Chelverton UK Dividend Trust plc: Half-Yearly Results for the Six Months Ended 31 October 2021
Chelverton UK Dividend Trust plc (SDVP)
Chelverton UK Dividend Trust plc: Half-Yearly Results for the Six Months Ended 31 October 2021
26-Nov-2021 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
CHELVERTON UK DIVIDEND TRUST PLC
Half-Yearly Financial Report
For the six months ended 31 October 2021
Investment Objective and Policy
The investment objective of Chelverton UK Dividend Trust PLC (' the Company') is to provide Ordinary Shareholders with a high income and opportunity for capital growth, having provided a capital return sufficient to repay the full final capital entitlement of the Zero Dividend Preference shares issued by the wholly owned subsidiary company, SDV 2025 ZDP PLC ('SDVP').
Chelverton UK Dividend Trust PLC ('the Company'), and its subsidiary SDV 2025 ZDP PLC ('SDVP') ('the Subsidiary'), together form the Group ('the Group').
The Company's investment policy is that:
The Company will invest in equities in order to achieve its investment objectives, which are to provide both income and capital growth, predominantly through investment in mid and smaller capitalised UK companies admitted to the Official List of the UK Listing Authority and traded on the London Stock Exchange Main Market or traded on AIM. The Company will not invest in preference shares, loan stock or notes, convertible securities or fixed interest securities or any similar securities convertible into shares; nor will it invest in the securities of other investment trusts or in unquoted companies.
Financial Highlights
Capital
31 October
2021
30 April
2021
%
change
Total gross assets (£'000)
64,256
64,013
0.38
Total net assets (£'000)
47,238
47,345
(0.23)
Net asset value per Ordinary share
226.56p
227.07p
(0.22)
Mid-market price per Ordinary share
214.00p
220.00p
(2.73)
Discount
(5.54%)
(3.11%)
Net asset value per Zero Dividend Preference share
116.26p
114.01p
1.97
Mid-market price per Zero Dividend Preference share
115.50p
116.00p
(0.43)
(Discount)/premium
(0.65%)
1.75%
Revenue
Six months to 31 October
2021
Six months to
31 October
2020
%
change
Return per Ordinary share
4.67p
2.80p
66.79
Dividends declared per Ordinary share*
5.50p
5.00p
10.00
Special dividends declared per Ordinary share
-
-
-
Total Return
Total return on Group net assets**
2.21%
0.74%
* Dividend per Ordinary share includes the first interim paid and second interim declared for the period to 31 October 2021 and 2020 and will differ from the amounts disclosed within the statement of changes in net equity, owing to the timings of payments.
** Adding back dividends distributed in the period.
Interim Management Report
This half-yearly report covers the six months to 31 October 2021. The net asset value per Ordinary share at 31 October 2021 was 226.6p down from 227.1p at 30 April 2021, a decrease of 0.2% during the period compared to the MSCI Small Cap Index which also decreased by 0.2%. As at 23 November 2021 the NAV per share had decreased to 224.16p.
From the beginning of the Company's financial year, the Ordinary share price had decreased from 220.0p to 214.0p at 31 October 2021, an decrease of 2.7%. Since the period end the shares have increased to 215.0p and as at 23 November 2021 the shares traded on a discount of 4.1%.
Dividend
Maintaining its record of increasing the annual core dividend paid by the company for 12 years , and in particular through the Covid-19 pandemic, the first interim dividend for the current year of 2.75p (2020: 2.5p) per Ordinary share was paid on 1 October 2021. The Board has declared a second interim dividend of 2.75p per Ordinary share (2021: 2.5p) payable on 2 January 2022 to Shareholders on the register on 13 December 2021, making a total for the half year of 5.5p per Ordinary share (2020: 5.0p) an increase of 10.0%. It is anticipated that the Company will maintain this level of dividend for the third and fourth quarter at 2.75p making a total core dividend declared of 11.0p for the year (2021: 10.0p) an increase of 10.0%.
