Result of Tender Offer

RNS Number : 9026B

Dunedin Enterprise Inv Trust PLC

24 April 2012

 



24 April 2012

DUNEDIN ENTERPRISE INVESTMENT trust plc

result of tender offer

The Company announces the results of the Tender Offer set out in the circular published by the Company on 30 March 2012 (the "Circular"), which closed on 23 April 2012 following Shareholder approval at a general meeting of the Company held on 23 April 2012.

22,951,420 Shares were validly tendered under the Tender Offer.  As a result, all valid tenders will be satisfied in full up to the Basic Entitlement and, following application of the scale-back mechanism (as set out in the Circular), tenders in excess of the Basic Entitlement will be satisfied to the extent of approximately 0.7476 per cent. of the excess Shares tendered.  Accordingly, 3,012,238 Shares, representing 10 per cent. of the Company's current issued share capital, will be purchased at a price of 475p per Share, resulting in a total cost of approximately £14.31 million.  

As set out in the Circular, the Shares in respect of which tenders have been accepted will be purchased by Canaccord Genuity pursuant to the Tender Offer and the Company will buy-back such Shares from Canaccord Genuity.  The Shares bought back by the Company will be cancelled, reducing the Company's issued share capital from 30,122,380 Shares to 27,110,142 Shares (none of which Shares are held in treasury).  Accordingly, with effect from 25 April 2012, the total number of voting rights in the Company will be 27,110,142, and this figure may be used by investors as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules

The timetable for settlement of the Tender Offer consideration is expected to be as follows:

2012

Payments through CREST made in respect of Shares
held in uncertificated form successfully tendered                                                                                   Wednesday, 25 April

CREST accounts settled in respect of
unsold tendered Shares held in uncertificated form                                                                               Wednesday, 25 April

Cheques despatched in respect of Shares held in certificated
form successfully tendered                                                                                                                            by Monday, 30 April

Balancing certificates despatched in respect of
unsold tendered Shares held in certificated form                                                                                            by Friday, 4 May

Edward Dawnay, Chairman, stated: "Dunedin Enterprise Investment Trust has over the last 12 months taken a number of steps to enhance its appeal to investors by refocusing on the Company's core strengths in UK mid-market buyouts, disposing of certain non-core assets and introducing a clearly defined distribution policy based on profitable realisations.  This has enabled the Company to return over £15 million to Shareholders in the last six months since the adoption of the distribution policy.  The Company's distribution policy should continue to enhance returns and create liquidity for Shareholders, whilst maintaining the Company at a viable size."

Enquiries

Shaun Middleton/ Graeme Murray	Dunedin Capital Partners Limited	T: 0131 225 6699
Sue Inglis/ Gordon Neilly	Canaccord Genuity Limited	T: 020 7050 6779 T: 020 7050 6778

Notes

Words and expressions defined in the circular to Shareholders dated 30 March 2012 have the same meanings when used in this announcement.

 

END

 

 

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