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Dunedin Enterprise sells Pyroguard, plans cash return

DNE : Dunedin Enterprise sells Pyroguard, plans cash return

Dunedin Enterprise sells Pyroguard, plans cash return – Dunedin Enterprise Investment Trust has announced the successful realisation of Pyroguard, the specialist fire resistant glass manufacturer. Total proceeds from the sale amounted to GBP9.3m representing an uplift of GBP0.4m over the valuation of GBP8.9m at 31 March 2018. The original cost of the investment was GBP3.8m and over its life, a total of GBP22.5m has been received by Dunedin Enterprise, representing a 5.9 times return and an IRR of 35%.

Following the realisation of Pyroguard, the board has decided to return GBP10.3m to shareholders via an issue of B Shares (this process was described in a Circular sent to shareholders on 3 April 2017 and as approved by shareholders on 11 May 2017). This follows the first issue of B Shares in December 2017 which returned GBP20.6m of capital to shareholders and a second issue of B Shares in February 2018 which returned GBP10.3m of capital to shareholders.

B Shares of 50p each will be paid up from capital and issued to all shareholders by way of a bonus issue pro-rata to their holding on the basis of one B Share for every one ordinary share held at the record date of 6.00pm on 8 October 2018. The B Shares will be issued on 9 October 2018 and immediately redeemed at 50p per B Share. The ordinary shares will trade ex-B Share entitlement with effect from 5 October 2018.

The proceeds from the redemption of the B Shares will be sent to shareholders on 23 October 2018, either through CREST to uncertificated shareholders or via cheque to certificated shareholders.

About Pyroguard

Pyroguard manufactures and supplies high performance fire glass tailored to a wide variety of requirements, enabling architects, specifiers, contractors and construction professionals to meet all their fire safety glazing requirements via a single source.

The company’s initial production focus was on wired glass, but over time CGI, as it was then called, began to investigate a more aesthetically pleasing, yet still robust, glazing product. Through in-depth research and testing, CGI developed a clear fire resistant glass, which, as it developed over time, would become the Pyroguard range. Since its inception, Pyroguard has continued to develop and test the possibilities for different fire glass applications, resulting in its current position as an industry leader among independent fire glass producers.

Originally based in St Helens, Pyroguard moved its production facilities to Haydock in Merseyside in 2002. The company’s initial target markets were the UK, Ireland and the Netherlands. However, demand for Pyroguard’s high specification fire glass has increased, and the company now reaches customers directly, and via suppliers, in France, Germany, Scandinavia and worldwide.

In 2012, CGI International acquired a French manufacturer of fire resistant glass, and created Pyroguard France, which operates from its base in Seingbouse in the east of France. The company’s European customer base is now thriving, with more than half of its revenues originating from export.

DNE : Dunedin Enterprise sells Pyroguard, plans cash return

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