Preliminary Results

RNS Number : 9833N

Dunedin Enterprise Inv Trust PLC

27 February 2009

 

EMBARGOED - 7AM FRIDAY 27 FEBRUARY 2009

For release                     07.00am                   27 February 2009

Dunedin Enterprise Investment Trust PLC

Preliminary Results for the year ended 31 December 2008

Dunedin Enterprise Investment Trust PLC, the private equity investment trust which specialises in investing in mid-market buyouts, announces its preliminary results for the year ended 31 December 2008.

Financial Highlights:

• Net asset value per share decreased by 18.1% to 433.4p per share

• Total net assets £130.8m

• Final dividend of 8.85p, making total dividend for year of 11.25p

• Special dividend of 14.6p per share

• New investment of £19.3m in the year

• Realisations of £27.7m in the year

Comparative Performance

				FTSE	FTSE
				Small Cap	All Share
				(ex Inv Cos)	(ex Inv Cos)
Periods to 31 December 2008		Net Asset value *1	Share price	Index	Index
One year		-18.1%	-49.2%	-50.4%	-32.7%
Three years		-13.0%	-54.7%	-52.3%	-22.3%
Five years		26.0%	-16.8%	-38.8%	-0.2%
Ten years		15.2%	-18.5%	-24.9%	-18.0%

*1 - taken from 30 April for three, five and ten years

For further information please contact:

Brian Scouler	Jane Kirby / Corinna Vere Nicoll
Principal Fund Manager	Directors
Dunedin Capital Partners Limited	Equity Dynamics Limited
0131 225 6699
07811 262 796	07825 326 441/ 440
[e-mail]	[e-mail] / [e-mail]

Notes to Editors

Dunedin Enterprise Investment Trust PLC is managed by Dunedin Capital Partners Limited. Dunedin Capital Partners Limited is an independent private equity company owned by its directors. The company specialises in providing equity finance for management buyouts and management buyins with a transaction size of £10m - £75m. It operates throughout the United Kingdom from its offices in Edinburgh and London. Dunedin Capital Partners is itself the result of a management buyout which took place in 1996.

Dunedin Enterprise's primary objective is to achieve substantial long term growth in its assets through capital gains from its investments.  For more information on Dunedin Enterprise, its portfolio and investment approach, please visit the website www.dunedin.com.  Investors can buy shares in the company through regular savings, PEP/ISA and pension plans. For further information, call the Aberdeen Asset Managers helpline on 0500 00 40 00 or visit the website at www.dunedinenterprisetrust.co.uk.

Chairman's Statement

During the year to 31 December 2008, net assets decreased by 18.1% from £159.9m to £130.8m. Inclusive of dividends paid during the year, Dunedin Enterprise achieved a total return of -16.6%. Over the same period, the benchmark index, the FTSE Small Cap, fell by 50.4%. The share price of the Company has decreased from 415.75p to 211p over the same period, a fall of 49.2%, and as at the date of this statement was 216.5p. The discount of the share price to net asset value has increased over the year from 21.5% to 51.3%.  

The fall in net asset value has been significant in recent months and reflects the fall in comparable quoted multiples used in our investment valuations. Over the year there has been a decrease of 32% in the price earnings multiples used in valuing portfolio companies. The Managers have remained consistent in their valuation bases, using the same methods and assumptions as in previous years, and the full effect of marking valuations to market at 31 December 2008 is reflected in the numbers. 

Portfolio

The portfolio at 31 December 2008 consisted of investments made by Dunedin, directly or through its managed funds (27.8%), listed private equity (19.2%), third party managed funds (2.6%), legacy technology funds (2.3%) and cash or near cash (48.1%). At the year end, Dunedin Enterprise had outstanding commitments of £104.4m to limited partnership funds and cash or near cash resources of £68.2m. In addition the Company had undrawn banking facilities of £39.0m, meaning that all outstanding commitments can be met from current resources. It is not expected that the Company will need to utilise its bank facility during the current year.

During the year a total of £19.3m was invested; £14.9m was invested by Dunedin or in Dunedin managed funds, £4.3m was invested in third party managed funds and £0.1m was provided to legacy technology funds. A further £2.7m was paid on the expiry of a currency hedge position.

