Tender Offer

RNS Number : 4444A

Dunedin Enterprise Inv Trust PLC

30 March 2012

 



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

30 March 2012

DUNEDIN ENTERPRISE INVESTMENT trust plc

TENDER OFFER

On 16 February 2012, the Board announced that, following the sale of the Company's investment in SWIP Private Equity Fund of Funds II plc for an aggregate cash consideration of approximately €17.37 million and in accordance with the Company's distribution policy announced on 1 November 2011, the Board was proposing to return approximately £14.31 million of the sale proceeds via a tender offer for up to 10 per cent. of the Shares currently in issue at a price of 475p per Share (the "Tender Offer"), equivalent to a 12.2 per cent. discount to the NAV per Share as at 31 December 2011. 

A circular to Shareholders setting out the terms and conditions of the Tender Offer and instructions on how Shareholders may participate in the Tender Offer, should they wish to do so, and convening a general meeting of the Company to seek Shareholder approval of the Tender Offer will be despatched to Shareholders later today.  A copy of that circular will also be submitted to the National Storage Mechanism later today and will be available for inspection at www.hemscott.com/nsm.do.

The expected timetable for the Tender Offer is as follows:

2012

Latest date and time for receipt of Forms of Direction
for General Meeting                                                                                                 5.00 p.m. on Monday, 16 April

Latest time and date for receipt of Forms of Proxy and
appointments of proxies utilising CREST electronic proxy
appointment service for General Meeting                                                      12.30 p.m. on Thursday, 19 April

General Meeting                                                                                                    12.30 p.m. on Monday, 23 April

Latest time and date for receipt of Tender Forms and
TTE Instructions in CREST for Tender Offer                                                          3.00 p.m. on Monday, 23 April

Record date for Tender Offer                                                                    close of business on Monday, 23 April

Result of Tender Offer announced                                                                                                Tuesday, 24 April

Payments through CREST made in respect of Shares
held in uncertificated form successfully tendered                                                                        Friday, 27 April

CREST accounts settled in respect of
unsold tendered Shares held in uncertificated form                                                                    Friday, 27 April

Cheques despatched in respect of Shares held in certificated
form successfully tendered                                                                                                        by Monday, 30 April

Balancing certificates despatched in respect of
unsold tendered Shares held in certificated form                                                                        by Friday, 4 May

Shares successfully tendered pursuant to the Tender Offer will not qualify for the final dividend of 5.0p per Share for the year ended 31 December 2011, which will be paid, subject to Shareholder approval, on Friday, 25 May 2012 to Shareholders on the register at close of business on Friday, 4 May 2012.

Enquiries

Shaun Middleton/ Graeme Murray	Dunedin Capital Partners Limited	T: 0131 225 6699
Sue Inglis/ Gordon Neilly	Canaccord Genuity Limited	T: 020 7050 6779 T: 020 7050 6778

Notes

Words and expressions defined in the circular to Shareholders dated 30 March 2012 have the same meanings when used in this announcement.

Canaccord Genuity, which is authorised and regulated in the United Kingdom by the FSA, is acting solely for Dunedin Enterprise Investment Trust plc and for no one else, in connection with the Tender Offer and will not be responsible to anyone other than Dunedin Enterprise Investment Trust plc for providing the protections afforded to clients of Canaccord Genuity or for affording advice in relation to the Tender Offer. 

 

END

 

 

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