29th Nov 2024 15:49
(Alliance News) - Dunedin Enterprise Investment Trust PLC on Friday said regulatory approval had been granted for the realisation of EV Holdings as part of Dunedin Enterprise's wind-down strategy, earning the company GBP2.7 million.
The Edinburgh, Scotland-based UK and overseas companies' investor said its investment in EV, a provider of high-performance video cameras to the energy industry, was valued at GBP2.6 million at the end of September.
After this realisation, the company has remaining unlisted investments of GBP5.9 million and a cash balance of GBP26.8 million. It also has GBP6.9 million of outstanding commitments to limited partnership funds.
The company said as part of its managed wind-down strategy it will "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".
Dunedin Enterprise decided to wind down its portfolio in 2016.
It said the board intends to recommend to shareholders a members' voluntary liquidation. The company said shareholder approval will be sought at a general meeting shortly.
Shares in Dunedin Enterprise Investment Trust were up 0.9% to 509.40 pence in London on Friday afternoon.
By Michael Hennessey, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.