Dunedin announces increases in net asset value

UK-based investors, Dunedin Enterprise Investment Trust announced on Thursday that its net asset value (NAV) had risen in the six months leading up to 30 June.

Dunedin said its NAV rose 2.3% from £103.9m last year to £106.3m in 2017, while NAV per share increased from 503.30p at 31 December to 515p at the end of the group's first half trading.

The company spent £8.5m on new investments during the first half of 2016, £7.3m of which went into forensic accounting firm, Forensic Risk Alliance.

Investments totalling £14.8m were realised in the period from the sales of RSL Steeper Group, Gestion Tributaria Territorial and Wirtualna Polska Holdings.

Dunedin chairman, Duncan Bridge spoke of realisations for the latter portion of the year also, saying "Following the half year end, on 4 August 2017 we announced the successful realisation of Blackrock, the provider of independent expert witnesses to dispute and litigation resolution in the construction sector. Total proceeds from the sale amounted to £12.8m which, including distributions received in the half year, represents an uplift of £2.9m over the valuation of £10.0m at 31 December 2016. The original cost of the investment was £4.9m and, over its life, a total of £13.9m has been received by Dunedin Enterprise, representing a 2.8 times return and an IRR of 60%."

As of 1245 BST, shares in Dunedin had dropped slightly, down 1.32% to 352.42p.