It should be noted that prior to the Covid-19 pandemic it had been the manager's intention to deliver a 7% increase in the core dividend for the year to April 2021. However, given the unprecedented reduction in dividends and uncertainty across the market at the time of the first interim dividend decision, we prudently took a more conservative approach to dividend growth, delivering a 4.2% increase in the core dividend in the year. By the time of the full year results in June 2021 we had the confidence to boost the core dividend to the level originally planned via a special dividend of 0.272p. The intended 11.0p dividend for the year to April 2022 will represent a 7% increase on the total dividends paid in the year to April 2021.
Portfolio
In the last six months we have increased our investment in 12 of our existing holdings (2021: 23), taking advantage of lower share prices and shares being available in Appreciate Group, Contour Global, Curtis Banks Group, Duke Royalty, Hansard Global, iEnergizer, McColls Retail Group, Orchard Funding Group, RTC Group, Sabre Insurance, Smiths News and Vector Capital.
During the period we added three new names to the portfolio (2021: 4) - Kitwave Group - an independent food wholesaler which joined the Alternative Investment Market during the period, Topps Tiles - the UK's largest tile specialist, and financial markets intermediary TP ICAP.
Funds were raised from the outright sale of three our holdings, DX Group, Shoe Zone and Strix (2021: 6). The following holdings were reduced as they grew to become larger weightings on lower yields: Braemar Shipping Services, Centaur Media, Clarke (T.), Devro, Flowtech Fluid Power, Redde Northgate, Theworks.co.uk, UP Global Sourcing Holdings and Vertu Motors.
Outlook
Having recovered strongly from the depths of the pandemic, the market has paused for breath over the past 6 months, with fears over supply chain disruption, availability of skilled labour and rising inflation dampening expectations for the full year. It is important to remember that whilst we are small and mid-cap investors, the companies that we invest in are sophisticated in the industries in which they operate. While they are not immune from the well documented short-term problems, they do have the strength and depth of management and technical resource and ability to deal with the worst effects of the issues.
We continue to see compelling evidence our companies are, in the main, emerging from the pandemic as better companies with more efficient processes. It is likely that companies will need to present a "clean" set of results, unaffected by the pandemic, before they get the credit they deserve for improving their businesses over the course of the downturn, however this gives us confidence over the medium term.
Reassuringly dividends are returning to the boardroom agenda, although there is some way to go to get back to pre-pandemic levels of dividend income across the market. Having benefitted from the capital recovery in our lower-yielding holdings over the past 12 months, we are continuing to rotate the portfolio into higher yielding opportunities as dividends return. We continue to benefit from significant revenue reserves, allowing the company to increase its core dividend while this rotation occurs.
Chelverton Asset Management
25 November 2021
Responsibility Statement of the Directors in respect of the Half-Yearly Report
We confirm that to the best of our knowledge:
the condensed set of financial statements has been prepared in compliance with the IAS 34 'Interim Financial Reporting' and gives a true and fair view of the assets, liabilities and financial position of the Group; and the interim management report and notes to the Half-Yearly Report include a fair view of the information required by: DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of the important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Group during that period; and any changes in the related party transactions described in the last annual report that could do so.This Half-Yearly Report was approved by the Board of Directors on 25 November 2021 and the above responsibility statement was signed on its behalf by Lord Lamont, Chairman.
