Dunedin Enterprise Investment Outperforms Benchmark In 2017

20th Mar 2018 15:47

LONDON (Alliance News) - Dunedin Enterprise Investment Trust PLC said Tuesday that it outperformed its benchmark index due to realisations from investments and strong trading performances from other portfolio companies.

The investment trust added that net asset value decreased year-on-year for 2017 due to dividends and capital returns.

The company's net asset value total return stood at 24% for 2017, compared with 16% return from benchmark FTSE Small Cap (excluding investment companies) Index. Net asset value for the year fell to 489.2 pence per share from 503.3p recorded a year ago.

Dunedin said the decrease in net asset value was due to dividend payments totalling GBP6.4 million and capital return of GBP20.6 million via issue and redemption of B shares, and a further GBP10.3 million return via B shares issue in February.

Dunedin Enterprise declared a final dividend of 5.5p per share, giving a total payout of 19p, down from 33.5p paid a year ago.

"The board will continue to maximise shareholder value through the orderly wind-down of the remaining investments held by the company. This policy has served shareholders well during the year under review. The board is aware that the secondary market for interests in private equity funds has been buoyant for some time. We regularly review whether shareholders' interests would be best served by realising our fund interests in this way or whether continuing to hold them is likely to provide better returns," Chairman Duncan Budge said.

Shares in Dunedin Enterprise were 2.6% down at 370.00p each on Tuesday.

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