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Dunedin Enterprise shareholders made 74% in 2017 – [shame it is winding up!]
Dunedin Enterprise made an NAV return of 23.9% over 2017. Shareholders did even better, with a total return to shareholders of 74.8%. This was boosted by a return of capital to shareholders of 100p per share and the payment of dividends of 31p. The net asset value decreased from 503.3p to 489.2p during the year after taking account of the return of capital and dividends and, following a second return of capital in February, the net asset value fell by a further 50p to 439.2p. This means that a total of 181p has been distributed to shareholders since the beginning of 2017. The discount has reduced from 39.2% at the end of 2016 to 13.5%.
There were five significant realisations during the year to 31 December 2017.
A new investment of GBP6.0m was made in Forensic Risk Alliance (“FRA”), an international consultancy business which provides forensic accounting, data analytics and e-discovery expertise to help businesses manage risk in an increasingly regulated global environment. The trading performance of the remaining portfolio has been strong during the year. Unrealised valuation increases of GBP12.9m were partially offset by decreases of GBP5.8m. Valuation uplifts were achieved by Pyroguard, FRA, Red and Kingsbridge. Each of these businesses is trading well as a result of strong organic growth. The most significant valuation reduction in the year to 31 December 2017 was the decline of GBP1.2m of the holding in CitySprint.
DNE : Dunedin Enterprise shareholders made 74% in 2017
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