Condensed Consolidated Statement of Comprehensive Income (unaudited)
for the six months ended 31 October 2021
Six months to
31 October 2021
Year to
30 April 2021
Six months to
31 October 2020
Revenue
Capital
Total
Revenue
Capital
Total
Revenue
Capital
Total
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
(audited)
Gains on investments at fair value through profit or loss
-
649
649
-
23,110
23,110
-
84
84
Investment income
1,214
-
1,214
1,708
-
1,708
790
-
790
Investment management fee
(83)
(248)
(331)
(124)
(372)
(496)
(52)
(156)
(208)
Other expenses
(144)
(5)
(149)
(280)
(10)
(290)
(139)
(5)
(144)
Net surplus/(deficit) before finance costs and taxation
987
396
1,383
1,304
22,728
24,032
599
(77)
522
Finance costs
Preference shares
-
(326)
(326)
-
(630)
(630)
-
(314)
(314)
Net surplus/(deficit) before taxation
987
70
1,057
1,304
22,098
23,402
599
(391)
208
Taxation (see note 2)
(13)
-
(13)
(27)
-
(27)
(15)
-
(15)
Total comprehensive income/(expense) for the period
974
70
1,044
1,277
22,098
23,375
584
(391)
193
Revenue
Capital
Total
Revenue
Capital
Total
Revenue
Capital
Total
pence
pence
pence
pence
pence
pence
pence
pence
pence
Net return per:
Ordinary share (see note 3)
4.67
0.34
5.01
6.12
105.99
112.11
2.80
(1.87)
0.93
Zero Dividend Preference share 2025 (see note 3)
-
2.25
2.25
-
4.34
4.34
-
2.17
2.17
The total column of this statement is the Statement of Comprehensive Income of the Group prepared in accordance with International Accounting Standards ('IAS') and in conformity with the requirements of the Companies Act 2006. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued during the period. All of the net return for the period and the total comprehensive income for the period is attributed to the Shareholders of the Group. The supplementary revenue and capital return columns are presented for information purposes as recommended by the Statement of Recommended Practice issued by the Association of Investment Companies ('AIC').
Condensed Consolidated Statement of Changes in Net Equity (unaudited)
for the six months ended 31 October 2021
Share
capital
Share premium account
Capital Redemption reserve
Capital
reserve
Revenue reserve
Total
£'000
£'000
£'000
£'000
£'000
£'000
Six months ended 31 October 2021
30 April 2021
5,213
17,517
5,004
16,950
2,661
47,345
Total comprehensive income for the period
-
-
-
70
974
1,044
Dividends paid (see note 4)
-
-
-
-
(1,151)
(1,151)
31 October 2021
5,213
17,517
5,004
17,020
2,484
47,238
Year ended 30 April 2021 (audited)
30 April 2020
5,213
17,517
5,004
(5,148)
3,448
26,034
Total comprehensive income for the period
-
-
-
22,098
1,277
23,375
Dividends paid
-
-
-
-
(2,064)
(2,064)
30 April 2021
5,213
17,517
5,004
16,950
2,661
47,345
Six months ended 31 October 2020
30 April 2020
5,213
17,517
5,004
(5,148)
3,448
26,034
Total comprehensive (expense)/income for the period
-
-
-
(391)
584
193
Dividends paid (see note 4)
-
-
-
-
(1,022)
(1,022)
31 October 2020
5,213
17,517
5,004
(5,539)
3,010
25,205
Condensed Consolidated Balance Sheet (unaudited)
as at 31 October 2021
Non-current assets
31 October
2021
£'000
30 April
2021
£'000
(audited)
31 October
2020
£'000
Investments at fair value through profit or loss
63,888
62,768
41,347
Current assets
Trade and other receivables
181
757
123
Cash and cash equivalents
187
488
132
368
1,245
255
Total assets
64,256
64,013
41,602
Current liabilities
Trade and other payables
(160)
(136)
(181)
(160)
(136)
(181)
Total assets less current liabilities
64,096
63,877
41,421
Non-current liabilities
Zero Dividend Preference shares 2025
(16,858)
(16,532)
(16,216)
Total liabilities
(17,018)
(16,668)
(16,397)
Net assets
47,238
47,345
25,205
Represented by:
Share capital
5,213
5,213
5,213
Share premium account
17,517
17,517
17,517
Capital redemption reserve
5,004
5,004
5,004
Capital reserve
17,020
16,950
(5,539)
Revenue reserve
2,484
2,661
3,010
Equity Shareholders' funds
47,238
47,345
25,205
Net asset value per: (see note 5)
pence
pence
pence
Ordinary share
226.56
227.07
120.89
Zero Dividend Preference share 2025
116.26
114.01
111.84
Condensed Consolidated Statement of Cash Flows (unaudited)
for the six months ended 31 October 2021
Operating activities
Six months to
31 October
2021
£'000
Year to
30 April 2021
£'000
(audited)
Six months to
31 October
2019
£'000
Investment income received
1,320
1,447
727
Investment management fee paid
(324)
