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CHELVERTON SMALL COMPANIES DIVIDEND TRUST PLC Chelverton UK Dividend Trust plc: Half-yearly Results

Directive transparence : information réglementée

06/12/2019 13:43

Chelverton UK Dividend Trust plc (SDV)
Chelverton UK Dividend Trust plc: Half-yearly Results
06-Dec-2019 / 12:43 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


CHEVERTON UK DIVIDEND TRUST PLC

 

Half-Yearly Financial Report

For the six months ended 31 October 2019

 

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, and its subsidiary SDV 2025 ZDP PLC, together form the Group ('the Group'). The Group's funds are invested principally in mid and smaller capitalised UK companies. The portfolio comprises companies listed on the Official List and companies admitted to trading on AIM. The Group does not invest in other investment trusts or in unquoted companies. No investment is made in preference shares, loan stock or notes, convertible securities or fixed interest securities.

 

Financial Highlights

 

Capital

31 October

2019

30 April

2019

%

change

Total gross assets (£'000)

56,734

62,032

(8.54)

Total net assets (£'000)

40,932

44,659

(8.35)

Net asset value per Ordinary share

196.32p

214.19p

(8.34)

Mid-market price per Ordinary share

182.50p

173.50p

5.19

Discount

(7.04%)

(19.00%)

 

Net asset value per Zero Dividend Preference share

107.57p

105.48p

1.98

Mid-market price per Zero Dividend Preference share

108.00p

110.00p

(1.82)

Premium

0.40%

4.29%

 

 

 

 

 

Revenue

Six months to 31 October

2019

Six months to

31 October

2018

%

change

Return per Ordinary share

6.71p

7.15p

(6.15)

Dividends declared per Ordinary share*

4.80p

4.38p

9.59

Special dividends declared per Ordinary share

2.50p

0.66p

278.79

 

 

 

 

Total Return

 

 

 

Total return on Group net assets**

(4.94%)

12.16%

 

 

* Dividend per Ordinary share includes the first interim paid and second interim declared for the period to 31 October 2019 and 2018 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

 

Results

This half-yearly report covers the six months to 31 October 2019. The net asset value per Ordinary share at 31 October 2019 was 196.3p down from 214.2p at 30 April 2019, a decrease of 8.3% during the period compared to an increase of 0.8% in the MSCI Small Cap Index, and NAV now stands at 202.5p.

 

Since the beginning of the Company's financial year, the Ordinary share price has increased from 173.5p to 182.5p at 31 October 2019, an increase of 5.19%. Since the period end the shares have increased further to 191.0p, a percentage increase of 4.66% as at 2 December 2019 and the shares now trade on a reduced discount of 4.3%.

 

Dividend

Following 11 years of increase in the total annual core dividend paid by the Company, the first interim dividend for the current year of 2.40p (2018: 2.19p) per Ordinary share was paid on 1 October 2019. The Board has declared a second interim dividend of 2.40p per Ordinary share (2018: 2.19p) payable on 2 January 2020 to shareholders on the register on 13 December 2019, making a total for the half year of 4.80p per Ordinary share (2018: 4.38p) an increase of 9.6%. It is anticipated that the Company will maintain this level of dividend for the third quarter and will likewise maintain the same level for the fourth interim of 2.40p making a total core dividend of 9.60p for the year (2018: 8.97p) an increase of 7.0%.

 

Portfolio

In the last six months we have increased our investment in eighteen of our existing holdings (2018: 18), taking advantage of lower share prices and shares being available in Alumasc Group, Amino Technologies, Badcock International, Brewin Dolphin Holdings, Castings, Chesnara, Crest Nicholson, De La Rue, Devro, Essentra, GVC Holdings, McColls Retail Group, Northgate, Personal Group Holdings, Saga, Shoe Zone, STV and Town Centre Securities.

 

During the period we added four new names to the portfolio (2018: 3) - Close Brothers Group1, Tyman2, Vertu Motors3 and XPS Pensions4. Funds were raised from the outright sale of four of our holdings (2018: 4); Kcom Group, Mucklow (A&J), Sanderson Group and StatPro were taken over in the period. The following holdings were reduced as they grew to become larger weightings on lower yields: Clarke (T.), Titon Holdings and UP Global Sourcing Holdings.

