REG - Chelverton Grwth Tst - Final Results <Origin Href="QuoteRef">CHLV.L</Origin> - Part 2
08/11/2017 16:50
- Part 2: For the preceding part double click ID:nRSH9671Va
261 69
Cash at the end of the year 847 261
The notes form part of these accounts.
1 ACCOUNTING POLICIES
Accounting convention
The financial statements are prepared in accordance with applicable United
Kingdom accounting standards, including Financial Reporting Standard 102 ("FRS
102"), the Companies Act 2006 and with the AIC Statement of Recommended
Practice ("SORP") issued in November 2014, regarding the Financial Statements
of Investment Trust Companies and Venture Capital Trusts. All the Company's
activities are continuing.
Income recognition
Dividends receivable on quoted equity shares are included as revenue when the
investments concerned are quoted 'ex-dividend'. Dividends receivable on equity
and non-equity shares where no ex-dividend date is quoted are brought into
account when the Company's right to receive payment is established. All other
income is included on an accruals basis.
Expenses
All expenses are accounted for on an accruals basis and charged through the
revenue account in the Income statement except as follows:
- expenses which are incidental to the acquisition or disposal of an
investment are treated as capital and separately identified and disclosed (see
note 7):
- management fees, bank interest and loan interest have been allocated 75% to
capital reserve and 25% to revenue reserve in the Income statement, being in
line with the Board's expected long-term split of returns, in the form of
capital gains and income respectively, from the investment portfolio of the
Company.
Investments
All investments held by the Company are classified as 'fair value through
profit or loss'. Investments are initially recognised at cost, being the fair
value of the consideration given. After initial recognition investments are
measured at fair value, with changes in the fair value of investments and
impairment of investments recognised in the Income statement and allocated to
capital. Realised gains and losses on investments sold are calculated as the
difference between sales proceeds and cost.
Investments are recognised and derecognised on the trade date where a purchase
or sale is under a contract whose terms require delivery within the timeframe
established by the market concerned, and are initially measured at fair
value.
For investments actively traded in organised financial markets, fair value is
generally determined by reference to Stock Exchange quoted market bid prices
at the close of business on the balance sheet date, without adjustment for
transaction costs necessary to realise the asset. For investments traded on
other financial markets such as the OTCQB, fair value is generally determined
by reference to the share price at close of business on the balance sheet
date, discounted to reflect the best estimate of the discount that may need to
be applied for the shares to be sold as a single investment.
For investments that are not actively traded in organised financial markets,
fair value is determined as set out below under the heading 'significant
judgements and estimation uncertainty'.
Significant judgements and estimation uncertainty
Preparation of the financial statements requires the Investment Manager to
make significant judgements. The items in the financial statements where these
judgements have been made are:
Investments that are not actively traded in organised financial markets, are
valued at the Directors' estimate of the investment's net realisable value
being their estimate of fair value. Generally, fair value will be at cost or,
where applicable, at the most recent transaction price. In the case of direct
investments in unquoted companies the following valuation technique is
applied. Initial valuation is based on the transaction price. Where better
indications of fair value become available, such as through subsequent issues
of capital or dealings between third parties, the valuation is adjusted to
reflect the new evidence. This represents the Directors' view of the amount
for which an asset could be exchanged between knowledgeable willing parties in
an arm's length transaction.
Capital reserve
The following are accounted for in this reserve:
· gains and losses on the realisation of investments;
· net movement arising from changes in the fair value of investments that
can be readily converted to cash without accepting adverse terms;
· realised exchange differences of a capital nature;
· expenses, together with related taxation effect, charged to this account
in accordance with the above policies; and
· net movement arising from the changes in the fair value of investments
that cannot be readily converted to cash without accepting adverse terms, held
at the year end.
Special reserve
The Special reserve was created by the cancellation of the Share Premium
account by order of the High Court on 13 January 2016. It can be used for the
repurchase of the Company's own shares.
Taxation
The charge for taxation, where relevant, is based on the revenue before
taxation for the year. Tax deferred or accelerated can arise due to timing
differences between the treatment of certain items for accounting and taxation
purposes.
Full provision is made for deferred taxation under the liability method, on
all timing differences not reversed by the balance sheet date, in accordance
with FRS 102.
The tax effect of different items of income/gain and expenditure/loss is
allocated between capital and revenue on the same basis as the particular item
to which it relates, using the Company's effective rate of tax for the
accounting period
.
