Result of Tender Offer

RNS Number : 1236H

Dunedin Enterprise Inv Trust PLC

22 November 2022

 

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, CANADA, JAPAN, NEW ZEALAND OR 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

22 November 2022

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 £41 million to Shareholders (the "Tender Offer") as set out in the circular published by the Company on 21 October 2022 (the "Circular").

9,119,553 Ordinary Shares, being approximately 69.4 per cent. of the Company's issued share capital as at 6.00 p.m. on 18 November 2022 (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 50.1 per cent. of the excess Shares tendered.

7,632,536 Shares will therefore be purchased by Singer Capital Markets Securities Limited ("Singer Capital Markets") on 23 November 2022 for a total cost of approximately £41 million. This represents approximately 58.1 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 represents a discount of 1 per cent. to the ex-dividend NAV per Share as at 30 September 2022. Under the terms of the Repurchase Agreement, Singer Capital Markets has a put option exercisable on 23 November 2022 to require the Company to purchase, from Singer Capital Markets, the Shares purchased by Singer Capital Markets 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 24 November 2022 and that cheques for the certificated Shares purchased under the Tender Offer will be despatched during the week commencing 28 November 2022. Balance certificates will be despatched in respect of certificated Shares that were not accepted pursuant to the Tender Offer during the week commencing 28 November 2022.

Total Voting Rights

Following the completion of the Tender Offer, the Company will have 5,504,274 Shares in issue with no Shares held in treasury. Therefore, the total number of voting rights in the Company will be 5,504,274 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 Guidance 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 [phone]

Singer Capital Markets
Robert Peel    [phone]

 

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