2017 - 2:00AM
UK Regulatory
TIDMDNE
RNS Number : 8798T
Dunedin Enterprise Inv Trust PLC
18 October 2017
Dunedin Enterprise realisation of Kee Safety
Dunedin Enterprise Investment Trust PLC is pleased to announce
that a contract has been signed, subject to completion, to sell its
investment in Kee Safety, the market-leading provider of collective
fall protection, safety systems and solutions. Completion of the
transaction is due on 31 October 2017.
Capital and accrued interest in Kee Safety was valued at
GBP11.6m as at 30 June 2017, the last published valuation. Total
proceeds from the sale will amount to GBP15.9m (an uplift of
GBP4.3m) consisting of capital of GBP15.2m and income of GBP0.7m.
After taking account of carried interest accrued within Dunedin
Buyout Fund III LP the uplift per share equates to 4.5p.
The original cost of the investment made in November 2013 was
GBP6.3m and over the life of the investment a total of GBP18.8m
will be received by Dunedin Enterprise representing a 3.0 times
return and an IRR of 35%.
Following the realisation of Kee Safety, the Company will have
cash balances of GBP49.1m with outstanding commitments to limited
partnership funds of GBP43.5m. It is estimated that only some
GBP22m of this total outstanding commitment will be drawn over the
remaining life of the limited partnership funds.
As stated in the recent notification regarding the realisation
of Alpha FMC, a Board Meeting will be held on 16 November 2017
following which the Board intends to announce a distribution to
shareholders along with the quarterly trading update.
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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