2 INCOME
2017 2016
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Income from investments
Income from LLP investments - 574 574 15 100 115
UK net dividend income 5 - 5 12 - 12
Total income 5 574 579 27 100 127
3 INVESTMENT MANAGEMENT FEE
2017 2016
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Investment management fee 12 38 50 12 35 47
The investment management fee is calculated at the rate of 0.0833% per month,
equating to 1% per annum, of the gross value of funds under management and is
payable monthly in arrears. At 31 August 2017 there was £4,800 outstanding
(2016: £3,500).
4 OTHER EXPENSES 2017 2016
£'000 £'000
Administrative and secretarial services 40 59
Directors' remuneration 34 34
Audit fee 17 19
Other expenses 51 50
142 162
5 TAXATION 2017 2016
Revenue Capital Total Revenue Capital Total
Analysis of charge in period £'000 £'000 £'000 '000 £'000 £'000
Current tax - - - - - -
Factors affecting current tax charge for the period
The tax assessed for the period is lower than the standard rate of corporation
tax in the UK of 19.58%. The differences are explained below:
2017 2016
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Net return on ordinary activities before taxation (136) 1,609 1,473 (140) 623 483
Theoretical tax at UK corporation tax rate of 19.58% (2016: 20.00%)
Corporation tax (27) 315 288 (28) 125 97
Investment income not taxable (1) (112) (113) (5) (20) (25)
Non-taxable investment gains - (213) (213) - (113) (113)
Excess expenses for the period 28 10 38 33 8 41
Current tax charge for the period - - - - - -
At 31 August 2017 the Company had surplus management expenses of £4,117,000
(2016: £3,925,000) which have not been recognised as a deferred tax asset.
This is because the Company is not expected to generate taxable income in a
future period in excess of the deductible expenses of that future period and,
accordingly, it is unlikely that the Company will be able to reduce future tax
liabilities through the use of existing surplus expenses. Due to the Company's
status as an investment trust and the intention to continue meeting the
conditions required to obtain approval as an investment trust in the
foreseeable future, the Company has not provided for deferred tax on any gains
and losses arising on the revaluation or disposal of investments
.
6 RETURN PER ORDINARY SHARE
2017 2016
Revenue Capital Total Revenue Capital Total
pence pence pence pence pence pence
Basic (2.13)p 25.23p 23.10p (1.86)p 8.26p 6.40p
Revenue return per Ordinary share is based on the net revenue loss on ordinary
activities after taxation attributable of £136,000 (2016: £140,000) and on
6,377,088 (2016: 7,538,051) Ordinary shares, being the weighted average number
of Ordinary shares in issue during the year.
Capital return per Ordinary share is based on the net capital gain of
£1,609,000 (2016: £623,000) and on 6,377,088 (2016: 7,538,051) Ordinary
shares, being the weighted average number of Ordinary shares in issue during
the year.
Total return per Ordinary share is based on the total gain of £1,473,000
(2016: £483,000) and on 6,377,088 (2016: 7,538,051) Ordinary shares, being the
weighted average number of Ordinary shares in issue during the year.
7 INVESTMENTS 2017 2016
£'000 £'000
AIM 3,641 2,398
Unquoted 550 1,443
NASDAQ 22 84
4,213 3,925
AIM Unquoted* NASDAQ Total
£'000 £'000 £'000 £'000
Opening book cost 3,155 1,612 166 4,933
Opening investment holding losses (757) (169) (82) (1,008)
2,398 1,443 84 3,925
Movements in the year:
Purchases at cost 535 - - 535
Sales - proceeds (403) (930) - (1,333)
Gains on sales 213 605 - 818
Movement in investment holding gains/(losses) 898 (568) (62) 268
Closing valuation 3,641 550 22 4,213
Closing book cost 3,500 1,287 166 4,953
Closing investment holding gains/(losses) 141 (737) (144) (740)
Closing valuation 3,641 550 22 4,213
2017 2016
£'000 £'000
Realised gains on sales 818 1,900
Movement in fair value of investments 268 (1,335)
Net gains on investments 1,086 565
All quoted investments are made up of equity shares.
* Unquoted investments are valued at the Directors' estimate of their net
realisable value, being their estimate of fair value.