Following shareholder approval to increase the Company's exposure to similar markets across Europe, commitments have been made to four new private equity funds in Spain, Holland, Poland and the Nordic Region during the year.  

Realisations for the year totalled £27.7m. A detailed account is contained in the Manager's Review.  

Dividends

The Board is recommending a final dividend of 8.85p per share making a total dividend for the year of 11.25p.  

In addition, the Board has also resolved to pay a special bonus dividend of 14.6p per share to shareholders on the same date as payment of the final dividend. This special dividend results from the receipt of accrued dividend and loan interest income from the investment portfolio, which the Trust is obliged to distribute. Both the final and special dividend will be paid on 15 May 2009.

Market Conditions and Outlook

The current market is the most difficult for many years and the problems in the banking markets and wider economy affect both the current investment portfolio and new investment and realisation opportunities.  

The Managers are working closely with investee companies to protect and maintain value.  Most investee companies are trading satisfactorily. The Company's prudent approach to gearing levels in the past now stands it in good stead.  

There are very few transactions taking place at present and a significant uplift in new investment activity or realisations is not expected until stability and liquidity return to the equity and debt markets. New opportunities will continue to be looked at on a very selective and careful basis. The drawdown of funds to which commitments have been made will be very much slower than originally expected.  

Looking forward, your Company is well positioned, with significant cash resources and a level of commitments to new funds that can be met from current facilities.

Edward Dawnay,

Chairman

26 February 2009

  Manager's Review

In the year to 31 December 2008 the Company's net asset value decreased from £159.9m to £130.8m. This

equates to a decrease of 18.1% in the net asset value per share from 529.5p to 433.4p. This decrease in net assets is explained by:

	£m
Net asset value at 1 January 2008	159.9
Unrealised value increases	4.1
Unrealised value decreases	(35.2)
Realised profit over opening valuation	6.5
Dividends paid to shareholders	(3.0)
Other revenue and capital movements	(1.5)
Net asset value at 31 December 2008	130.8

Portfolio Composition

Dunedin Enterprise makes investments in unquoted companies through:

• Dunedin managed funds (including direct investments),

• third party managed funds,

• listed private equity companies, and

• legacy technology funds.

The investment portfolio can be analysed as shown in the table below.

	Valuation at	Additions	Disposals	Realised	Unrealised	Valuation at
	1 Jan 2008	in year	in year	Movement	Movement	31 Dec 2008
	£'m	£'m	£'m	£'m	£'m	£'m
Dunedin managed	60.7	14.9	(22.8)	7.0	(20.5)	39.3
Third party managed	7.3	4.3	(4.2)	(0.5)	(3.2)	3.7
Listed private equity	34.9	-	-	-	(7.7)	27.2
Legacy technology funds	3.5	0.1	(0.7)	-	0.3	3.2
	106.4	19.3	(27.7)	6.5	(31.1)	73.4

New Investment Activity

A total of £19.3m was invested in portfolio companies in the year to 31 December 2008.  

As previously discussed in the Interim Report, the largest investment in the year was £8.5m in the recapitalisation of CGI Group. This investment was made in March 2008 and enabled the Company to re-invest in CGI Group in the form of high yielding loan stock.

In October 2008 a total of £3.8m was invested in Hawksford International Limited. This followed the £23.5m buyout of Rathbone International from Rathbone Brothers Plc. On acquisition, the business was immediately renamed Hawksford International. The company is based in Jersey and designs, establishes and administers trusts, foundations, family offices, companies and private trust companies for high and ultra high net worth individuals and corporate clients on a global basis.

As approved by shareholders at the general meeting held in May 2008, the Company's exposure to European funds has been increased. A total of £4.3m was invested in the private equity investments which are held through third party managed funds. Two new fund commitments have been made since the Interim Report adding to the existing commitments made to FSN Capital III and Realza Capital Fondo FCR. A commitment of €10m was made to Egeria Private Equity Fund III, a €290m buyout fund that focuses on the Netherlands. The manager of Egeria is an independent company wholly owned by its partners and has an investment team of nine, operating from Amsterdam. The fund will invest in small and mid market buyouts with an Enterprise Value between €50m and €200m. The fourth commitment made is €15m to Innova/5 LP a €450m mid market buyout fund focusing in Central and Eastern Europe. The Innova management company is based in Warsaw, has a team of 14 and is privately owned by the investment manager. The fund will invest in growth orientated buyouts where the underlying company has an Enterprise Value in the range of €50m to €125m.  

