DUNEDIN ENTERPRISE INVESTMENT TRUST PLC has released its annual financial report for the year ended 31 December 2023. The report highlights a share price total return of 6.8% and a net asset value total return of 3.6% during the year. The company realized £10.5m in the year, with an interim dividend of 10.0p per share paid in January 2024. A total of £146.5m has been returned to shareholders since the decision to wind-up the Trust in 2016, making a total of £203.5m since 2012.
The comparative total return performance for the year to 31 December 2023 shows the net asset value and share price total returns, as well as the FTSE Small Cap (ex Inv Cos) Index performance over one, three, five, and ten years. The Chairman's Statement by Duncan Budge provides insight into the company's net asset value per share, share price, portfolio, cash, commitments, liquidity, and dividends. The net asset value per share decreased from 627.1p to 624.8p in the year, with the share price at 510.5p representing a discount of 18.3% to the net asset value per share.
The portfolio saw realizations of £10.5m during the year, with proceeds generated from various investments, including Premier Hytemp, Weldex, RED, and Hawksford. The report also details the company's cash, commitments, and liquidity, with cash and near cash equivalents amounting to £26.5m at 31 December 2023 and outstanding commitments to limited partnership funds of £7.6m.
Regarding dividends, an interim dividend of 10.0p was paid in January 2024, with no final dividend being proposed. The Chairman's Statement also discusses the outlook and future of the company, reflecting on the policy of distributing proceeds of all realizations and the decision to wind down the portfolio in an orderly manner to maximize returns for shareholders. The company is reviewing the optimum way of returning further value to shareholders, considering options such as placing the company into a members' voluntary liquidation.
The report concludes with a focus on the company's net assets, outstanding commitments, and the consideration of further tenders, highlighting the potential cost and shareholder participation factors. The company aims to sell as many of its remaining investments as possible, keeping the option of placing the company into a members' voluntary liquidation under review while seeking to maintain its listed status.