Analysis of movements in unquoted investments
Cost at 31 August 2016 Additions Disposals Cost at 31 August 2017 Realised gain Holding gain/(loss) Valuation at 31 August 2017 Valuation at 31 August 2016
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Investment
Anaxys Technology 292 - - 292 - (23) - 23
Airways Engineering
Loan stock 45 - - 45 - - - -
Ordinary B shares 30 - - 30 - - - -
Chelverton Asset Management Holdings 2 - - 2 - 59 200 141
Closed Loop Recycling *
Loan stock 252 - - 252 - - - -
Ordinary B shares 84 - - 84 - - - -
La Salle Education 130 - - 130 - - - -
Main Dental
Loan stock 75 - - 75 - - - -
Ordinary B shares 175 - - 175 - (37) 138 175
Pedalling Forth 150 - - 150 - - 150 150
Security Research Group 52 - - 52 - 10 62 52
Transflex Vehicle Rental 325 - (325) - 605 (577) - 902
1,612 - (325) 1,287 605 (568) 550 1,443
*in administration
Transaction costs
During the year, the Company incurred transaction costs of £nil (2016: £nil)
and £1,079 (2016: £667) on purchases and sales of investments, respectively.
These amounts are included in 'Gains on investments at fair value' as
disclosed in the Income statement.
Details of material holdings in unquoted investments
Cost at 31 August 2017 Valuation at 31 August 2017 Cost at 31 August 2016 Valuation at 31 August 2016 Last accounts year end Net assets Turnover Pre-tax (loss)/ profit
Investment £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Anaxsys Technology 292 - 292 23 31/01/16 59 - -
Airways Engineering 31/10/16 (65) - -
Loan Stock 45 - 45 -
Ordinary B shares 30 - 30 -
Chelverton Asset Management Holdings * 2 200 2 141 31/03/17 2,509 4,203 1,116
Closed Loop Recycling ** 30/06/13 (10,534) 15,424 (5,666)
Loan stock 252 - 252 -
Ordinary B shares 84 - 84 -
La Salle Education 130 - 130 - 31/12/16 580 - -
Main Dental 31/03/16 806 - -
Loan stock 75 - 75 -
Ordinary B shares 175 138 175 175
Pedalling Forth 150 150 150 150 31/12/15 (210) - -
Security Research Group 52 62 52 52 31/03/17 10,964 6,793 575
* Consolidated figures
** In administration
8 SIGNIFICANT INTERESTS
At 31 August 2017, the Company had a holding of 3% or more of the issued class
of share that is material in the context of the accounts in the following
investments:
Security Number of shares held Percentage of issued share capital Issued share capital
Main Dental 23,000 24.08 95,500
CEPS 2,871,250 21.75 13,199,940
Pedalling Forth 18,000 12.00 150,000
Touchstar 640,000 10.14 6,308,750
La Salle Education 160,000 5.07 3,158,179
Plutus Powergen 33,333,334 4.69 711,428,935
Petards 1,550,000 4.24 36,570,762
Anaxsys Technology 39,525 3.95 1,000,000
9 DEBTORS 2017 2016
£'000 £'000
Amounts falling due within one year
Prepayments and other debtors 683 6
Amounts falling due after one year
Other debtors * - 100
*The other debtor, in the previous year, related to capital income due from Parmenion Capital Partners LLP. This debtor as detailed in the Investment Manager's overview has increased to £674,000 and is now included in amounts falling due within one year. The proceeds were received on 23 October 2017.
10 CREDITORS - amounts falling due within one year
2017 2016
£'000 £'000
Accruals and other creditors 33 55
Short term loan 250 250
283 305
On 17 June 2016, the Company entered in to a £250,000 loan agreement with
Jarvis Investment Management Limited. Interest was payable monthly in arrears
at the rate of 4.5% plus the Bank of England base rate.
At 31 August 2017, £250,000 was outstanding of which £125,000 was drawn down
on 17 June 2016 and £125,000 on 8 August 2016. The loan was secured on the
assets of the Company and is repayable on demand.
The loan was repaid in full on 25 October 2017.
11 CALLED UP SHARE CAPITAL 2017 2016
£'000 £'000
Allotted, called up and fully paid:
6,377,088 (2016: 6,377,088) Ordinary shares of 1p each 64 64
Details of the Tender Offer and share buy-back post year end are given in note
18.
Duration of Company
At the Annual General Meeting of the Company falling in the calendar year 2020
and, if the Company has not then been liquidated, unitised or reconstructed,
at each fifth annual general meeting of the Company convened by the Board
thereafter, the Board shall propose an ordinary resolution that the Company
should continue as an investment trust for a further five-year period.
