DUNEDIN ENTERPRISE INVESTMENT TRUST PLC (DNE)

DUNEDIN ENTERPRISE INVESTMENT TRUST PLC (DNE)

Blog posts

Dunedin Enterprise (DNE) to Wind Up

Back in August 2015, I commented on the high discount at which Dunedin Enterprise Investment Trust traded - about 38% at that time. I subsequently wrote to the Chairman suggesting some action be taken. Well they have finally decided to do something about it. Namely after the disposal of one of their large investments they plan to wind up the company (subject to shareholder approval of course). This has caused the discount to narrow to 35% at the time of writing (according ...
Post Date: February 19, 2016 Read more

Dunedin Enterprise and High Discounts

If Alliance Trust shareholders might be concerned about the high discount to NAV their shares trade at, then that's nothing in comparison with the position of investors in Dunedin Enterprise Trust. At the time of writing it is trading on a discount of 38%! On Friday (28/8/2015), they reported results for the half year ending June - and it was another very disappointing set of figures. Net asset value total return was -0.1% for the half year and over three years they ...
Post Date: August 29, 2015 Read more

Dunedin Enterprise – Chairman stepping down

Dunedin Enterprise Investment Trust announced its half-year results this morning. They were unremarkable. But the good news in the announcement was the mention that David Gamble is retiring from the board, and hence as Chairman, at the next AGM. ShareSoc attacked this company for the introduction of a performance fee in October 2012, under Mr Gamble’s chairmanship. It seemed totally unnecessary to compensate the fund manager in the way chosen because of a change in investment policy, with the risk of substantially ...
Post Date: August 29, 2013 Read more

AGM Reports

Dunedin Enterprise Investment Trust (DNE) General Meeting Report 2012

I attended the extraordinary General Meeting of Dunedin Enterprise Investment Trust (DNE) today (8/11/2012) in London which was called to approve the proposed Tender Offer and a New Performance Fee for the fund manager (Dunedin Capital Partners Ltd). ShareSoc opposed that performance fee in a press release (see www.sharesoc.org/ShareSoc_Press039_Dunedin_Enterprise.pdf ) and recommended shareholders vote against it. In summary we could not see why a performance fee should be paid which was effectively compensating the manager for the downsizing of the fund ...
Post Date: November 8, 2012 AGM Date: November 8, 2012 Author: Roger Lawson Read more

Dunedin Enterprise (DNE) AGM Report 2011

Arriving early I was able to buttonhole some of the non-Board employee attendees over coffee and pastries in some general background chat about the Trust before settling down for a read through a hard copy of the Annual Report. Two Dunedin managers came across to say hello and ask if I had any questions. A good start I thought – though maybe they were just happy to see a new face. The AGM started on time and, in the absence of the ...
Post Date: May 16, 2011 AGM Date: May 16, 2011 Author: Paul Read more

ShareSoc News

ShareSoc Recommends Voting Against New Performance Fee at Dunedin Enterprise Investment Trust

PRESS RELEASE 39 (24/10/2012) Dunedin Enterprise Investment Trust Plc has announced proposals for a new Performance Fee for the managers of this private equity investment trust. Like other such trusts, it trades at a substantial discount to net asset value. To tackle this issue they decided on a change of investment policy some time ago which involves selling some of their investments in third party funds and returning cash to shareholders. This will of course reduce the size of the fund significantly. ...
Post Date: October 24, 2012 Read more