A total of four commitments have been made to European funds with total commitments of €52.7m. As at 31 December 2008 €4.9m of this has been drawndown. The total commitments which the Company had to Dunedin managed funds, European funds and other legacy funds totalled £104.4m at 31 December 2008. It is expected that the rate of drawdown by these funds will be slower than was originally anticipated.

  Investment Disposals

A total of £27.7m was received from investments disposed of during the year to 31 December 2008.  

As discussed in the Interim Report the largest disposal in the year was the £11.0m realised by the Company on the recapitalisation of CGI Group in March 2008. This represented an uplift of £2.4m on the valuation of CGI Group at 31 December 2007. To date the investment in CGI Group has returned a multiple of over three times the original investment, which was made in 1998. In February 2008, deferred proceeds of £2.7m were received from the sale of Caledonian Building Systems which occurred in April 2006. This investment has returned in excess of six times the original cost.

In October 2008, the investment in Gardner Group was realised in a secondary buyout by Carlyle. An initial investment was made in Gardner in 2003. Since 2003, Gardner has experienced difficult trading conditions during which time the investment was fully provided against and additional funding was provided by Dunedin to the company. Following a change of management, the company has emerged as a centre of manufacturing excellence for the aviation industry. From a total investment of £5.6m, Gardner has returned £5.3m of capital and £2.8m of income, representing a 1.4 times return.

A total of £3.3m of loan stock was redeemed by Capula, Formaplex and Fernau during the year. A further £4.2m was generated from the proceeds of realisations within the LGV1, 4 and 5 limited partnership funds. This represents a return £0.5m below the opening valuation of these investments at the beginning of the year. The shortfall is accounted for by one investment made in Craegmoor, the provider of residential care for people with learning disabilities and for the elderly. This investment was valued at £1.6m at 31 December 2007 but was realised by LGV for £0.7m during the year.

Unrealised Movements in Valuation

In the year to 31 December 2008 strong trading performances at both OSS Environmental and Fernau have led to valuation uplifts of £1.9m and £1.5m respectively.

However, the year to 31 December 2008 is characterised by significant valuation reductions being made against investments in the second half of the year. The Company's portfolio of unquoted investments is valued in accordance with the International Private Equity and Venture Capital Portfolio Guidelines. By marking the portfolio valuation to market at 31 December 2008, as has been done every year, it has been necessary to reflect significant reductions in stock market price earning multiples in the Company's valuations. Investment valuations have been reduced by £35.2m in the year to 31 December 2008. Within the Dunedin managed portfolio of investments valuation reductions have totalled £23.9m. This represents a 45% reduction in value against the adjusted opening valuation at the beginning of the year. Within this valuation reduction companies which contributed to the movement have experienced an average profit reduction of 7% in the year. However, the main element contributing to the valuation fall is an average decrease in the price earnings multiple applied in valuing portfolio companies of 35% (as opposed to 32% for the Dunedin managed portfolio as a whole).

The most significant valuation movements within the Dunedin managed portfolio have been at CGI (PBITA of

£5.1m - increased by 4%, price earnings multiple decreased by 38%), and WFEL (PBITA of £5.6m - increased by 24%, price earnings multiple decreased by 26%). Both companies are trading ahead of last year but have been impacted by the fall in price earnings multiples. Trading at ABI, the static caravan manufacturer, has been adversely impacted by the economic climate. This has led us to reduce the valuation of this investment by £3.4m. Trading at Enrich is behind original plan and when combined with a reduction in price earnings multiples, this has led to a valuation reduction of £3.3m in this investment.

The other significant valuation movement is within the European quoted stocks where the valuation of these investments has been reduced by £7.7m in the year to 31 December 2008. During the year these Euro listed stocks have experienced the following share price falls:

GIMV	-34%
DBAG	-43%
Dinamia Capital Privado	-56%
CapMan	-71%

The share price of SWIP Private Equity Fund of Funds had fallen by 12.5% in the year to 31 December 2008. The

portfolio of fund assets held within SWIP Private Equity Fund of Funds is valued on a quarterly basis and the latest published valuation was based upon reports by the underlying funds to 30 September 2008. A 20% discount has therefore been applied by Dunedin to the 31 December 2008 share price to reflect the estimated reduction in investment valuations that will have occurred since 30 September 2008.