12 RESERVES Capital
Special reserve * Capital reserve redemptionreserve Revenue reserve *
£'000 £'000 £'000 £'000
Year ended 31 August 2017
At 1 September 2016 1,506 1,536 125 756
Net gains on realisation of investments - 818 - -
Movement in fair value of investments - 268 - -
Income of a capital nature - 574 - -
Costs charged to capital - (51) - -
Retained net loss for the year - - - (136)
At 31 August 2017 1,506 3,145 125 620
Capital
Share premium Special reserve * Capital reserve redemptionreserve Revenue reserve *
£'000 £'000 £'000 £'000 £'000
Year ended 31 August 2016
At 1 September 2015 2,674 - 913 103 896
Net gains on realisation of investments - - 1,900 - -
Movement in fair value of investments - - (1,335) - -
Cost of shares purchased for cancellation under tender offer - (1,149) - 22 -
Cancellation of share premium account (2,674) 2,674 - - -
Costs of cancelling share premium account - (19) - - -
Income of a capital nature - - 100 - -
Costs charged to capital - - (42) - -
Retained net loss for the year - - - - (140)
At 31 August 2016 - 1,506 1,536 125 756
*Distributable reserves. The Special reserve and Revenue reserve may be used
for the repurchase of the Company's own shares.
13 NET ASSET VALUE PER ORDINARY SHARE
The basic net asset value per Ordinary share is based on net assets of
£5,460,000 (2016: £3,987,000) and on 6,377,088 (2016: 6,377,088) Ordinary
shares, being the number of shares in issue at the year end.
The basic net asset value per Ordinary share ("NAV") has increased from that
announced on 14 September 2017 as a result of an increase in the expected
earn-out from Parmenion Capital Partners LLP.
The expected earn-out has risen from £600,000 to £674,000 resulting in an
increase in the NAV of 1.16p from 84.47p to 85.63p.
14CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES
At 31 August 2017 there were no capital commitments or contingent liabilities
(2016: £nil).
15 ANALYSIS OF FINANCIAL ASSETS AND LIABILITIES
The Company's financial instruments comprise securities and other investments,
cash balances and debtors and creditors that arise from its operations, for
example, in respect of sales and purchases awaiting settlement and debtors for
accrued income.
The Company primarily invests in companies traded on AIM with a market
capitalisation at the time of investment of up to £50 million. The Company
finances its operations through its issued capital, existing reserves and the
loan from its custodian as detailed in note 10.
In following its investment objective, the Company is exposed to a variety of
risks that could result in a reduction in the Company's net assets. These
risks are market risk (comprising exchange rate risk, interest rate risk and
other price risk), credit risk and liquidity risk. The Board reviews and
agrees policies for managing each of these risks and they are summarised
below:
i) Market risk - market price risk
Market price risk arises mainly from uncertainty about future prices of
financial investments used in the Company's business. It represents the
potential loss the Company might suffer through holding market positions by
way of price movements other than movements in exchange rates and interest
rates.
The Company's investment portfolio is exposed to market price fluctuations
which are monitored by the Investment Manager who gives timely reports of
relevant information to the Directors. Investment performance is also reviewed
at each Board meeting.
The Directors are conscious of the fact that the nature of AIM investments is
such that prices can be volatile. Investors should be aware that the Company
is exposed to a higher rate of risk than exists within a fund which holds
traditional blue chip securities.
Adherence to the investment objectives and the internal control limits on
investments set by the Company mitigates the risk of excessive exposure to any
one particular type of security or issuer.
The Company's exposure to other changes in market prices at 31 August on its
investments is as follows:
A 20% decrease in the market value of investments at 31 August 2017 would have
decreased net assets attributable to Shareholders by 13 pence per share (2016:
12 pence per share). An increase of the same percentage would have an equal
but opposite effect on net assets available to Shareholders.
2017 2016
£'000 £'000
Fair value through profit or loss investments 4,213 3,925
(ii) Market risk - exchange rate risk
All of the Company's assets are in sterling and accordingly the only currency
exposure the Company has is through the trading activities of its investee
companies.
(iii) Market risk - interest rate risk
Changes in interest rates may cause fluctuations in the income and expenses of
the Company.