 

Outlook

The shares of the companies in which the fund is invested have experienced a tough 18 months as smaller companies that pay increasing dividends and are labelled "value shares" have fallen further out of favour. In the last few months there has been some improvement as it is hoped that the whole Brexit process will reach resolution. The underlying performance of most of the companies has generally been positive with associated dividend growth. With the recent decline in the general market the number of attractive opportunities available to invest in has increased significantly and the portfolio has been increased to 75 holdings (2018: 73).

 

UK GDP growth has been very subdued for the past six months, although there are signs that UK Growth will be maintained and might, next year, start to gently accelerate.

 

As we write this report today the whole Brexit position of course remains unresolved. We are close to the General Election on 12 December 2019 and a great deal depends on the result of that. At this point no one can say what the position will be on 1 January 2020 however it is to be hoped that the "Brexit issue", which has progressively absorbed more and more time and attention, will be resolved in some manner. In the meantime our companies, for whom trading across border with the EU is a very small part of their sales, have been dragged down by this generally negative sentiment.

 

Reassuringly the dividends of the underlying companies continue to be increased and we believe that this will continue into 2020 with company balance sheets remaining in a strong state.

 

 

Chelverton Asset Management

6 December 2019

 

1 Close Brothers Group - financial services provider

2 Tyman - building materials manufacturer

3 Vertu Motors - automotive retailer

4 XPS Pensions - pensions actuarial, consulting and administration services

 

Principal Risks

 

The principal risks facing the Group are substantially unchanged since the date of the Annual Report for the year ended 30 April 2019 and continue to be as set out in that report on pages 10 to 11. Risks faced by the Group include, but are not limited to, market risk, discount volatility, regulatory risk, financial risk and risks associated with banking counterparties.

 

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. (b)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 6 December 2019 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 2019

 

 

Six months to

31 October 2018

Year to

30 April 2019

Six months to

31 October 2018

 

Revenue

Capital

Total

Revenue

Capital

Total

Revenue

Capital

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

 

 

 

 

(audited)

 

 

 

Losses on investments at fair value through profit or loss

-

(3,080)

(3,080)

-

(7,083)

(7,083)

-

(7,472)

(7,472)

Investment income

1,604

-

1,604

3,221

-

3,221

1,712

-

1,712

Investment management fee

(71)

(214)

(285)

(153)

(459)

(612)

(79)

(236)

(315)

Other expenses

(134)

(8)

(142)

(274)

(37)

(311)

(142)

(30)

(172)

Net surplus/(deficit) before finance costs and taxation

1,399

(3,302)

(1,903)

2,794

(7,579)

(4,785)

1,491

(7,738)

(6,247)

Finance costs

 

 

 

 

 

 

 

 

 

Preference shares

-

(302)

(302)

(1)

(582)

(583)

-

(290)

(290)

Net surplus/(deficit) before taxation

1,399

(3,604)

(2,205)

2,793

(8,161)

(5,368)

1,491

(8,028)

(6,537)

Taxation (see note 2)

-

-

-

-

-

-

-

-

-

Total comprehensive income/(expense) for the period

1,399

(3,604)

(2,205)

2,793

(8,161)

(5,368)

1,491

(8,028)

(6,537)

 

 

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)

6.71

(17.29)

(10.58)

13.40

(39.15)

(25.75)

7.15

(38.51)

31.36

Zero Dividend Preference share 2025 (see note 3)

-

2.08

2.08

-

4.02

4.02

-

2.00

2.00

                     

 

The total column of this statement is the Statement of Comprehensive Income of the Group prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted by the European Union. 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 2019

 

 

Share
capital

Share premium account

Capital Redemption reserve

Capital
reserve

Revenue reserve

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

Six months ended 31 October 2019

 

 

 

 

 

 

30 April 2019

5,213

17,517

5,004

12,925

4,000

44,659

Total comprehensive income/ (expense) for the period

-

-

-

(3,604)

1,399

(2,205)

Dividends paid (see note 4)

-

-

-

-

(1,522)

(1,522)

31 October 2019

5,213

17,517

5,004

9,321

3,877

40,932

Year ended 30 April 2019 (audited)

 

 

 

 

 

 

30 April 2018

5,188

17,301

5,004

21,086

3,215

51,794

Total comprehensive income/ (expense) for the period

-

-

-

(8,161)

