LONDON (ShareCast) - (Sharecast News) - Dunedin Enterprise Investment Trust reported an unaudited net asset value per share at the end of its third quarter of 427.9p on Friday, representing a total return per share of 6.7% during the period, compared to the net asset value per share of 400.9p at the end of June.
The London-listed firm said its share price had decreased from 368p to 341p in the three months ended 30 September, with the discount-to-net asset value at period end standing at 20%.

Looking at its unaudited balance sheet, Dunedin Enterprise managed investments of £71.3m at the end of the quarter, with third-party managed investments totalling £4.8m, while cash and near-cash assets totalled £13.1m with other liabilities taking away £0.9m.

The board said its portfolio of investments had been re-valued at 30 September, and explained that the increase in net asset value in the quarter could be attributed to valuation increases within the Dunedin-managed portfolio of £3m at FRA, £2.3m at GPS, £1.6m at Hawksford, £1.6m at Kingsbridge, and £1.1m at Formaplex.

Each of those portfolio companies had benefited from an increase in maintainable earnings.

There was a valuation reduction at CitySprint of £3.4m, with the company explaining that CitySprint was still experiencing a competitive market place in which margins were under pressure, reducing maintainable earnings.

Dunedin Enterprise noted its cash and near cash balances of £13.1m, and said outstanding capital commitments to limited partnership funds were £22.2m.

It said it expected that only £5.6m of the total outstanding commitments would ultimately be drawn over the remaining life of the funds.

"There continues to be significant uncertainty regarding the final outcome of Brexit," the board said of its outlook.

"While the board does not expect there to be any significant impact from Brexit on the operations of the company itself, each of our portfolio companies has developed plans to cater for a variety of outcomes which will be continually reviewed as the course of Brexit becomes clearer.

"The board welcomes the strong trading performance of several portfolio companies and the returns which have been delivered for shareholders by the underlying investment performance."

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