CHELVERTON SMALL COMPANIES DIVIDEND TRUST PLC Chelverton UK Dividend Trust plc: Half-Yearly Results for the Six Months Ended 31 October 2021

Transparency directive : regulatory news

26/11/2021 08:00

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
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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:
  1.     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
  2.     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

TheWorks.co.uk

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

www.shareregistrars.uk.com

 

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

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CHELVERTON SMALL COMPANIES DIVIDEND TRUST PLC's latest news



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