2,793

(5,368)

Ordinary shares issued

25

228

-

-

-

253

Expenses of Ordinary share issue

-

(12)

-

-

-

(12)

Dividends paid

-

-

-

-

(2,008)

(2,008)

30 April 2019

5,213

17,517

5,004

12,925

4,000

44,659

Six months ended 31 October 2018

 

 

 

 

 

 

30 April 2018

5,188

17,301

5,004

21,086

3,215

51,794

Total comprehensive income/ (expense) for the period

-

-

-

(8,028)

1,491

(6,537)

Ordinary shares issued

25

215

-

-

-

240

Dividends paid (see note 4)

-

-

-

-

(1,094)

(1,094)

31 October 2018

5,213

17,516

5,004

13,058

3,612

44,403

 

Condensed Consolidated Balance Sheet (unaudited)

as at 31 October 2019

Non-current assets

31 October

2019

£'000

30 April

2019

£'000

(audited)

31 October

2018

£'000

Investments at fair value through profit or loss

56,239

59,895

58,571

Current assets

 

 

 

Trade and other receivables

259

447

313

Cash and cash equivalents

236

1,690

647

 

495

2,137

960

Total assets

56,734

62,032

59,531

Current liabilities

 

 

 

Trade and other payables

(205)

(2,078)

(125)

 

205

(2,078)

(125)

Total assets less current liabilities

56,529

59,954

59,406

Non-current liabilities

 

 

 

Zero Dividend Preference shares 2025

(15,597)

(15,295)

(15,003)

Total liabilities

(15,802)

(17,373)

(15,128)

Net assets

40,932

44,659

44,403

Represented by:

 

 

 

Share capital

5,213

5,213

5,213

Share premium account

17,517

17,517

17,516

Capital redemption reserve

5,004

5,004

5,004

Capital reserve

9,321

12,925

13,058

Revenue reserve

3,877

4,000

3,612

Equity shareholders' funds

40,932

44,659

44,403

Net asset value per: (see note 5)

pence

pence

pence

Ordinary share

196.32

214.19

212.96

Zero Dividend Preference share 2025

107.57

105.48

103.47

 

Condensed Consolidated Statement of Cash Flows (unaudited)

for the six months ended 31 October 2019

Operating activities

31 October

2019

£'000

30 April 2019

£'000

(audited)

31 October

2018

£'000

Investment income received

1,665

3,160

1,686

Investment management fee paid

(324)

(614)

(368)

Administration and secretarial fees paid

(32)

(72)

(40)

Other cash payments

(152)

(254)

(181)

Loan interest paid

-

(1)

-

Cash generated from operations (see note 7)

1,157

2,219

1,097

Purchases of investments

(7,021)

(9,841)

(6,220)

Sales of investments

5,932

10,032

5,588

Net cash inflow from operating activities

68

2,410

465

Financing activities

 

 

 

Issue of Zero Dividend Preference shares 2025

-

313

313

Expenses of C shares issue

-

-

(2)

Issue of ordinary shares

-

876

875

Expenses for redemption and issue of Zero Dividend Preference shares

-

-

(8)

Expenses of ordinary share issue

-

(12)

(13)

Dividends paid

(1,522)

(2,008)

(1,094)

Net cash (outflow)/inflow from financing activities

(1,522)

(831)

71

Change in cash and cash equivalents for period

(1,454)

1,579

536

Cash and cash equivalents at start of period

1,690

111

111

Cash and cash equivalents at end of period

236

1,690

647

Comprised of:

 

 

 

Cash and cash equivalents

236

1,690

647

 

Notes to the Condensed Half-Yearly Report

for the six months ended 31 October 2019

 

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 2019, 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 Financial Reporting Standards ('IFRS') 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 October 2019, except to any extent where it conflicts with IFRS.

 

The Group has considerable financial resources 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 2019. This report has also been prepared in compliance with IAS 34 'Interim Financial Reporting' as adopted by the European Union.

