Dunedin Smaller Co. Inv Tst 1H Net Asset Value 132.14P Vs 93.86P

21st Jun 2010 08:28

LONDON (Dow Jones)--Dunedin Smaller Companies Investment Trust Plc (DNDL.LN), announced Monday a net asset value per share of 132.14 pence for the six months ended April 30, compared with 93.86 pence. MAIN FACTS: -Return per Ordinary share: 17.72 pence (2009: 6.38 pence) -The Board is declaring an unchanged interim dividend of 1.85 pence. -Over the six months ended April 30, the company's share price rose by 8.2%, while the FTSE SmallCap Index (excluding Investment Companies) rose by only 0.5% - the FTSE 100 Index rose by 10.1%. -The out-performance of the NAV relative to the index was attributable to a number of factors. -One of the most striking features of the period has been a sharp pick up in merger and acquisition activity. -The portfolio has been a beneficiary of this. -This is not surprising as many of the features that it finds attractive in investments are also attractive to trade and private equity buyers. -During the period Care U.K. has been acquired and Chloride Group (CHLD.LN) and Rensburg Sheppards PLC (RBG.LN) have all received offers. -The company maintained an essentially ungeared position over the period and held a net cash position at April 30. -Shares at 0725 GMT up 1.75 pence, or 1.66%, at 107 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected] (END) Dow Jones Newswires June 21, 2010 03:28 ET (07:28 GMT)