DNE : Dunedin Enterprise reports modest fall in NAV during the first half of 2014
Dunedin Enterprise Investment Trusts recent interims report a fall in NAV during the first half of 2014 of 4.6%. However, once dividends are included, DNE’s total return was -1.7% (this compares with a fall in the FTSE Small Cap index of 0.8% over the same period). During the first half, DNE’s share price decreased by 3.1% (436.0p to 422.63p). This reflects a modest tightening of the discount, over the period, from 17.6% to 16.3%. However, the discount currently in the region of 20%. As at 30 June 2014, DNE had outstanding commitments to limited partnership funds of £68.3m (£55.6m to Dunedin managed funds and £12.7m to European funds). DNE expect that approximately £48m of this total commitment will actually be drawn down.
In terms of portfolio developments, DNE made realisations, during the first half of 2014, of £2.3m as well as new investments of £9.8m. £5.2m was also returned to shareholders via a tender offer in May. In June an investment of £5.9m was made in EV Offshore, which designs and manufactures high performance, rugged video cameras that are used to diagnose and analyse problems in oil and gas wells. In March, a further investment of £1.3m was made in Hawksford, enabling the company to acquire the Singapore based corporate services provider, Janus Corporate Solutions. The majority of realisation proceeds in the half year were received from Innova/5.
Dunedin Enterprise Investment Trust specialises in the provision of private equity finance with a focus on mid-market buyouts, announces its results for the half year ended 30 June 2014.