The majority of the Company's financial assets are non-interest bearing. As a
result, the Company's financial assets are not subject to significant amounts
of risk due to fluctuations in the prevailing levels of market interest
rates.
The possible effects on fair value and cash flows that could arise as a result
of changes in interest rates are taken into account when making investment
decisions.
The exposure at 31 August of financial assets and financial liabilities to
interest rate risk is as follows:
2017 2016
£'000 £'000
Cash at bank 847 261
Loan from custodian 250 250
As the Company receives no interest on its bank balances and pays interest on
its loan then the effect of an interest rate increase of 1% would decrease net
revenue before taxation on an annualised basis by £2,500 (2016: £2,500). If
there was a decrease in interest rates of 0.5% net revenue before taxation
would increase by £1,250 (2016: £1,250). These calculations are based on
balances as at 31 August 2017 and may not be representative of the year as a
whole.
The loan was repaid on 25 October 2017.
The carrying amounts of financial assets best represent the maximum credit
risk exposure at the balance sheet date. Bankruptcy or insolvency of the
custodian may cause the Company's rights with respect to securities held with
the custodian to be delayed.
(v) Liquidity risk
Over eight six percent of the Company's portfolio are AIM quoted securities
and a half of one percent NASDAQ quoted securities, which under normal
conditions can be sold to meet funding commitments if necessary. These may
however be difficult to realise in adverse market conditions. The Company's
unquoted investments, representing the remaining thirteen percent of the
portfolio, could be more difficult to realise as they are not tradable
instruments.
(vi) Maturity Analysis of Financial Liabilities
The Company's financial liabilities comprise of creditors as disclosed in note
10. All items are due within one year.
(vii) Managing Capital
The Company's capital management objectives are to increase net asset value
per share at a higher rate than other quoted smaller company trusts and the
MSCI Small Cap UK Index.
Primarily the Company finances its operations through its issued capital and
existing reserves. However, to help fund further investment the Company
borrowed on a short term loan £250,000 from its Custodians, Jarvis Investment
Management. At the year-end an amount of £250,000 was outstanding. Further
details are given in note 10.
(viii) Fair values of financial assets and financial liabilities
All of the financial assets and liabilities of the Company are held at fair
value.
(ix) Financial instruments by category
The financial instruments of the Company fall into the following categories
At amortised Loans and Assets at fair value through
cost receivables profit or loss Total
31 August 2017 £'000 £'000 £'000 £'000
Assets as per the Statement of Financial Position
Investments - - 4,213 4,213
Debtors - 683 - 683
Cash at bank 847 - - 847
Total 847 683 4,213 5,743
Liabilities as per the Statement of Financial Position
Creditors 33 250 - 283
Total 33 250 - 283
Assets at fair
At amortised Loans and value through
cost receivables profit or loss Total
31 August 2016 £'000 £'000 £'000 £'000
Assets as per the Statement of Financial Position
Investments - - 3,925 3,925
Debtors - 106 - 106
Cash at bank 261 - - 261
Total 261 106 3,925 4,292
Liabilities as per the Statement of Financial Position
Creditors 55 250 - 305
Total 55 250 - 305
Fair value hierarchy
In accordance with FRS 102, the Company must disclose the fair value hierarchy
of financial instruments.
The fair value hierarchy consists of the following three classifications:
Classification A - Quoted prices in active markets for identical assets or
liabilities.
Quoted in an active market in this context means quoted prices are readily and
regularly available and those prices represent actual and regularly occurring
market transactions on an arm's length basis.
Classification B - The price of a recent transaction for an identical asset,
where quoted prices are unavailable.
The price of a recent transaction for an identical asset provides evidence of
fair value as long as there has not been a significant change in economic
circumstances or a significant lapse of time since the transaction took place.
If it can be demonstrated that the last transaction price is not a good
estimate of fair value (e.g. because it reflects the amount that an entity
would receive or pay in a forced transaction, involuntary liquidation or
distress sale), that price is adjusted.
Classification C - Inputs for the asset or liability that are based on
observable market data and unobservable market data, to estimate what the
transaction price would have been on the measurement data in an arm's length
exchange motivated by normal business considerations.
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. For
this purpose, the significance of an input is assessed against 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 classification C 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.
The determination of what constitutes 'observable' requires significant
judgement by the Company. The Company considers observable data to be
investments actively traded in organised financial markets, fair value is
generally determined by reference to Stock Exchange quoted market bid prices
or last traded in respect of SETS at the close of business on the balance
sheet date, without adjustment for transaction costs necessary to realise the
asset.