 

2  Taxation

 

The Company has an effective tax rate of 0%. The estimated effective tax rate is 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 £1,399,000 (30 April 2019: £2,793,000, 31 October 2018: £1,491,000) and on 20,850,000 (30 April 2019: 20,847,534, 31 October 2018: 20,845,109) 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 loss of £3,604,000 (30 April 2019: capital loss of £8,161,000, 31 October 2018: capital loss of £8,028,000) and on 20,850,000 (30 April 2019: 20,847,534, 31 October 2018: 20,845,109) 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 £302,000 (30 April 2019: £582,000, 31 October 2018: £290,000) and on 14,500,000 (30 April 2019: 14,489,863, 31 October 2018: 14,479,891) 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 2.40p per Ordinary share and a special dividend of 2.50p per Ordinary share for the year ended 30 April 2019, together with a first interim dividend of 2.40p per Ordinary share for the year ending 30 April 2020, have been paid to shareholders.

 

In addition the Board has declared a second interim dividend of 2.40p per Ordinary share payable on 2 January 2020 to shareholders on the register at 13 December 2019 (ex-dividend 12 December 2019).

 

5  Net asset values

 

Ordinary shares

The net asset value per Ordinary share is based on assets attributable of £40,932,000 (30 April 2019: £44,659,000, 31 October 2018: £44,403,000) and on 20,850,000 (30 April 2019: 20,850,000, 31 October 2018: 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 £15,597,000 (30 April 2019: £15,295,000, 31 October 2018: £15,003,000) and on 14,500,000 (30 April 2019: 14,500,000, 31 October 2018: 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 2019, 30 April 2019 and 31 October 2018 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

2019

£'000

30 April

2019

£'000

31 October

2018

£'000

Net return before taxation

(2,205)

(5,368)

(6,537)

Taxation

-

-

-

Net return after taxation

(2,205)

(5,368)

(6,537)

Net capital return

3,604

8,161

8,028

Decrease/(increase) in receivables

45

(64)

(73)

Decrease in payables

(65)

(14)

(57)

Interest and expenses charged to the capital reserve

(222)

(496)

(264)

Cash generated from operations

1,157

2,219

1,097

 

8  Related party transactions

 

The Group's investments are managed by Chelverton Asset Management Limited, a company in which Mr van Heesewijk, a Director of the Company and the subsidiary, has an interest. The amounts paid to the Investment Manager in the period to 31 October 2019 were £285,000 (year ended 30 April 2019: £612,000, six months to 31 October 2018: £315,000).

 

At 31 October 2019 there were amounts outstanding to be paid to the Investment Manager of £83,000 (year ended 30 April 2019: £121,000, six months to 31 October 2018: £90,000).

 

Portfolio Investments

as at 31 October 2019

 

 

Market value

% of

Security

Sector

£'000

portfolio

Diversified Gas & Oil

Oil & Gas Producers

1,926

3.4

Marston's

Travel & Leisure

1,726

3.1

Randall & Quilter

Nonlife Insurance

1,667

3.0

Belvoir Lettings

Real Estate Investment & Services

1,380

2.5

Strix Group

Electronic & Electrical Equipment

1,218

2.2

DFS Furniture

General Retailers

1,170

2.1

Crest Nicholson

Household Goods & Home Construction

1,165

2.1

Bloomsbury Publishing

Media

1,125

2.0

Galliford Try

Household Goods & Home Construction

1,099

2.0

UP Global Sourcing Holdings

Household Goods & Home Construction

1,095

1.9

Castings

Industrial Engineering

1,062

1.9

BCA Marketplace

Support Services

1,059

1.9

Northgate

Support Services

1,024

1.8

Go-Ahead Group

Travel & Leisure

1,022

1.8

Ramsdens Holdings

Financial Services

1,020

1.8

Restaurant Group

Travel & Leisure

992

1.8

Murgitroyd Group

Support Services

990

1.8

Jarvis Securities

Financial Services

984

1.7

STV

Media

965

1.7

Essentra

Support Services

953

1.7

Severfield

Industrial Engineering

945

1.7

Photo-me International

Leisure Goods

917

1.6

Shoe Zone

General Retailers

907

1.6

Polar Capital Holdings

Financial Services

901

1.6

Brown (N) Group

General Retailers

876

1.6

Flowtech Fluid Power

Industrial Engineering

832

1.5

Brewin Dolphin Holdings

Financial Services

831

1.5

Babcock International

Support Services

830

1.5

Alumasc Group

Construction & Materials

820

1.5

GVC Holdings

Travel & Leisure

801

1.4

Clarke (T.)

