REG - Chelverton Grwth Tst - Half-year Report
Chelverton Growth Trust PLC
LEI: 213800I86P8BAE6UVI83
Half Yearly Report
For the six months ended 29 February 2020
The Directors announce the unaudited Half Yearly Report for the period 1 September 2019 to 29 February 2020.
Investment objective and policy
The Company's objective is to provide capital growth through investment in companies listed on the Official List and traded on the Alternative Investment Market ("AIM") with a market capitalisation at the time of investment of up to £50 million, which the Manager believes to be at a "point of change". The Company will invest in unquoted investments where it is believed that there is a likelihood of the shares becoming listed or traded on AIM or the investee company being sold. Its investment objective is to increase the net asset value per share at a higher rate than other quoted smaller company trusts and the MCSI Small Cap UK Index.
It is the Company's policy not to invest in any listed investment companies (including listed investment trusts). At the Annual General Meeting held on 12 December 2019, Shareholders voted to amend the Company's Investment Policy to state that the Company:
• may participate in a CEPS placing (if it were to have one);
• will liquidate its various other investments when it is felt appropriate to do so;
• will repay the Jarvis Loan; and
• will pay all outstanding liabilities.
Investment strategy
Investments are selected for the portfolio only after extensive research which the Investment Manager believes to be key. The whole process through which equity must pass in order to be included in the portfolio is very rigorous. Only a security where the Investment Manager believes that the price will be significantly higher in the future will pass the selection process. The Investment Manager believes the key to successful stock selection is to identify the long-term value of a company's shares and to have the patience to hold the shares until that value is appreciated by other investors. Identifying long-term value involves detailed analysis of a company's earnings prospects over a five-year time horizon.
The Company's Investment Manager is Chelverton Asset Management Limited, an investment manager focusing exclusively on achieving returns for investors based on UK investment analysis of the highest quality. The founder and employee owners of Chelverton include experienced investment professionals with strong investment performance records who believe rigorous fundamental research allied to patience is the basis of long-term investment success.
Chairman's Report
I sincerely hope that all our Shareholders are safe and well in these very difficult and strange times.
Writing this report now feels very strange as we had expected to see some significant progress in our investments and a recognition of the underlying value within the portfolio. This progress has been put on hold until such time as a move back to normality has commenced. However, it is important to stress that our investee companies have taken all the steps that can be taken to ensure that, when this happens, they are ready to implement, as appropriate, their growth and development plans.
In the period covered by this report, we saw an end to the three years of the Brexit saga, which weighed heavily on UK companies and, in particular on small companies' share valuations. The election of Boris Johnson as Prime Minister with a clear working majority and completion of the UK's exit from the European Union gave a backcloth for a reappraisal and potential recovery in small company valuations. Unfortunately, as a result of the arrival of Covid-19, at the end of February we have had to deal instead with the effects of the unprecedented lockdown.
Our Investment Manager has of course spoken to the management teams at our underlying investments and to their knowledge, people are safe and well. It is important to stress, that whatever actions are taken from this point there must be full regard to the importance of people's overall safety and welfare.
Financial Performance
Your Company has seen an increase in the net asset value per share from 44.79p at 31 August 2019 to 46.43p at 28 February 2020, an increase of 3.66%. Whilst in general, the underlying performance of the individual investments has been as expected, the sentiment towards UK publicly quoted equites, and in particular the small companies and micro-cap companies, remains negative.
Over the same period, the AIM All-share index has fallen by 1.71% whilst the Company's comparative index, the MSCI Small Cap UK index rose by some 0.58%. The Company's share price has decreased from 40.50p to 37.00p per share and the shares were therefore trading at a discount of 20.31% at the period end.
Since the period end, the net asset value per share has declined to 42.72p as at 30 April 2020, reflecting the market turmoil, precipitated by the introduction of the lockdown and the unprecedented events currently unfolding in the United Kingdom.
Markets hate uncertainty, and, unfortunately, we are living in very uncertain times, which have borne down on the valuations of UK equities. By the same token, when the situation is resolved, the removal of the uncertainty should lead to a reappraisal of prospects and valuations. Ironically, because our portfolio is in small, highly UK-centric businesses, as long as we remain confident that the UK will recover, then our companies should prosper over time.
