18th Mar 2019 11:45
LONDON (Alliance News) - Dunedin Enterprise Investment Trust PLC on Monday said its net asset value per share fell in 2018 following significant capital returns.
The company's net asset value per share sank to 412.9 pence on December 31 from 489.2p the year before due to a dividend payment totalling GBP1.1 million and the return of GBP20.6 million of capital to shareholders through the redemption of B shares in February and October of 2018.
The GBP1.1 million dividend, which was paid in May, was equivalent to 5.5p per share and was the final dividend with respect to 2017. The company's final dividend for 2018 will be 2.0p per share.
In total, since 2021, Dunedin Enterprise has returned GBP109 million to its shareholders through capital returns and dividends, it noted.
The company's realisations in 2018 totalled GBP12.3 million, while its new investments came to GBP14.2 million.
Dunedin Enterprise Chair Duncan Budge said: "There remains significant uncertainty regarding the final outcome of Brexit. While the board does not expect there to be any significant impact from Brexit on the operations of the company itself, each of our portfolio companies has developed plans to cater for a variety of outcomes which will be continually reviewed as the course of the Brexit negotiations become clearer.
"More generally, the board welcomes the improvement in the trading performance of a number of portfolio companies and the returns which have been delivered for shareholders by the underlying investment performance of the portfolio and the returns of capital."
Shares in Dunedin Enterprise were down 2.4% at 363.00p on Monday.
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