Dunedin Enterprise benefits from Blackrock sale – Dunedin Enterprise Investment Trust PLC has announced the successful realisation of its investment in Blackrock PM, the provider of independent expert witnesses to dispute and litigation resolution in the construction sector.
Capital and accrued interest in Blackrock was valued at GBP10.4m as at 31 March 2017, the last published valuation. Total proceeds from the sale amounted to GBP12.8m (an uplift of GBP2.4m, or 11.7p per share), consisting of capital of GBP12.7m and income of GBP0.1m. The original cost of the investment was GBP4.9m and over the life of the investment a total of GBP13.9m was received by Dunedin Enterprise representing a 2.8 times return and an IRR of 60%.
The Board is keeping under review the cash and outstanding commitment position of the Company. Following the realisation of Blackrock, the Company will have cash balances of GBP16.4m with outstanding commitments to limited partnership funds of GBP28.5m. It is estimated that approximately GBP13m of this total commitment will be drawn over the remaining life of the limited partnership funds. It is not the current intention of the Board to make a capital distribution to shareholders until there are further realisations from the portfolio.
DNE : Dunedin Enterprise benefits from Blackrock sale