Dunedin Enterprise realises investment in FSN

RNS Number : 5043E

Dunedin Enterprise Inv Trust PLC

13 May 2013

 

Dunedin Enterprise realises investment in FSN

Dunedin Enterprise Investment Trust PLC ("Dunedin Enterprise" and "the Company") is pleased to announce that it has sold its entire investment and outstanding commitments in FSN Capital III LP ("FSN") for a consideration of €10.7m. The proceeds represent an uplift of €0.9m on Dunedin Enterprise's last published valuation at 31 December 2012 (after taking account of drawdowns called post 31 December 2012). Outstanding commitments to FSN of €1.5m have also been released. The Board intends to put proposals to shareholders for the distribution of relevant amounts in accordance with Dunedin Enterprise's distribution policy at a later date.

This realisation follows the sale of Egeria in February 2013 and continues Dunedin Enterprise's strategy of progressively refocusing the portfolio on UK lower mid-market buyouts where the Company has invested directly or through funds managed by its investment manager, Dunedin LLP.

Dunedin Enterprise's two remaining third party managed fund investments may be held to maturity, although the Directors will consider earlier sales of either of these investments, together with any associated undrawn commitments, if the Directors believe that any such sales on the terms proposed are in the best interest of shareholders as a whole.

Enquiries:

Graeme Murray / Shaun Middleton

Dunedin LLP

T: 0131 225 6699

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