Dunedin Enterprise to sell investment in Kee Safety
Source - SMW
Dunedin Enterprise Investment Trust has agreed to sell its investment in Kee Safety, the market-leading provider of collective fall protection, safety systems and solutions.
It said completion of the transaction was due on 31 Oct.
Capital and accrued interest in Kee Safety was valued at £11.6m at the end of June, the last published valuation.
It said total proceeds from the sale would amount to £15.9m (an uplift of £4.3m) consisting of capital of £15.2m and income of £0.7m.
It said that after taking account of carried interest accrued within Dunedin Buyout Fund III LP the uplift per share equates to 4.5p.
It added: 'The original cost of the investment made in November 2013 was £6.3m and over the life of the investment a total of £18.8m will be received by Dunedin Enterprise representing a 3.0 times return and an IRR of 35%.'
At 9:06am: (LON:DNE) Dunedin Enterprise Investment Trust PLC share price was +7.38p at 445.13p