(469)
(161)
Administration and secretarial fees paid
(34)
(64)
(27)
Other cash payments
(113)
(210)
(120)
Cash generated from operations (see note 7)
849
704
419
Purchases of investments
(5,079)
(9,266)
(3,962)
Sales of investments
5,080
9,848
3,431
Net cash inflow/(outflow) from operating activities
850
1,286
(112)
Financing activities
Dividends paid
(1,151)
(2,064)
(1,022)
Net cash outflow from financing activities
(1,151)
(2,064)
(1,022)
Change in cash and cash equivalents for period
(301)
(778)
(1,134)
Cash and cash equivalents at start of period
488
1,266
1,266
Cash and cash equivalents at end of period
187
488
132
Comprised of:
Cash and cash equivalents
187
488
132
Notes to the Condensed Half-Yearly Report
for the six months ended 31 October 2021
1 General information
The financial information contained in this Half-Yearly Report does not constitute statutory financial statements as defined in Section 434 of the Companies Act 2006. The statutory financial statements for the year ended 30 April 2021, which contained an unqualified auditors' report, have been lodged with the Registrar of Companies and did not contain a statement required under the Companies Act 2006. These statutory financial statements were prepared under International Accounting Standards ('IAS') and in accordance with the Statement of Recommended Practice ('SORP'): Financial Statements of Investment Trust Companies and Venture Capital Trusts issued by the AIC in April 2021.
The Group has financial resources which substantially exceed its expense commitments and therefore the Directors believe that the Group is well placed to manage its business risks and also believe that the Group will have sufficient resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing this report.
This report has not been reviewed by the Group's Auditors.
This report has been prepared using accounting policies adopted in the audited financial statements for the year ended 30 April 2021. This report has also been prepared in compliance with IAS 34 'Interim Financial Reporting' and the Companies Act 2006.
2 Taxation
The Company has an effective tax rate of 0% as investment gains are exempt from tax owing to the Company's status as an Investment Trust and there is expected to be an excess of management expenses over taxable income and thus there is no charge for corporation tax.
Deferred tax assets in respect of unrelieved excess expenses are not recognised as it is unlikely that the Group will generate sufficient taxable income in the future to utilise these expenses. Deferred tax is not provided on capital gains and losses because the Company meets the conditions for approval as an investment trust company.
3 Earnings per share
Ordinary shares
Revenue earnings per Ordinary share is based on revenue on ordinary activities after taxation of £974,000 (30 April 2021: £1,277,000, 31 October 2020: £584,000) and on 20,850,000 (30 April 2021: 20,850,000, 31 October 2020: 20,850,000) Ordinary shares, being the weighted average number of Ordinary shares in issue during the period.
Capital earnings per Ordinary share is based on the capital profit of £70,000 (30 April 2021: £22,098.000, 31 October 2020: loss of £391,000) and on 20,850,000 (30 April 2021: 20,850,000, 31 October 2020: 20,850,000) Ordinary shares, being the weighted average number of Ordinary shares in issue during the period.
Zero Dividend Preference shares
Capital earnings per Zero Dividend Preference share 2025 is based on allocations from the Company of £326,000 (30 April 2021: £630,000, 31 October 2020: £314,000) and on 14,500,000 (30 April 2021: 14,500,000, 31 October 2020: 14,500,000) Zero Dividend Preference shares 2025 being the weighted average number of Zero Dividend Preference shares in issue during the period.
4 Dividends
During the period, a fourth interim dividend of 2.50p per Ordinary share and a special dividend of 0.272p per Ordinary share were paid to Shareholders in respect of the financial year ended 30 April 2021, .
In respect of the year ended 30 April 2022, a first interim dividend of 2.75p per ordinary share has been paid to the Shareholders.
In addition, for the year ended 30 April 2022, the Board has declared a second interim dividend of 2.75p per Ordinary share payable on 4 January 2022 to Shareholders on the register at 10 December 2021 (ex-dividend date 9 December 2021).