There remains of course a whole range of other real concerns in the World. These include: the ongoing trade disputes and introduction of tariffs by the United States and any subsequent retaliatory actions by China and the European Union; the severe financial issues within the European Union concerning the funding of member states, in particular Italy and Spain; and the recently publicised differences between Germany and the European Central Bank.
Investments
CEPS is the largest investment in the portfolio, and I would remind Shareholders that this is a diversified AIM traded holding company that owns majority shareholdings in four UK subsidiary businesses. Your Investment Manager, and my fellow Board member, David Horner is chairman of the company and has a similar sized shareholding to that of Chelverton Growth Trust. CEPS is being built up by the growth of the underlying companies and by strategic "bolt-on" acquisitions. During the period, one of the subsidiaries was unfortunately placed into administration when the board of CEPS decided that it was unable to justify continuing to support it.
The remaining companies all made progress and it was expected that 2020 was going to be a year in which their underlying positive trading results would become evident. However, it now looks like this will be delayed until 2021.
Touchstar, Petards and Universe are all making progress, and appear, on a one-year view, to be undervalued, particularly with the general market reduction in all share prices.
MTI Wireless Edge has seen a strong recovery over the past two years and the shares were recently sold, post the period end, with the proceeds used to partly repay debt.
We took a proactive position on Plutus Powergen where we, and the market, had become very concerned by the actions, or more precisely inaction of its board. With others we put forward resolutions to replace the board and we had a clear plan as to how to put the company on a stable footing. Unfortunately, the incumbent board and its supporters narrowly won the day and has subsequently, effectively closed the company down. After the period end, Chelverton Growth Trust has sold its holding for a nominal sum.
Looking at the unquoted holdings, Chelverton Asset Management, the Investment Managers of the Company, had a solid six months growing funds under management and paying an increased dividend. Following the precipitous decline across the stock market in mid-March, funds under management have declined. However, as the position has become generally clearer, there has been a strong recovery.
Last year we announced that Main Dental Partners had been conditionally purchased by Spa Dental pending the resolution of a court case brought by the previous managing director. This case was duly won by the company; however, the appellant has now lodged an appeal. It is not known at this time whether this right to appeal will be granted. In the meantime, given the nature of the business, all of the surgeries have been closed down and staff furloughed. Nevertheless, going forward, there will still be demand for dental treatment.
On a brighter point, La Salle Education, a business involved in supplying schools with the modern mathematics syllabus via the internet, has been deeply involved in providing services to many schools. Also, Pedalling Forth (trading as Velovixen) an internet retailer of women's cycling clothing has enjoyed a big uplift in sales; it is to be hoped that this will be sustained once the Country gets through the current situation.
Outlook
It is impossible to make any kind of forecast at this time other than to say that gradually, the economy and society will move towards a new settled outcome. This new situation will resemble what the position was before the arrival of Covid 19, but almost certainly will not be the same.
Every day, as businesses adapt to and resolve the constraints placed upon them by the virus, more and more people are going back to work. We believe that there will initially be a sharp upturn followed, over time, by a slower growth in economic activity, as the economy strives to recover losses caused by the reaction to Covid-19.
It is undoubtedly the case that unemployment will rise, partly as a result of the severe economic jolt caused by the lockdown, but also as a result of a change in working patterns and a drive to greater efficiencies. Given the UK economy had been operating at effectively full employment for the past few years this is not surprising and in some cases is to be welcomed.
It is the Board's ongoing intention to return funds to Shareholders by way of annual tender offers. These can only be carried out in a meaningful and cost-effective manner when the Company has significant cash resources. At the moment the Company is largely fully invested and therefore the ninth tender offer will be delayed until we believe the share price better reflects the underlying value of the investments and significant sums have been realised from one or more holdings. Further sales of existing investments will take place once the Board's perception of the real value is restored.
The Board is actively considering the future of the Company and how best to return value to Shareholders in the most effective and tax-efficient manner.
