REG - Dunedin Enterprise - Premier Hytemp realisation & potential winding-up

Dunedin Enterprise Investment TrustAnnouncement

21/11/2023 07:00

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RNS Number : 0401U  Dunedin Enterprise Inv Trust PLC  21 November 2023

21 November 2023

Dunedin Enterprise Investment Trust PLC

Legal Entity Identifier: 213800E2VLUZ5AF9Z434

Premier Hytemp realisation and potential winding-up

Dunedin Enterprise Investment Trust PLC ("DENT" or the "Company") is pleased
to announce that regulatory approval has now been granted for the realisation
of Premier Hytemp, a manufacturer and supplier of engineered metal solutions.
The investment in Premier Hytemp is held via DENT's interest in Dunedin Buyout
Fund II LP.

As at 30 September 2023 the Company's investment in Premier Hytemp was valued
at £4.9m. Proceeds received from the transaction amount to £4.9m, consisting
entirely of capital.

Following this realisation, the Company has remaining unlisted investments
valued at £7.8m, cash balances of £23.3m and other net assets of £2.9m.
As previously noted, the Company also has outstanding capital commitments to
limited partnership funds of £9.0m.

Pursuant to its managed wind-down strategy, the Company's investment objective
is to 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. In the light of recent
realisations from the Company's portfolio, which have been achieved by the
manager in a shorter timeframe than was previously anticipated, the Board is
considering the most efficient way to return further cash to shareholders
taking into account the size of the Company, the value of its remaining
unlisted investments and the Company's costs.

In particular, the Board and its advisers are exploring whether to wind-up the
Company and return cash to shareholders, including the proceeds of the Premier
Hytemp realisation, by way of a members' voluntary liquidation. Any such
winding-up would require shareholder approval and a further announcement will
be made in due course.

For further information, please contact:

 Dunedin LLP (Secretary)
 Graeme Murray                                      07813138367

 

Important Information

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014, as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018, as amended ("UK MAR")
and is disclosed in accordance with the Company's obligations under UK MAR.
Upon the publication of this announcement, this inside information will be
considered to be in the public domain.

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