Dunedin Enterprise Inv Trust PLC Premier Hytemp realisation & potential winding-up (0401U)
November 21 2023 - 1:00AM
UK Regulatory
TIDMDNE
RNS Number : 0401U
Dunedin Enterprise Inv Trust PLC
21 November 2023
21 November 2023
Dunedin Enterprise Investment Trust PLC
Legal Entity Identifier: 213800E2VLUZ5AF9Z434
Premier Hytemp realisation and potential winding-up
Dunedin Enterprise Investment Trust PLC ("DENT" or the
"Company") is pleased to announce that regulatory approval has now
been granted for the realisation of Premier Hytemp, a manufacturer
and supplier of engineered metal solutions. The investment in
Premier Hytemp is held via DENT's interest in Dunedin Buyout Fund
II LP.
As at 30 September 2023 the Company's investment in Premier
Hytemp was valued at GBP4.9m. Proceeds received from the
transaction amount to GBP4.9m, consisting entirely of capital.
Following this realisation, the Company has remaining unlisted
investments valued at GBP7.8m, cash balances of GBP23.3m and other
net assets of GBP2.9m. As previously noted, the Company also has
outstanding capital commitments to limited partnership funds of
GBP9.0m.
Pursuant to its managed wind-down strategy, the Company's
investment objective is to conduct an orderly realisation of its
assets in a manner that seeks to achieve a balance between
maximising the value of the Company's investments and progressively
returning cash to shareholders. In the light of recent realisations
from the Company's portfolio, which have been achieved by the
manager in a shorter timeframe than was previously anticipated, the
Board is considering the most efficient way to return further cash
to shareholders taking into account the size of the Company, the
value of its remaining unlisted investments and the Company's
costs.
In particular, the Board and its advisers are exploring whether
to wind-up the Company and return cash to shareholders, including
the proceeds of the Premier Hytemp realisation, by way of a
members' voluntary liquidation. Any such winding-up would require
shareholder approval and a further announcement will be made in due
course.
For further information, please contact:
Dunedin LLP (Secretary)
Graeme Murray 07813138367
Important Information
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014, as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended ("UK MAR") and is disclosed in
accordance with the Company's obligations under UK MAR. Upon the
publication of this announcement, this inside information will be
considered to be in the public domain.
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END
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