Kevin Allen
Chairman
26 May 2020
Interim management report
The important events that have occurred during the period under review and the key factors influencing the financial statements are set out in the Chairman's Report. The Board considers that the principal risks and uncertainties facing the Company, other than as set out below, remain the same as those disclosed in the Annual Report for the year ended 31 August 2019 on pages 12 and 13 and pages 49 and 50. These risks include, but are not limited to, market risk, discount volatility risk, regulatory risk, financial risk and liquidity risk.
Global Pandemic
Given recent events, Covid 19 has emerged as a significant risk which has impacted global commercial activities. The Board has been monitoring the development of the pandemic and has considered the impact it has had to date and assessed the impact it may have in the future. The Chairman's Statement covers this in more detail and the Board is actively liaising with the Investment Manager to obtain a full understanding of its effect on the investee companies.
Responsibility statement
The Directors are responsible for preparing the unaudited Half Yearly Report in accordance with applicable law and regulations. The Directors confirm that to the best of their knowledge:
The condensed set of financial statements for the six months to 29 February 2020, has been prepared in accordance with FRS 104 "Interim Financial Reporting", gives a fair view of the assets, liabilities, financial position and profit of the Company; and
this Half Yearly Report includes a fair review of the information required by;
rule 4.2.7R of the Disclosure and Transparency Rules being an indication of 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
rule 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 Company 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 26 May 2020 and the above responsibility statement was signed on its behalf by:
Kevin Allen
Chairman
Portfolio review
as at 29 February 2020
The Company's portfolio is set out below.
Investment
Sector
Valuation
% of
£'000
total
portfolio
AIM Traded
CEPS
Support Services
1,518
51.2
Trading holding company for a number of companies supplying services and products
MTI Wireless Edge
Technology Hardware & Equipment
240
8.1
Developer and manufacturer of sophisticated antennas and antenna systems
Petards Group
Support Services
160
5.4
Development, provision and maintenance of advance security systems and related services
Plutus Powergen
Flexible Energy Supply
23
0.8
Providers of management infrastructure and expertise to operate power plants and provide flexible electricity generation
Touchstar
Technology Hardware & Equipment
332
11.2
Software systems for warehousing and distribution
Universe Group
Support Services
33
1.1
Provision of credit fraud prevention, loyalty and retail systems
Fully Listed
Zenith Energy
Oil & Gas Producers
21
0.7
International energy production and exploration company
Nasdaq Traded
Touchpoint Group Holdings
Support Services
-
-
(formerly One Horizon Group)
Provider of mobile satellite communications equipment and airtime
2,327
78.5
Unquoted
Chelverton Asset Management Holdings
Support Services
220
7.4
Investment management, including providing services to Chelverton Growth Trust Plc
La Salle Education
Support Services
260
8.7
A UK based company dedicated to improving mathematics education
Pedalling Forth
General Retailers
160
5.4
Internet retailer of cycling clothing for women
Redecol*
Healthcare Equipment & Services
-
-
A medical device company focused on the development of asthma monitoring
Portfolio valuation
2,967
100.0
* Shares received from the purchase of Anaxsys Technology by Redecol Limited
Portfolio holdings
as at 29 February 2020
29 February 2020
31 August 2019
Valuation
% of
total
Valuation
% of total
Investment
£'000
portfolio
£'000
