Realisation of IPO proceeds

Dunedin Enterprise Inv Trust PLC
17 November 2005


For Release                                                    17 November 2005

                    Dunedin Enterprise Investment Trust PLC
 Davenham Group plc proposing to float on AIM with a £65 million capitalisation

Dunedin Enterprise Investment Trust PLC ('Dunedin Enterprise' or the 'Trust'),
which specialises in the provision of equity finance for management buyouts,
management buyins and growing businesses, today announces that it will realise
part of its investment in Davenham Group plc ('Davenham' or the 'Company') on
completion of the proposed flotation of Davenham on AIM.

Davenham has announced a successful Placing at 254 pence per share, raising
£44.6 million. Admission to trading on AIM is expected to take place and
dealings are expected to commence on Tuesday 22 November 2005.

On the basis of Davenham's announcement, Dunedin Enterprise will receive net
proceeds of £11.2 million and will retain 2,561,968 ordinary shares in Davenham
Group plc valued at £6.5 million at the placing price. Dunedin Enterprise's
total consideration of £17.7 million represents an increase of £5.1 million,
over its valuation of Davenham at 30 April 2005, a 40% uplift. This represents a
multiple of four times Dunedin Enterprise's original investment (including £2.5
million of investment income).

Manchester-based Davenham is a leading independent asset based lender in the UK.
It provides lending solutions designed to meet the financing needs of SMEs -
typically involving loans of between £10,000 and £3 million. This is an
attractive market place that is not adequately serviced by mainstream lenders,
which tend to adopt a formulaic approach to lending decisions. Davenham has a
diverse loan portfolio, with its lending activities organised into three
divisions: property finance, asset finance and trade finance.

Dunedin Enterprise invested £5 million in Davenham in June 2000 when it led the
management buyout ('MBO') of the company from Bermudan based Bank of NT
Butterfield & Son.

Davenham's Directors believe that a float on AIM at this time will enable the
Company to accelerate its growth plans by strengthening its ability to lend,
expand into the Midlands and the South of the UK, and fund selective
acquisitions.

Brian Scouler, Managing Director, Portfolio, of Dunedin Capital Partners, the
Manager of Dunedin Enterprise, said:

'We have been a shareholder in Davenham since 2000 when we led its management
buyout. We have been delighted with the strong growth of the Company since then
and are very pleased by the positive response to the Placing. This has allowed
the Company to raise additional capital for growth whilst allowing Dunedin
Enterprise to realise a significant proportion of its investment. This has been
a very successful investment for Dunedin Enterprise which will remain a
supportive shareholder of Davenham following its AIM flotation.'

ENDS

For further information, please contact:

Dunedin Capital Partners Limited

Brian Scouler, Managing Director, Portfolio                0131 225 6699
                                                           07811 262796

Davenham Group plc
David Coates, Chief Executive                              0161 832 8484
Steve Marsh, Managing Director
Paul Burke, Finance Director

PR to Dunedin: Binns & Co PR Limited

Peter Binns                                                0207 153 1477
Chris Steele                                               0207 153 1481

PR to Davenham: Smithfield

Reg Hoare                                                  0207 903 0629
Katie Hunt                                                 0207 903 0603


EDITORS NOTES

1 Dunedin

Dunedin Capital Partners provides equity finance for management buyouts and
management buyins with a transaction size of £10 million - £50 million. It is an
independent private equity house, owned by the directors and staff, operating
throughout the UK from offices in Edinburgh and London. Dunedin invests in
established companies, in a broad range of industry sector, which demonstrate a
history of sales and profit growth. It helps to define and reach the strategic
goals of these investee companies whilst empowering the management teams that
run them and provides additional capital for growth if required. Dunedin Capital
Partners is authorised and regulated by the Financial Services Authority and is
a member of the BVCA and the EVCA.

In the year ended 30 April 2005, Dunedin Enterprise realised a total of £36.5
million. This included the flotation of Goals Soccer Centres and Jessops, the
sale of Earls Court & Olympia and the recapitalisations of CGI and ABI. These
realisations generated a profit of £8.9 million over the valuation of these
investments at the start of the year, an uplift of 44%.

2 Davenham Group plc

Davenham is a leading, independent asset based lender to the UK SME sector.

The business was founded in 1991 in Manchester from where its core operations
are run. In recent years, the Company has begun to expand and now also operates
from offices in Leeds, Birmingham, Liverpool and Newcastle.

Davenham's client base comprises c2,400 UK SMEs, typically with a turnover of
between £1 million and £5 million, and with fewer than 50 employees. Davenham's
Directors estimate that there are approximately 80,000 such companies in the UK
and their number is growing.

Davenham has a strong financial record both in terms of revenue growth and
profitability and has consistently achieved a gross return on loan portfolio of
circa 20 per cent. The Directors believe that this is as a result of Davenham's
position as a leading lender in a profitable and niche market place in which the
competition is fragmented.




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