Investments, whose values are based on quoted market prices in active markets,
and therefore classified within classification A, include active listed
equities. The Company does not adjust the quoted price for these instruments.
Financial instruments that trade in markets that are not considered to be
active but are valued based on quoted market prices, dealer quotations or
alternative pricing sources supported by observable inputs are classified as
B.
Investments classified within classification C have significant unobservable
inputs. Classification C instruments include unquoted holdings. As observable
prices are not available for these securities, the Company has used valuation
techniques to derive the fair value. The Company has no classification B
investments, and classification C investments consist only of unquoted
holdings.
Financial assets at fair value through profit or loss
Classification A Classification B Classification C Total
At 31 August 2017 £'000 £'000 £'000 £'000
Equity investments 3,663 - 550 4,213
Total 3,663 - 550 4,213
Classification A Classification B Classification C Total
At 31 August 2016 £'000 £'000 £'000 £'000
Equity investments 2,482 - 1,443 3,925
Total 2,482 - 1,443 3,925
The following table presents the movement in the classification C investments
for the period ended 31 August 2017:
Equity Investments
£'000
Opening balance 1,443
Purchases -
Sales at cost (325)
Total losses on investments in the Income statement (568)
Closing balance 550
16 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. The fee
arrangements for these services and fees payable are set out in the Report of
the Directors on page 25 of the Annual Report and in note 3 to the accounts.
Mr Horner, a Director of the Company, is also a director of Chelverton Asset
Management Limited and chairman of CEPS PLC in which the Company holds an
investment. Mr Martin is the chairman of Touchstar plc, in which the Company
holds an investment.
The three Directors also have individual holdings in Chelverton Asset
Management Holdings, a company which has Mr Horner as a director and in which
the Company also has a direct holding. The Directors' holdings are detailed
below:
Percentageof holdingin shares Ordinary sharesheld Percentage of Loan stock holding Loan stockheld
% £'000 % £'000
K J Allen 1 1 - -
D A Horner 56 56 93 1,000
I P Martin 2 2 - -
17 CAPITAL MANAGEMENT POLICIES AND PROCEDURES
The Company's capital management objectives are:
· to ensure the Company's ability to continue as a going concern;
· to provide an adequate return to Shareholders;
· to support the Company's stability and growth;
· to provide capital for the purpose of further investments.
The Company actively and regularly reviews and manages its capital structure
to ensure an optimal capital structure, taking into consideration the future
capital requirements of the Company and capital efficiency, projected
operating cash flows and projected strategic investments opportunities. The
management regards capital as total equity and reserves, for capital
management purposes.
18 POST BALANCE SHEET EVENTS
On 21 September 2017, the Company announced the result of the tender offer and
buyback offer issued to Shareholders on 4 September 2017. Under the tender
offer, 749,765 Ordinary shares, representing 11.76% of the issued share
capital with a nominal value of £7,498, were repurchased for cancellation on 4
October 2017, at a price of 76.73p per share for a total consideration of
£605,000 including the tender offer costs. Following this buyback there were
5,627,323 Ordinary 1p shares in issue.
On 23 October 2017, the Company received the proceeds of £674,000 from
Parmenion Capital Partners shown as a debtor in note 9.
On 25 October 2017, the Company repaid the loan of £250,000 to Jarvis
Investment Management as detailed in note 10.
On 26 October 2017, the Company bought back 73,969 shares at a price of 73.5
pence per share, representing 1.31% of the issued share capital for a total
cost of £54,600.
At the date of this announcement there are now 5,553,354 shares in issue.
ANNUAL REPORT AND AGM
The foregoing represents extracts from the full text of the Annual Report and
Accounts for the year ended 31 August 2017. The full Report will shortly be
available for download from the following website: www.chelvertonam.com
Copies will be posted to Shareholders shortly.
The AGM will be held on 14 December 2017 at 12.00 pm at the offices of
Chelverton Asset Management Limited, 11 Laura Place, Bath, BA2 4BL.
NATIONAL STORAGE MECHANISM
A copy of the Annual Report and Financial Statements will be submitted shortly
to the National Storage Mechanism ("NSM") and will be available for inspection
at the NSM, which is situated at: www.hemscott.com/nsm.do.
This information is provided by RNS
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