portfolio
CEPS
1,518
51.2
1,214
43.3
Touchstar
332
11.2
298
10.6
La Salle Education
260
8.7
130
4.6
MTI Wireless Edge
240
8.1
176
6.3
Chelverton Asset Management Holdings
220
7.4
220
7.9
Pedalling Forth
160
5.4
200
7.1
Petards Group
160
5.4
380
13.5
Universe Group
33
1.1
34
1.2
Plutus Powergen
23
0.8
93
3.3
Zenith Energy
21
0.7
63
2.2
Touchpoint Group Holdings (formerly One Horizon Group)
-
-
-
-
Redecol*
-
-
-
-
Total
2,967
100.0
2,808
100.0
* Shares received from the purchase of Anaxsys Technology by Redecol Limited
Portfolio breakdown by sector and by index
as at 29 February 2020
Sector distribution
% of total
Support Services
73.8
Technology Hardware & Equipment
19.3
General Retailers
5.4
Flexible Energy Supply
0.8
Oil & Gas Producers
0.7
Index distribution
% of total
AIM
77.8
Unquoted
21.5
Fully listed
0.7
Income statement (unaudited)
for the six months to 29 February 2020
Six months to
Year to
Six months to
29 February 2020
31 August 2019
28 February 2019
Revenue
Capital
Total
Revenue
Capital
Total
Revenue
Capital
Total
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Gains/(losses) on investments at fair value (note 4)
-
159
159
-
(682)
(682)
-
(505)
(505)
Income (note 2)
24
-
24
22
-
22
10
-
10
Investment management fee*
(3)
(8)
(11)
(9)
(26)
(35)
(4)
(13)
(17)
Other expenses
(71)
(12)
(83)
(138)
(24)
(162)
(71)
(12)
(83)
Net (loss)/return on ordinary activities before taxation
(50)
139
89
(125)
(732)
(857)
(65)
(530)
(595)
Taxation on ordinary activities
-
-
-
-
-
-
-
-
-
Net (loss)/return on ordinary activities after taxation
(50)
139
89
(125)
(732)
(857)
(65)
(530)
(595)
Revenue
Capital
Total
Revenue
Capital
Total
Revenue
Capital
Total
pence
pence
pence
pence
pence
pence
pence
pence
pence
(Loss)/return per Ordinary share**
(0.91)
2.54
1.63
(2.29)
(13.41)
(15.70)
(1.18)
(9.71)
(10.89)
The total column of this statement is the statement of comprehensive income of the Company prepared in accordance with Financial Reporting Standards ("FRS"). The supplementary revenue return and capital return columns are prepared in accordance with the Statement of Recommended Practice issued in October 2019 by the Association of Investment Companies ("AIC SORP").
All revenue and capital items in the above statement derive from continuing operations.
The revenue column of the Income statement includes all income and expenses. The capital column includes the realised and unrealised profit or loss on investments and 75% of the management fee and finance costs charged to capital.
* With effect from 1 November 2019, the Investment Management fee was reduced from 1.0% per annum of gross assets to 0.5% per annum of gross assets.
** The return per Ordinary share is based on 5,460,301 (31 August 2019: 5,460,301; 28 February 2019: 5,460,301) shares, being the weighted average number of shares in issue during the period.
Statement of changes in equity (unaudited)
for the six months to 29 February 2020
Called up share capital
£'000
Special reserve*
£'000
Capital reserve
£'000
Capital redemption reserve
£'000
Revenue reserve
£'000
Total
£'000
Six months to 29 February 2020
1 September 2018
55
787
1,111
134
359
2,446
Net return/(loss) after taxation for the period
-
-
139
-
(50)
89
29 February 2020
55
787
1,250
134
309
2,535
Year to 31 August 2019
1 September 2018
55
787
1,843
134
484
3,303
Net loss after taxation for the year
-
-
(732)
-
(125)
(857)
31 August 2019
55
787
1,111
134
359
2,446
Six months to 28 February 2019
1 September 2018
55
787
1,843
134
484
3,303
Net loss after taxation for the period
-
-
(530)
-
(65)
(595)
28 February 2019
55
787
1,313
134
419
2,708
*The Special reserve was created by the cancellation of the share premium account by order of the High Court on 20 January 2016.
Distributable reserves: The Special reserve and Revenue reserve can be used for the purchase of the Company's Ordinary shares.
