Dunedin dividend

Shareholders in Dunedin Enterprise Investment Trust, the private equity investment trust that is managed by UK mid-market private equity house Dunedin Capital Partners, achieved an interim dividend of 1.9p per share for the six months ended October 31.

This came in tandem with a net asset value per share increase of 9.9% to 337.9p per share. The unaudited net asset value attributable to ordinary shareholders was £116.1m, up from £105.7m at April 30.

Realisations for the half-year were £13.7m, against new investment of £4.5m. Operational highlights included the flotation of Jessops and Goals Soccer Centre.

“The six months since reporting our final results in June has been a busy period, with nine portfolio company disposals and two new investments. The market for divestments has improved, with private equity firms realising record value from their investments,” said Edward Dawnay, chairman of Dunedin Enterprise Investment.

Dunedin invested £4.5m in one new investment and five follow-on investments, and made a £5m commitment to a new buyout fund during the half year. The largest investment was in the £92m buyout of Total Fitness, while the fund commitment was to the LGV4 Private Equity Fund.