Dunedin Enterprise sells Kee Safety

Dunedin Enterprise sells Kee Safety – Dunedin Enterprise Investment Trust says that a contract has been signed, subject to completion, to sell its investment in Kee Safety, the market-leading provider of collective fall protection, safety systems and solutions.  Completion of the transaction is due on 31 October 2017.

Capital and accrued interest in Kee Safety was valued at GBP11.6m as at 30 June 2017, the last published valuation.  Total proceeds from the sale will amount to GBP15.9m (an uplift of GBP4.3m) consisting of capital of GBP15.2m and income of GBP0.7m.  After taking account of carried interest accrued within Dunedin Buyout Fund III LP the uplift per share equates to 4.5p.

The original cost of the investment made in November 2013 was GBP6.3m and over the life of the investment a total of GBP18.8m will be received by Dunedin Enterprise representing a 3.0 times return and an IRR of 35%.

Following the realisation of Kee Safety, the Company will have cash balances of GBP49.1m with outstanding commitments to limited partnership funds of GBP43.5m.  It is estimated that only some GBP22m of this total outstanding commitment will be drawn over the remaining life of the limited partnership funds.

A Board Meeting will be held on 16 November 2017 following which the Board intends to announce a distribution to shareholders along with the quarterly trading update.

About Kee Safety

Kee Safety is a market leading provider of fall protection systems, guardrails and working at height safety equipment. Established in the UK in 1934, the range has expanded from the original Kee Klamp® products into a portfolio of safety equipment, all designed to separate people from hazards.

DNE : Dunedin Enterprise sells Kee Safety

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