5 Net asset values
Ordinary shares
The net asset value per Ordinary share is based on assets attributable of £47,238,000 (30 April 2021:
£47,345,000, 31 October 2020: £25,205,000) and on 20,850,000 (30 April 2021: 20,850,000, 31 October
2020: 20,850,000) Ordinary shares being the number of shares in issue at the period end.
Zero Dividend Preference shares
The net asset value per Zero Dividend Preference shares is based on assets attributable of £16,858,000 (30 April 2021: £16,532,000, 31 October 2020: £16,216,000) and on 14,500,000 (30 April 2021: 14,500,000, 31 October 2020: 14,500,000) Zero Dividend Preference shares being the number of shares in issue at the period end.
6 Fair value hierarchy
Financial assets and financial liabilities of the Company are carried in the condensed Consolidated Balance Sheet at their fair value. The fair value is the amount at which the asset could be sold or the liability transferred in a current transaction between market participants, other than a forced or liquidation sale. For investments actively traded in organised financial markets, fair value is generally determined by reference to Stock Exchange quoted market bid prices and Stock Exchange Electronic Trading Services ('SETS') at last trade price at the Balance Sheet date, without adjustment for transaction costs necessary to realise the asset.
The Company measures fair values using the following hierarchy that reflects the significance of the inputs used in making the measurements. Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant assets as follows:
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
An active market is a market in which transactions for the asset or liability occur with sufficient frequency and volume on an ongoing basis such that quoted prices reflect prices at which an orderly transaction would take place between market participants at the measurement date. Quoted prices provided by external pricing services, brokers and vendors are included in Level 1, if they reflect actual and regularly occurring market transactions on an arm's length basis.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
Level 2 inputs include the following:
quoted prices for similar (i.e. not identical) assets in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active. Characteristics of an inactive market include a significant decline in the volume and level of trading activity, the available prices vary significantly over time or among market participants or the prices are not current; inputs other than quoted prices that are observable for the asset (for example, interest rates and yield curves observable at commonly quoted intervals); and inputs that are derived principally from, or corroborated by, observable market data by correlation or other means (market-corroborated inputs).Level 3 - Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.
As at 31 October 2021, 30 April 2021 and 31 October 2020 all of the Company's investments are classified as Level 1.
7 Reconciliation of net return before and after
taxation to cash generated from operations
31 October
2021
£'000
30 April
2021
£'000
31 October
2020
£'000
Net return before taxation
1,057
23,402
208
Taxation
(13)
(27)
(15)
Net return after taxation
1,044
23,375
193
Net capital return
(70)
(22,098)
391
Decrease/(increase) in receivables
119
(223)
(44)
Increase in payables
9
32
40
Interest and expenses charged to the capital reserve
(253)
(382)
(161)
Cash generated from operations
849
704
419
8 Related party transactions
The Group's investments are managed by Chelverton Asset Management Limited. The amounts paid to the Investment Manager in the period to 31 October 2021 were £331,000 (year ended 30 April 2021: £496,000, six months to 31 October 2020: £208,000).
At 31 October 2021 there were amounts outstanding to be paid to the Investment Manager of £92,000 (year ended 30 April 2021: £86,000, six months to 31 October 2020: £105,000).
Portfolio Investments
as at 31 October 2021
Market
value
% of
Security
Sector
£'000
portfolio
Belvoir Lettings
Real Estate
2,600
4.1
Alumasc Group
Construction & Materials
1,800
2.8
Diversified Gas & Oil
Energy
1,728
2.7
Randall & Quilter
Insurance
1,424
2.2
UP Global Sourcing Holdings
Consumer Products and Services
1,377
2.2
Jarvis Securities
Financial Services
1,375
2.2
DFS Furniture
Retail
1,226
1.9
STV
Media
1,220
1.9
MTI Wireless Edge
Telecommunications
1,188
1.9
Brewin Dolphin Holdings
Financial Services
1,129
1.8
Vertu Motors
Retail
1,098
1.7
Bloomsbury Publishing
Media
1,086
1.7
Coral Products
Industrial Goods & Services
1,085
1.7
Finncap Group
Financial Services
1,080
1.7
Premier Miton Group
Financial Services
1,080
1.7
Devro
Food, Beverage & Tobacco
1,075
1.7
MP Evans Group
Food, Beverage & Tobacco
1,050
1.6
Vistry Group
Media
1,050
1.6
Polar Capital Holdings
Financial Services
1,038
1.6
Redde Northgate
Industrial Goods & Services
1,019
1.6
Personal Group Holdings
Insurance
1,002
1.6
Chesnara
Insurance
997
1.6
Kitwave Group
Personal Care, Drugs & Grocery Stores
956
1.5
Clarke (T.)