Construction & Materials

792

1.4

Regional REIT

Real Estate Investment Trusts

790

1.4

Epwin Group

Construction & Materials

788

1.4

XP Power

Electronic & Electrical Equipment

786

1.4

Braemar Shipping Services

Industrial Transportation

780

1.4

Town Centre Securities

Real Estate Investment Trusts

773

1.4

Personal Group Holdings

Nonlife Insurance

765

1.4

Appreciate Group

Financial Services

750

1.3

Palace Capital

Real Estate Investment & Services

702

1.2

Premier Miton Group

Financial Services

700

1.2

Headlam Group

Household Goods & Home Construction

698

1.2

Close Brothers Group

Banks

691

1.2

Chesnara

Life Insurance

649

1.2

Devro

Food Producers

640

1.1

Amino Technologies

Technology Hardware & Equipment

636

1.1

Wilmington Group

Media

636

1.1

Kin and Carta

Support Services

618

1.1

Vertu Motors

General Retailers

606

1.1

Bakkavor

Food Producers

592

1.0

XPS Pensions

Financial Services

590

1.0

Numis Corporation

Financial Services

575

1.0

Low & Bonar

General Industrials

569

1.0

RPS Group

Support Services

563

1.0

 

McColl's Retail Group

Food & Drug Retailers

546

1.0

 

Centaur Media

Media

544

1.0

 

Orchard Funding Group

Financial Services

540

1.0

 

RTC Group

Support Services

520

0.9

 

Finncap Group

Financial Services

480

0.9

 

De La Rue

Support Services

471

0.8

 

Saga

General Retailers

469

0.8

 

Foxtons Group

Real Estate Investment & Services

459

0.8

 

Gattaca

Support Services

452

0.8

 

Sabre Insurance

Nonlife Insurance

443

0.8

 

Tyman

Construction & Materials

424

0.8

 

DX Group

Industrial Transportation

383

0.7

 

Hansard Global

Life Insurance

370

0.7

 

Connect Group

Support Services

361

0.6

 

Coral Products

General Industrials

360

0.6

 

Moss Bros Group

General Retailers

360

0.6

 

Revolution Bars Group

Travel & Leisure

315

0.6

 

Kier Group

Construction & Materials

283

0.5

 

Anglo African Oil & Gas

Oil & Gas Producers

168

0.3

 

Titon Holdings

Construction & Materials

115

0.2

 

GLI Finance

Financial Services

100

0.2

 

Chamberlin

Industrial Engineering

85

0.1

 

Total Portfolio

 

56,239

100.0

 
         

 

Breakdown of portfolio by industry

 

Travel & Leisure 8.7%

Technology Hardware & Equipment 1.1%

Support Services 13.9%

Real Estate Investment Trusts 2.8%

Real Estate Investment &

Services 4.5%

Oil & Gas Producers 3.7% Nonlife Insurance 5.2%

Media 5.8%

Life Insurance 1.9%

Leisure Goods 1.6

Banks 1.2%

Construction & Materials 5.8%

Electronic & Electrical Equipment 3.6% Financial Services 13.2%

Food & Drug Retailers 1.0% Food Producers 2.1% General Industrials 1.6%

General Retailers 7.8%

Household Goods & Home Construction 7.2%

Industrial Engineering 5.2% Industrial Transportation 2.1%

 

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

December

 

Share prices and performance information

The Company's Ordinary (SDV.L) and Zero Dividend Preference shares (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 number 0374956. 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 2019

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 2019

 

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

Tel: 01225 483030

 

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

The Courtyard

17 West Street

Farnham

Surrey GU9 7DR

Tel: 01252 821390

www.shareregistrars.uk.com

 

Auditors

Hazlewoods LLP

Windsor House

Bayshill Road

Cheltenham

GL50 3AT

 

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

 

 

Registered in England
No. 3749536

A member of the Association of Investment Companies



ISIN: GB0006615826, GB00BZ7MQD81
Category Code: IR
TIDM: SDV
LEI Code: 213800DAF47EJ2HT4P78
OAM Categories: 1.2. Half yearly financial reports and audit reports/limited reviews
Sequence No.: 33995
EQS News ID: 930573

 
End of Announcement EQS News Service

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