Dunedin Enterprise Inv Trust PLC Result of Tender Offer (1236H)
22 Novembre 2022 - 8:00AM
UK Regulatory
TIDMDNE
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 GBP41 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 GBP41 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 +44 (0)7813 138 367
Singer Capital Markets
Robert Peel +44 (0)20 7496 3000
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END
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