Construction & Materials
936
1.5
Epwin Group
Construction & Materials
910
1.4
Castings
Industrial Goods & Services
895
1.4
Severfield
Construction & Materials
895
1.4
Regional REIT
Real Estate
878
1.4
Gattaca
Industrial Goods & Services
848
1.3
Numis Corporation
Financial Services
843
1.3
Curtis Banks Group
Financial Services
840
1.3
Duke Royalty
Financial Services
820
1.3
iEnergizer
Industrial Goods & Services
816
1.3
Centaur Media
Media
808
1.3
Wilmington Group
Media
798
1.2
Marston's
Travel & Leisure
795
1.2
TP ICAP
Financial Services
777
1.2
Ramsdens Holdings
Financial Services
765
1.2
Smiths News
Industrial Goods & Services
750
1.2
Tyman
Construction & Materials
747
1.2
Kier Group
Construction & Materials
746
1.2
Braemar Shipping Services
Industrial Goods & Services
735
1.2
Aferian
Telecommunications
729
1.1
Essentra
Industrial Goods & Services
726
1.1
Close Brothers Group
Banks
720
1.1
Appreciate Group
Financial Services
717
1.1
Crest Nicholson
Consumer Products and Services
712
1.1
Bakkavor
Food, Beverage and Tobacco
693
1.1
Sabre Insurance
Insurance
683
1.1
Contourglobal
Utilities
682
1.1
Headlam Group
Consumer Products and Services
681
1.1
Portmeirion Group
Consumer Products and Services
670
1.0
Flowtech Fluid Power
Industrial Goods & Services
667
1.0
Photo-me International
Consumer Products and Services
662
1.0
Palace Capital
Real Estate
652
1.0
Orchard Funding Group
Financial Services
650
1.0
Brown (N) Group
Retail
649
1.0
Anglo Pacific
Basic Resources
648
1.0
RTC Group
Industrial Goods & Services
645
1.0
Babcock International
Industrial Goods & Services
638
1.0
Hargreaves Services
Industrial Goods & Services
630
1.0
Retail
630
1.0
Topps Tiles
Retail
630
1.0
Vector Capital
Financial Services
630
1.0
RPS Group
Industrial Goods & Services
625
1.0
Hansard Global
Insurance
618
1.0
McColl's Retail Group
Personal Care, Drugs & Grocery Stores
585
0.9
Saga
Travel & Leisure
546
0.9
Restaurant Group
Travel & Leisure
530
0.8
Town Centre Securities
Real Estate
472
0.7
Revolution Bars Group
Travel & Leisure
450
0.7
Go-Ahead Group
Travel & Leisure
393
0.6
Chamberlin
Basic Resources
390
0.6
Sancus Lending Group
Financial Services
250
0.4
Total Portfolio
63.888
100.0
Shareholder Information
Financial calendar
Group's year end
30 April
Quarterly dividends paid
July, October, January and April
Annual results announced
July
Annual General Meeting
September
Group's half year
31 October
Half-Year results announced
November
Share prices and performance information
The Company's Ordinary (SDV.L) and Zero Dividend Preference shares issued through SDVP (SDVP.L) are
listed on the London Stock Exchange Main Market.
The net asset values are announced daily to the London Stock Exchange and published monthly via the AIC.
Information about the Group can be obtained on the Chelverton website at www.chelvertonam.com. Any enquiries can also be e-mailed to cam@chelvertonam.com.