Statement of financial position (unaudited)
as at 29 February 2020
As at 29 February 2020
£'000
As at 31 August 2019
£'000
As at 28 February 2019
£'000
Fixed assets
Investments at fair value (note 4)
2,967
2,808
3,073
Current assets
Debtors
150
145
2
Cash at bank
42
125
255
192
270
257
Creditors - amounts falling due within one year
Creditors
(24)
(32)
(22)
Short-term loans (note 5)
(600)
(600)
(600)
(624)
(632)
(622)
Net current (liabilities)/assets
(432)
(362)
(365)
Net assets
2,535
2,446
2,708
Share capital and reserves
Called up share capital
55
55
55
Special reserve
787
787
787
Capital reserve
1,250
1,111
1,313
Capital redemption reserve
134
134
134
Revenue reserve
309
359
419
Equity shareholders' funds
2,535
2,446
2,708
Net asset value per Ordinary share (note 6)
46.43p
44.79p
49.59p
Statement of cash flows (unaudited)
for the six months to 29 February 2020
Six months to
29 February
2020
Year to
31 August
2019
Six months to
28 February
2019
£'000
£'000
£'000
Cash flows from operating activities
Net return/(loss) on ordinary activities
89
(857)
(595)
Adjustment for:
Net capital (return)/loss
(139)
732
530
Expenses charged to capital
(20)
(50)
(25)
Interest paid
16
32
16
(Decrease)/increase in creditors
(8)
2
(8)
(Increase)/decrease in debtors
(5)
(136)
7
Cash used in operations
(67)
(277)
(75)
Cash flows from investing activities
Purchase of investments
-
(146)
(96)
Proceeds from sale of investments
-
141
3
Net cash used in investing activities
-
(5)
(93)
Cash flows from financing activities
Interest paid
(16)
(32)
(16)
Net cash used in financing activities
(16)
(32)
(16)
Net decrease in cash
(83)
(314)
(184)
Cash at the beginning of the period
125
439
439
Cash at the end of the period
42
125
255
1 Accounting Policies
a) Statement of compliance
The Company's Financial Statements for the period ended 29 February 2020 have been prepared under UK Generally Accepted Accounting Practice (UK GAAP) and the Statement of Recommended Practice, 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' issued in October 2019 ('the SORP') by the Association of Investment Companies.
The financial statements have been prepared in accordance with the accounting policies set out in the statutory accounts for the year ended 31 August 2019.
b) Financial information
The financial information contained in this report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the period ended 29 February 2020 and 28 February 2019 have not been audited or reviewed by the Company's Auditor pursuant to the Auditing Practices Board guidance on such reviews. The information for the year to 31 August 2019 has been extracted from the latest published Annual Report and Financial Statements, which have been lodged with the Registrar of Companies, contained an unqualified auditors' report and did not contain a statement required under Section 498 (2) or (3) of the Companies Act 2006.
c) Going concern
The Company's assets consist mainly of equity shares in companies which, in most circumstances are realisable within a short timescale. The Directors believe that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the accounts. In assessing the Company's ability to continue as a going concern, the Board has fully considered the impact of the current pandemic.
2 Income
Six months to
Year to
Six months to
29 February 2020
31 August 2019
28 February 2019
£'000
£'000
£'000
Income from investments
UK net dividend income
16
17
10
Loan stock interest
8
5
-
Total income
24
22
10
3 Taxation
The tax charge for the six months to 29 February 2020 is nil (year to 31 August 2019: nil; six months to 28 February 2019: nil).
The Company has an effective tax rate of 0% for the year ending 31 August 2020. 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.
4 Investments
29 February
31 August
28 February
Fully
AIM
2020
2019
2019
Listed
quoted
Unquoted
NASDAQ
Total
Total
Total
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Opening book cost
118
4,236
773
166
5,293
5,472
5,472
Opening investment holding losses
(55)
(2,041)
(223)
(166)
(2,485)
(1,987)
(1,987)
63
2,195
550
-
2,808
3,485
3,485
Movements in the period:
Purchases at cost
-
-
-
-
-
146
96
Sales proceeds
-
-
-
-
-
(141)
(3)
(Losses)/gains on sales
-
-
-
-
-
(184)
3
Movement in investment holding losses
(42)
111
90
-
159
(498)
(508)
Closing valuation
21
2,306
640
-
2,967
2,808
3,073
Closing book cost
118
4,236
773
166
5,293
5,293
5,568
Closing investment holding losses
(97)
(1,930)
(133)
(166)
(2,326)
(2,485)
(2,495)
Closing valuation
21
2,306
640
-
2,967
2,808
3,073
Analysis of capital gains and losses
Realised (losses)/gains on sales
-
-
-
-
-
(184)
3
Movement in fair value of investments
(42)
111
90
-
159
(498)
(508)
(42)
111
90
-
159
(682)
(505)
Fair value hierarchy
In accordance with FRS 102 and FRS 104 the Company must disclose the fair value hierarchy of financial instruments.
