6th May 2020 17:52
(Alliance News) - Dunedin Enterprise Investment Trust PLC on Wednesday reported a drop in first quarter net asset value as a result of Covid-19 impact on valuation of the company's investments.
The investment trust recorded a net asset value per share of 379.9 pence at March 31, down 15% from NAV of 444.4p at December 31.
The trust's share price decreased to 252p from from 376p in the quarter to March end. The share price total return for the quarter was negative 33.0% compared with a 32.7% declien in the FTSE Small Cap index over the same period.
Shares in the company closed at 276.00 pence each in London on Wednesday.
Dunedin said: "The decrease in net asset value in the quarter can be attributed to valuation decreases at FRA, Formaplex, EV, Red, Hawksford, U-POL and Weldex reflecting the potential impact of Covid-19 on the valuation of each of these portfolio companies".
The trust had cash and near cash balances of GBP12.3 million at March-end. It is also currently negotiating an extension of the GBP5 million banking facility with Lloyds Bank for a further year to May 31, 2021.
By Tapan Panchal; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Dunedin Ent.it.