Dunedin Enterprise says that regulatory approval for its sale of Premier Hytemp (a manufacturer and supplier of engineered metal solutions held via the trust’s interest in Dunedin Buyout Fund II LP) has been secured.
As at 30 September 2023 the investment was valued at £4.9m and the proceeds received from the transaction will match that. All of the proceeds will be treated as capital rather than income.
Following this realisation, the trust has remaining unlisted investments valued at £7.8m, cash balances of £23.3m and other net assets of £2.9m. The trust also has outstanding capital commitments to limited partnership funds of £9.0m.
In the light of recent realisations from the portfolio, which have happened faster than expected, the board is considering the most efficient way to return further cash to shareholders. In particular, the board and its advisers are exploring whether to wind-up the company and return cash (including the proceeds of the Premier Hytemp realisation) to shareholders, 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.
DNE : Dunedin Enterprise may now wind up