  Euro Hedge

The total exposure of the Company to Euro denominated investments is €33.2m. This currency position was hedged in October 2007. In the year to the 31 December 2008 one of the hedge positions expired with a cost to the Company of £2.7m. The Company continues to hedge its Euro denominated investments and a charge of £7.9m has been made to the capital account relating to the ongoing hedge positions following a fall in the value of Sterling against the Euro. Conversely, the value of Euro denominated stocks has benefited from the Sterling : Euro exchange movement by £7.4m.

Investment Income

In the year to 31 December 2008 there were significant income receipts from both Gardner Group and OSS Environmental. The receipt from Gardner Group followed the realisation of the investment and the receipt of rolled up interest. A strong trading performance from OSS Environmental has enabled the company to pay loan stock interest arrears. These two receipts have contributed to an increase in investment income during the year from £4.3m to £12.5m and have necessitated the payment of a special dividend of 14.6p per share in order to maintain compliance with section 842 of the Income and Corporation Taxes Act 1988 tests.

Dunedin Capital Partners Limited

26 February 2009

  Ten Largest Investments 

(both held directly and via Dunedin managed funds) by value at 31 December 2008

	Approx.			Percentage
	percentage	Cost of	Directors'	of net
	of equity	investment	valuation	assets
Company name	%	£'000	£'000	%
SWIP Private Equity Fund of Funds II PLC	4.5	15,025	15,654	12.0
Practice Plan Holdings Limited	26.1	10,262	10,000	7.6
OSS Environmental Holdings Limited	41.8	6,184	6,696	5.1
Capula Group Limited	37.8	5,753	5,327	4.1
GIMV	0.6	4,971	4,196	3.2
Fernau Limited	22.8	2,391	3,859	3.0
Hawksford International Limited	16.0	3,839	3,839	2.9
etc.venues Group Limited	25.1	3,317	3,317	2.5
Deutsche Beteiligungs AG	1.9	4,999	3,283	2.5
WFEL Holdings Limited	23.4	6,400	3,058	2.4
		63,141	59,229	45.3

  Overview of Portfolio

Analysed by category of investment
	31 December	31 December
	2008	2007
	%	%
Dunedin managed	28	38
Third party managed	3	4
Listed private equity	19	21
Legacy technology funds	2	2
Cash	48	35

Analysed by valuation method
	31 December	31 December
	2008	2007
	%	%
Cost / written down	48	34
Earnings	15	31
Sales price	-	3
Quoted bid price *1	37	32

Analysed by geographic location
	31 December	31 December
	2008	2007
	%	%
UK	67	79
Rest of Europe	27	15
USA	5	5
Rest of World	1	1

Analysed by sector
	31 December	31 December
	2008	2007
	%	%
Automobiles & parts	2	3
Construction and building materials	3	9
Consumer products & services	6	3
Financial services	6	5
Healthcare	2	6
Leisure and hotels	6	7
Industrials	20	18
Pharma, medical, biotech	4	3
Real Estate	2	1
Support services	39	37
Technology	10	8

*1- includes SWIP Private Equity Fund of Funds II PLC

Analysed by deal type
	31 December	31 December
	2008	2007
	%	%
Management buyouts/buyins	84	88
Technology	10	8
Life Sciences	4	3
Real Estate	2	1

Analysed by age of investment
	31 December	31 December
	2008	2007
	%	%
<1 year	17	13
1-3 years	35	40
3-5 years	24	19
>5 years	24	28

