Result of Tender Offer

RNS Number : 7214E

Dunedin Enterprise Inv Trust PLC

10 November 2020

 

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, CANADA, JAPAN, NEW ZEALAND AND THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO MAY RESULT IN THE CONTRAVENTION OF ANY REGISTRATION OR OTHER LEGAL REQUIREMENT OF SUCH JURISDICTION

10 November 2020

Dunedin Enterprise Investment Trust plc
Legal Entity Identifier: 213800E2VLUZ5AF9Z434

The Board of Dunedin Enterprise Investment Trust plc (the "Company") is pleased to announce the results of the tender offer to return up to £10 million to Shareholders (the "Tender Offer") as set out in the circular published by the Company on 12 October 2020 (the "Circular").

13,669,784 Ordinary Shares, being approximately 66.36 per cent. of the Company's issued share capital as at 6 p.m. on 15 October 2020 (the "Record Date"), were validly tendered under the Tender Offer. As a result, the Tender Offer was oversubscribed. Tenders will therefore be accepted in full from Shareholders who validly tendered their Basic Entitlement or any number of Shares less than their Basic Entitlement. Following a scale back exercise, tenders in excess of the Basic Entitlement will be satisfied to the extent of the Basic Entitlement plus approximately 2.96 per cent. of the excess Shares tendered.

2,543,882 Shares will therefore be purchased by N+1 Singer on 11 November 2020 for a total cost of approximately £9.8 million. This represents approximately 12.32 per cent. of the issued share capital of the Company as at the Record Date. The Tender Price at which the Shares will be repurchased represent a 2.1 per cent. discount to the NAV per Share as at 30 September 2020. Under the terms of the Repurchase Agreement, N+1 Singer has a put option exercisable on 11 November 2020 to require the Company to purchase, from N+1 Singer, the Shares purchased by N+1 Singer pursuant to the Tender Offer at the Tender Price. The Shares purchased by the Company pursuant to the Repurchase Agreement will be cancelled.

As set out in the Circular, it is anticipated that the proceeds payable to Shareholders whose tendered shares are held through CREST accounts will be made by 12 November 2020 and that cheques for the certificated Shares purchased under the Tender Offer will be despatched during the week commencing 16 November 2020. Balance certificates will be despatched in respect of certificated Shares that were not accepted pursuant to the Tender Offer during the week commencing 16 November 2020.

Total Voting Rights

Following the completion of the Tender Offer, the Company will have 18,100,180 Shares in issue with no Shares held in treasury. Therefore, the total number of voting rights in the Company will be 18,100,180 and this figure  may be used by Shareholders 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.

Defined terms used in this announcement have the meanings given in the Circular unless the context otherwise requires

For further information please contact:

Dunedin LLP
Graeme Murray 0131 718 2310

N+1 Singer
Robert Peel    020 7496 3000

 

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