Share register enquiries
The register for the Ordinary shares and Zero Dividend Preference shares are maintained by Share Registrars Limited. In the event of queries regarding your holding, please contact the Registrar on 01252 821390. Changes of name and/or address must be notified in writing to the Registrar.
Capital Structure
Chelverton UK Dividend Trust PLC ('the Company')
Chelverton UK Dividend Trust PLC was registered on 3 September 2003 with registered number 03749536. The Company has in issue one class of Ordinary share. In addition, it has a wholly owned subsidiary SDV 2025 ZDP PLC, which was registered on 25 October 2017 with number 11031268, through which Zero Dividend Preference shares have been issued.
Ordinary shares of 25p each (SDV.L) - 20,850,000 in issue as at 31 October 2020
The Company has only one class of share and this figure represents 100% of the Company's share capital
and voting rights.
Dividends
Holders of Ordinary shares are entitled to dividends.
Capital
On a winding-up of the Company, Ordinary Shareholders will be entitled to all surplus assets of the Company available after payment of the Company's liabilities including the capital entitlement of the Zero Dividend Preference shares.
Voting
Each holder, on a show of hands, will have one vote and on a poll will have one vote for each Ordinary
share held.
SDV 2025 ZDP PLC ('SDVP')
Ordinary shares of 100p each ( SDVP.L) - 50,000 in issue (partly paid up as to 25p each)
The ordinary shares are wholly owned by the Company. References to Ordinary shares within this Half-
Yearly Report are to the Ordinary shares of Chelverton UK Dividend Trust PLC.
Capital
Following payment of any liabilities and the capital entitlement to the Zero Dividend Preference
Shareholders, ordinary Shareholders are entitled to any surplus assets of SDVP.
Voting
Each holder, on a show of hands, will have one vote and on a poll will have one vote for each ordinary share
held.
Zero Dividend Preference shares of 100p each - 14,500,000 in issue as at 31 October 2020
Dividends
Holders of Zero Dividend Preference shares are not entitled to dividends.
Capital
On a winding up of SDVP, after the satisfaction of prior ranking creditors and subject to sufficient assets being available, Zero Dividend Preference Shareholders are entitled to an amount equal to 100p per share increased daily from 8 January 2018 at such compound rate as will give an entitlement to 133.18 pence per share at 30 April 2025.
Voting
Each holder of Zero Dividend Preference shares on a show of hands will have one vote at meetings where Zero Dividend Preference Shareholders are entitled to vote and on a poll will have one vote for each Zero Dividend Preference share held.
Holders of Zero Dividend Preference shares are not entitled to attend, speak or vote at General Meetings unless the business of the meeting includes a resolution to vary, modify or abrogate the rights attached to the Zero Dividend Preference shares.
Directors and Advisers
Directors
Lord Lamont of Lerwick (Chairman)
William van Heesewijk
Howard Myles
Andrew Watkins
Investment Manager
Chelverton Asset Management Limited
11 Laura Place
Bath BA2 4BL
Secretary and
Registered Office
Maitland Administration Services Limited
Hamilton Centre
Rodney Way, Chelmsford
Essex CM1 3BY
Tel: 01245 398950
Registrar and
Transfer Office
Share Registrars Limited
Molex House
Millennium Centre
Crosby Way
Farnham
Surrey GU9 7XX
Tel: 01252 821390
Auditors
Hazlewoods LLP
Staverton Court
Staverton
Cheltenham GL51 0UX
Brokers
Shore Capital
Cassini House
57 St James's Street
London SW1A 1LD
Custodian
Jarvis Investment Management Limited
78 Mount Ephraim
Tunbridge Wells
Kent TN4 8BS
ISIN: GB0006615826, GB00BZ7MQD81 Category Code: IR TIDM: SDVP LEI Code: 213800DAF47EJ2HT4P78 OAM Categories: 1.2. Half yearly financial reports and audit reports/limited reviews Sequence No.: 127677 EQS News ID: 1252115
End of Announcement EQS News Service