8th Nov 2013 13:37
LONDON (Alliance News) - Dunedin Enterprise Investment Trust PLC Friday said its net asset value per share decreased 0.6% over the three months to September 30.
Net asset value per share was 531.9 pence on net assets of GBP123.0 million on September 30.
The trust's shares were Friday trading up 1.8% at 423.48.
"There are indications that the UK economy is improving which is expected to lead to greater M&A activity and could be helpful to the trading activity of our portfolio companies," the trust said in a statement.
The trust had cash and near cash balances of GBP26.3 million on September 30, but received GBP14.9 million following the completion of the Practice Plan sale. It returned GBP5.5 million to shareholders on October 22 through a tender offer, which means its cash and near cash balances stood at GBP35.7 million. The trust has a revolving credit facility of GBP20 million available until August 31, 2014.
The trust had outstanding capital commitments to limited partnership funds of GBP84.0 million on September 30 and forecast that approximately GBP60 million of that will be drawn over the next four years.
By Samuel Agini; [email protected]; @samuelagini
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