Dunedin Enterprise realises investment in Capula

RNS Number : 4705E

Dunedin Enterprise Inv Trust PLC

30 May 2012

RNS announcement

Dunedin Enterprise Investment Trust PLC ("Dunedin Enterprise") has exited from its investment in Capula, the UK market leading independent provider of IT systems that control operations and real time information at power stations, nuclear facilities and water networks. Capula was sold to the Dutch quoted company, Imtech. This follows the announcement last week that Dunedin Enterprise had realised its investment in WFEL, the world leader in mobile tactical military bridging.

Capital and accrued interest in Capula were valued at £11.5m as at 31 December 2011. In the period since that date, capital of £11.6m and income of £2.3m have been realised from the investment. The cost of the investment at 31 December 2011 was £8.4m, and £1.6m, being 50% of the capital gain (net of costs incurred on disposal) over cost, will be distributed in accordance with Dunedin Enterprise's distribution policy.

The proceeds received on exit represent an uplift of £2.2m from the valuation at 31 March 2012, equivalent to 8.0p per share.

In August 2006 Dunedin, the manager of Dunedin Enterprise, backed the MBO of Capula in a transaction valued at £30m. During Dunedin's ownership the company has reported record order intake of over £75m in the last two years, employment figures have risen by 60% since Dunedin's initial investment and the business has substantially expanded its customer base to include blue chip clients such as Thames Water, EDF Energy, Drax Power, URENCO and National Grid. Capula's turnover has grown by 49% between 2010 and 2011 and is forecast to grow by a further 24% in 2012.

Shaun Middleton, managing partner of Dunedin, said: "The investment in Capula has produced another strong return for Dunedin Enterprise shareholders just ten days after the realisation of WFEL. Capula is a market leading company which has attracted the interest of international strategic buyers. It has first class technical skills and a justified reputation for excellence across its target markets."

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