  Consolidated Income Statement 

for the year ended 31 December 2008

	Audited	Audited
	Year ended 31 December 2008	Eight month period ended 31 December 2007
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Investment income	12,533	-	12,533	4,325	-	4,325
Gains/(losses) on investments	-	(35,167)	(35,167)	-	(2,834)	(2,834)
Total Income	12,533	(35,167)	(22,634)	4,325	(2,834)	1,491
Expenses
Investment management fees	(358)	(1,073)	(1,431)	(297)	(890)	(1,187)
VAT on investment management fees	538	1,613	2,151	-	-	-
Other expenses	(627)	-	(627)	(400)	-	(400)
Profit/(loss) before finance costs and tax	12,086	(34,627)	(22,541)	3,628	(3,724)	(96)
Finance costs	(54)	(162)	(216)	(33)	(100)	(133)
Profit/(loss) before tax	12,032	(34,789)	(22,757)	3,595	(3,824)	(229)
Taxation	(3,207)	(109)	(3,316)	(1,079)	154	(925)
Profit/(loss) for the year / period	8,825	(34,898)	(26,073)	2,516	(3,670)	(1,154)
Earnings per ordinary
share (basic & diluted)	29.2p	(115.6p)	(86.4p)	8.3p	(12.1p)	(3.8p)

The total column of this statement represents the Income Statement of the Group, prepared in accordance with International Financial Reporting Standards as adopted by the EU. The supplementary revenue and capital columns are both prepared under guidance published by the Association of Investment Companies. All items in the above statement derive from continuing operations. 

All income is attributable to the equity shareholders of Dunedin Enterprise Investment Trust PLC. 

  Consolidated Statement of Changes in Equity

for the year ended 31 December 2008

Year ended 31 December 2008 (audited)

		Share	Capital	Capital	Capital		Total
	Share	premium	redemption	reserve -	reserve -	Revenue	retained	Total
	capital	account	reserve	realised	unrealised	account	earnings	equity
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 31 December 2007	7,551	47,600	375	112,586	(14,517)	6,352	104,421	159,947
Profit/(loss) for the year	-	-	-	(4,028)	(30,870)	8,825	(26,073)	(26,073)
Repurchase of own shares	(7)	-	7	(107)	-	-	(107)	(107)
Dividends paid	-	-	-	-	-	(2,990)	(2,990)	(2,990)
At 31 December 2008	7,544	47,600	382	108,451	(45,387)	12,187	75,251	130,777

Period ended 31 December 2007 (audited)

		Share	Capital	Capital	Capital		Total
	Share	premium	redemption	reserve -	reserve -	Revenue	retained	Total
	capital	account	reserve	realised	unrealised	account	earnings	equity
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 30 April 2007	7,552	47,600	374	104,274	(2,517)	6,434	108,191	163,717
Profit/(loss) for the period	-	-	-	8,330	(12,000)	2,516	(1,154)	(1,154)
Repurchase of own shares	(1)	-	1	(18)	-	-	(18)	(18)
Dividends paid	-	-	-	-	-	(2,598)	(2,598)	(2,598)
At 31 December 2007	7,551	47,600	375	112,586	(14,517)	6,352	104,421	159,947

  Consolidated Balance Sheet 

As at 31 December 2008

	Audited	Audited
	31 December	31 December
	2008	2007
	£’000	£’000
Non-current assets
Investments held at fair value	140,919	130,870
Current assets
Other receivables	342	249
Cash and cash equivalents	665	31,047
	1,007	31,296
Current liabilities
Other liabilities	(123)	(161)
Other payables	(1,347)	(237)
Other financial liabilities	(9,679)	(1,821)
	(11,149)	(2,219)
Net current assets / (liabilities)	(10,142)	29,077
Net assets	130,777	159,947
Capital and reserves
Share capital	7,544	7,551
Share premium	47,600	47,600
Capital redemption reserve	382	375
Capital reserve – realised	108,451	112,586
Capital reserve – unrealised	(45,387)	(14,517)
Revenue reserve	12,187	6,352
Total equity	130,777	159,947
Net asset value per ordinary share (basic and diluted)	433.4p	529.5p

