Result of Tender Offer

RNS Number : 7054Q

Dunedin Enterprise Inv Trust PLC

17 October 2013

 

Not for release, publication or distribution, directly or indirectly, in whole or in part, in or into the United States, Canada, Australia, Japan, New Zealand or the Republic of South Africa or any other jurisdiction in which the same would be unlawful

17 October 2013

DUNEDIN ENTERPRISE INVESTMENT TRUST PLC

RESULT OF tender offer

The Company announces the result of the Tender Offer set out in its circular to Shareholders dated 24 September 2013 (the "Circular"), which closed on 16 October 2013.

15,372,882 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 0.62 per cent. of the excess Shares tendered.  Accordingly, 1,156,153 Shares will be purchased at a price of 475p per Share, resulting in a total cost of approximately £5.5 million.

As set out in the Circular, the Shares in respect of which tenders have been accepted will be purchased by Cantor Fitzgerald pursuant to the Tender Offer and the Company will buy-back such Shares from Cantor Fitzgerald.  The Shares bought back by the Company will be cancelled, reducing the Company's issued share capital from 23,123,060 Shares to 21,966,907 Shares (none of which are held in treasury).  Accordingly, with effect from 22 October 2013, the total number of voting rights in the Company will be 21,966,907, 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 FCA's Disclosure and Transparency Rules.

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

                                                                                                                                       2013

Payments through CREST made in respect of Shares
held in uncertificated form successfully tendered                                          Tuesday, 22 October

CREST accounts settled in respect of
unsold tendered Shares held in uncertificated form                                       Tuesday, 22 October

Cheques despatched in respect of Shares held in certificated
form successfully tendered                                                                    by Tuesday, 29 October

Balancing certificates despatched in respect of
unsold tendered Shares held in certificated form                                      by Tuesday, 29 October

Enquiries

Graeme Murray	Dunedin LLP	T: 0131 225 6699
Sue Inglis	Cantor Fitzgerald Europe	T: 020 7894 8016

Notes

Words and expressions defined in the Circular have the same meanings when used in this announcement.

 

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