The fair value hierarchy consists of the following three classifications:
Level 1 - Valued using quoted prices in active markets for identical assets or liabilities. This is usually the bid price.
Level 2 - Valued by reference to valuation techniques using observable inputs other than quoted prices included within
Level 1.
Level 3 - Valued by reference to valuation techniques using inputs that are not based on observable market data.
Details of the Company's financial instruments are shown in the Portfolio Review including financial instruments which fall into Level 3 shown under the section heading "Unquoted". A summary reconciliation of the fair value movements of Level 3 investments is shown in the table above.
Financial assets at fair value through profit or loss;
Level 1
Level 2
Level 3
Total
£'000
£'000
£'000
£'000
At 29 February 2020
Equity investments
2,327
-
640
2,967
Total
2,327
-
640
2,967
At 31 August 2019
Equity investments
2,258
-
550
2,808
Total
2,258
-
550
2,808
At 28 February 2019
Equity investments
2,345
-
728
3,073
Total
2,345
-
728
3,073
5 Short term loans
On 4 June 2018, the Company entered in to a £600,000 loan agreement with Jarvis Securities plc. Interest is payable monthly in arrears at the rate of 4.5% above the Bank of England base rate.
The loan was drawn down on 4 June 2018 and at the period end £600,000 was outstanding.
6 Net asset value
The basic net asset value per Ordinary share is based on net assets of £2,535,000 (31 August 2019: £2,446,000; 28 February 2019: £2,708,000) and on 5,460,301 Ordinary shares (31 August 2019: 5,460,301; 28 February 2019: 5,460,301) being the number of Ordinary shares in issue at the period end. No shares are held in Treasury.
7 Related party transactions
Under the terms of the agreement dated 28 June 2001, the Company has appointed Chelverton Asset Management Limited to be the Investment Manager. Mr Horner, a Director of the Company, is also a director of Chelverton Asset Management Limited and chairman of CEPS in which the Company holds an investment as set out above. Mr Martin is the chairman of Touchstar in which the Company holds an investment as set out above.
At 29 February 2020, there was £1,300 (31 August 2019: £2,600; 28 February 2019: £2,800) payable to the Investment Manager.
The three Directors also have individual holdings in Chelverton Asset Management Holdings, a company which has Mr Horner as a director and which the Company also has a direct holding. The Directors' holdings are detailed below.
Ordinary shares held
Percentage of Ordinary shares held
£'000
%
K J Allen
1
1
D A Horner*
56
56
I P Martin
2
2
* Director and connected persons total holdings.
8 Post balance sheet events
On 11 May 2020, following the disposal of MTI Wireless Edge, the Company repaid £280,000 of its £600,000 loan from Jarvis Securities plc leaving a balance of £320,000 outstanding.
In recent months Covid 19 has emerged as a significant risk. Details of the impact on the Company are given in the Chairman's Report and in the Interim management report above.
Information about the Company can be obtained at the Investment Manager's website at www.chelvertonam.com. Neither the contents of the manager's website nor the contents of any website accessible from hyperlinks on this announcement (or any other website incorporated into, or forms part of this announcement.
An investment company as defined under Section 833 of the Companies Act 2006.
REGISTERED IN ENGLAND No 02989519
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.ENDIR BUGDUBSDDGGL
Recent news on Chelverton Growth Trust
See all newsREG - Official List Chelverton Grwth Tst - Removal - Chelverton Growth Trust plc
AnnouncementREG - Stock Exch Notice Chelverton Grwth Tst - Cancellation - Chelverton Growth Trust PLC
AnnouncementREG - Chelverton Grwth Tst - Result of Meeting
AnnouncementREG - Official List Chelverton Grwth Tst - Suspension - Chelverton Growth Trust plc
AnnouncementREG - Chelverton Grwth Tst - Net Asset Value(s)
Announcement