  Consolidated Cash Flow Statement 

for the year to 31 December 2008

	Audited	Audited
	Year to	Eight month period
	31 December	to 31 December
	2008	2007
	£’000	£’000
Loss before tax	(22,757)	(229)
Losses on investments	35,167	2,834
Interest paid	216	133
Increase in debtors	(93)	(163)
Decrease in creditors	(38)	(118)
Tax paid	(2,206)	-
Net cash inflow from operating activities	10,289	2,457
Servicing of finance
Interest paid	(216)	(133)
Investing activities
Purchase of investments	(19,291)	(39,845)
Purchase of ‘AAA’ rated money market funds	(100,441)	(65,950)
Maturity of exchange hedge	(2,680)	-
Sale of investments	27,734	22,700
Sale of ‘AAA’ rated money market funds	57,320	80,152
Net cash outflow from investing activities	(37,358)	(2,943)
Financing activities
Purchase of own shares	(107)	(18)
Dividends paid	(2,990)	(2,598)
Net cash outflow from financing activities	(3,097)	(2,616)
Net decrease in cash and cash equivalents	(30,382)	(3,235)
Cash and cash equivalents at the start of period	31,047	34,282
Net decrease in cash and cash equivalents	(30,382)	(3,235)
Cash and cash equivalents at the end of period	665	31,047

  Responsibility statement of the Directors in respect of the Annual Report and the Financial Statements

The Directors are responsible for preparing the Annual Report and the Group and Parent Company financial statements in accordance with applicable law and regulations.  

Company law requires the Directors to prepare Group and Parent company financial statements for each financial year. Under that law they are required to prepare the Group financial statements in accordance with IFRSs as adopted by the EU and applicable law and have elected to prepare the parent company financial statements on the same basis.  

The Group and Parent Company financial statements are required by law and IFRSs as adopted by the EU to present fairly the financial position of the Group and the Parent Company and the performance for that period; the Companies Act 1985 provides in relation to such financial statements that references in the relevant part of that Act to financial statements giving a true and fair view are references to their achieving a fair presentation.

In preparing each of the Group and Parent Company financial statements, the Directors are required to:

•     select suitable accounting policies and then apply them consistently;

•     make judgments and estimates that are reasonable and prudent;

•     state whether they have been prepared in accordance with IFRSs as adopted by the EU; and

•     prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the Parent Company will continue in business.

The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Parent Company and enable them to ensure that its financial statements comply with the Companies Act 1985. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

Under applicable law and regulations, the Directors are also responsible for preparing a Directors' Report, Directors' Remuneration Report and Corporate Governance Statement that comply with that law and those regulations.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Under the Disclosure and Transparency Rules the Directors confirm that to the best of their knowledge:

•     the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and

•     the Directors' Report includes a fair review of the development and performance of the business and the position of the issuer together with a description of the principal risks and uncertainties that they face

  Notes

• Preliminary Results

The above summary of the results for the year ended 31 December 2008 does not constitute statutory financial statements within the meaning of Section 240 of the Companies Act 1985 and has not been delivered to the Registrar of Companies.   Statutory financial statements will be filed with the Registrar of Companies in due course; the independent auditors' report on those financial statements under Section 235 of the Companies Act 1985 is unqualified and does not contain a statement under Section 237 (2) or (3) of the Companies Act 1985.

2. Dividends

	Year to	Eight months to
	31 December	31 December
	2008	2007
	£’000	£’000
Dividends paid in the period	2,990	2,598

The proposed final dividend of 8.85p and special dividend of 14.6p per share for the year ended 31 December 2008 will, if approved be paid on 15 May 2009 to shareholders on the register at the close of business on 17 April 2009.

3. Earnings per share

	Year	Eight months to
	31 December	31 December
	2008	2007
	£’000	£’000
Revenue return per ordinary share (p)	29.2	8.3
Capital return per ordinary share (p)	(115.6)	(12.1)
Earnings per ordinary share (p)	(86.4)	(3.8)
Weighted average number of shares	30,187,231	30,208,874

The earnings per share figures are based on the weighted average numbers of shares set out above. Earnings per share is based on the revenue profit/(loss) in the period as shown in the consolidated income statement.

4. Share Buy Backs

	Year to	Eight months to
	31 December	31 December
	2008	2007
	£’000	£’000
Number of shares bought back	27,335	4,228
Average price per share	391.6p	414.0p
Total cost including expenses	107,304	17,503
Number of shares in issue at the end of the period	30,177,380	30,204,715

All shares bought back were subsequently cancelled.

5. Financial Statements

The full annual report including financial statements for the year ended 31 December 2008 is expected to be posted to shareholders in March 2009 and will be available to the public at the registered office of the Company at 10 George Street, Edinburgh, EH2 2DW and on the website www.dunedin.com

ENDS

 

END

 

 

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