Portfolio Update
Dunedin Enterprise Investment Trust PLC
Date: 25 August 2022
LEI: 213800E2VLUZ5AF9Z434
RED realisation
Dunedin Enterprise Investment Trust PLC is pleased to announce that Dunedin Buyout Fund II LP has entered into a legally binding agreement to realise the investment in RED, the provider of SAP contract and permanent staff. The transaction is subject to funding and regulatory approvals and is expected to complete in the second half of 2022.
The investment in RED was valued at £23.7m in the Preliminary Unaudited Net Asset Value at 30/06/22 published on 1 August 2022. Proceeds from the sale are expected to amount to £23.7m, consisting of capital of £19.7m and income of £4.0m. Additionally, there are future potential proceeds from an earn-out arrangement which are dependent upon RED achieving profit targets in the year to 31 March 2023.
Following funding and regulatory approvals being received the Board intends to announce a distribution to shareholders.
END
For further information please contact:
Dunedin LLP
Graeme Murray 07813138367
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 3 hours ago Luceco
- 3 hours ago Legal & General Group
- 3 hours ago Downing Renewables & Infrastructure Trust
- 4 hours ago Henderson Far East Income Ltd.
- 4 hours ago Whitbread