Q3 Preliminary NAV and Tender Offer Price

Dunedin Enterprise Investment Trust PLC

LEI:     213800E2VLUZ5AF9Z434

Date:   2 November 2020

Time:  07.00am

Announcement of Preliminary Unaudited Net Asset Value for 30 September 2020, Tender Offer Price and Basic Entitlement under the Tender Offer

Preliminary Unaudited Net Asset Value for 30 September 2020

The Board of Dunedin Enterprise Investment Trust PLC is pleased to announce a preliminary unaudited net asset value of 393.1p per share as at 30 September 2020.  In the three months to 30 September 2020 the net asset value total return was 3.5%. 

The preliminary unaudited net asset value has been calculated using the underlying managers' latest valuations (including those received since 30 September 2020), which remain subject to review by the Board of Directors. 

Based on those valuations, as at 30 September 2020, the Company's unlisted investments were valued at £58.7m.  The Company also held cash balances of £24.0m and net current liabilities of £1.6m making a total net assets position of £81.1m.  Cash balances will be reduced by £10m following completion of the Tender Offer noted below.

The net asset value per share at 30 September 2020 of 393.1p increased from 379.8p at 30 June 2020.

The finalised net asset value per share will be published on 12 November 2020.

Tender Offer

The Company sent shareholders a circular on 12 October 2020 in relation to a proposed return of up to £10m to shareholders by way of a Tender Offer. In accordance with the terms of the Tender Offer, the Tender Offer Price and the Basic Entitlement of shareholders under the Tender Offer has been calculated on the basis of the 30 September 2020 net asset value and are as follows.

·    Tender Offer Price - 384.8400p per share

·    Basic Entitlement - 12.3225 per cent.

The Tender Offer Price is a 2.1% discount to the net asset value per share at 30 September 2020.  The maximum number of shares that will be repurchased under the Tender Offer is 2,543,882 shares. The Tender Offer is conditional on the passing of the requisite resolution at the General Meeting to be held on 4 November 2020.

This announcement contains inside information for the purposes of article 7 of EU Regulation 596/2014. Upon publication of this announcement, this inside information is now considered to be in the public domain.

For further information, please contact:

Dunedin LLP

Company Secretary

Telephone: 0131 225 669

END