REG-Chelverton UK Dividend Trust plc Chelverton UK Dividend Trust plc: Half-Yearly Financial ReportFor the six months ended 31 October 2020
30/11/2020 15:20
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Chelverton UK Dividend Trust plc (SDVP)
Chelverton UK Dividend Trust plc: Half-Yearly Financial ReportFor the six months ended 31 October 2020
30-Nov-2020 / 14:35 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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CHEVERTON UK DIVIDEND TRUST PLC
Half-Yearly Financial Report
For the six months ended 31 October 2020
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 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
31 October 30 April %
Capital
2020 2020 change
Total gross assets (£'000) 41,602 42,040 (1.04)
Total net assets (£'000) 25,205 26,034 (3.18)
Net asset value per Ordinary share 120.89p 124.86p (3.18)
Mid-market price per Ordinary share 111.00p 127.50p (12.94)
(Discount)/premium (8.18%) 2.11%
Net asset value per Zero Dividend Preference share 111.84p 109.67p 1.98
Mid-market price per Zero Dividend Preference share 108.00p 102.00p 5.88
Discount (3.43%) (6.99%)
Six months to
Six months to 31 October %
Revenue 31 October
2020 change
2019
Return per Ordinary share 2.80p 6.71p (58.27)
Dividends declared per Ordinary share* 5.00p 4.80p 4.17
Special dividends declared per Ordinary share - 2.50p (100.00)
Total Return
Total return on Group net assets** 0.74% (4.94%)
* Dividend per Ordinary share includes the first interim paid and second interim declared for the period
to 31 October 2020 and 2019 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
Overview
Given the extraordinary events of the past few months the Board felt it appropriate to update shareholders
on the positioning of the Company with a more detailed view of the current state of the portfolio and the
market.
In the period since the depths of the market collapse in March, a time we have called "The Great Panic",
matters have become progressively clearer as more is now known medically about the Covid-19 virus and over
this period companies have developed processes and systems to manage their businesses within the
constraints of keeping employees and customers safe and operating within Government regulations.
Initially, after the significant market collapse of share prices in the Small and Mid-Cap sector, share
values "flatlined". Whilst the portfolio companies, universally, started reporting that trading had been
better than expected, there was no marked improvement in their share prices. Since that period share
prices have in general modestly recovered, although the sectors most affected by Covid-19 driven
restrictions - travel and hospitality - have continued to be depressed.
However, after a little while companies began to work out new ways of operating and were innovative in
what they did and how they did it. Whilst some of our companies are dependent on people interacting and
coming together, others have very definitely benefited from the restrictions of the lockdown.
Across the companies invested in by the funds managed by Chelverton Asset Management it is fair to say
that all of them felt they were in a better position after four to six months of lockdown than they had at
first anticipated in March. Clearly companies involved in the hospitality industry have, through the
recent tightening of regulations, gone backwards of late.
Another very clear feature that has become evident over the past six months is that this period has been
used by our companies to adopt new business practices and to drive through efficiency improvements that
will make a difference now but particularly in the future as demand picks up. The furlough scheme, and the
subsequent gradual unwinding of the furlough scheme, has highlighted the productivity, or indeed lack of
productivity, of the marginal employee. It might well be that the spike in unemployment that we all expect
in the next few months could be partially from a reduction in demand but also from a reduction in
workforces resulting in improvement in their productivity. It looks like the absolute level of expected
unemployment might be reduced by the news that some 800,000 visitors from the European Community have
already returned to their home countries.
Hopefully, if and when, we finally see a Free Trade Agreement in the next few weeks or months then the
country and the companies we are invested in can get on with managing with what will then be
"known-knowns". The energy, time and resources spent on the Brexit process will be applied much more
productively. There is a feeling that once the relationship with the European Union is resolved, either
with a Free Trade Agreement or indeed No Agreement, then there will be a release of pent-up demand that
has been held up while waiting several years for this to be resolved.
The portfolio is invested in small listed and AIM-traded companies whose business is largely conducted in
the UK and therefore the strength and growth of the UK economy is by far and away the most important
determinant of our underlying companies' success.
It is a well-documented fact that UK and overseas investors remain very underweight in UK equities, as it
has been all too easy to sit on the side-lines waiting for a resolution of the Brexit Debate and then the
Free Trade Agreement impasse. The trend we highlighted last year of the large differential in the relative
ratings between "Growth" companies and "Value" companies has continued to widen in the year. An example of
this is the extraordinary rise in the past year in the value of Apple, the American technology company,
which on its own became worth more than the aggregate value of the components of FTSE 100. Those of us who
have been working in and observing markets for some time know that these extremes of valuation difference
do not last forever.
As is often the case after a market sell-off, the share prices of smaller companies take much longer to
recover as compared to members of the FTSE100. This period, after a market collapse and then a
stabilisation period, generally throws up a large number of deeply undervalued companies and this is
particularly true as one moves down the market capitalisation scale, especially in under researched
smaller companies which is this fund's area of focus.
Results
This half-yearly report covers the six months to 31 October 2020. The net asset value per Ordinary share
at 31 October 2020 was 120.89p, down from 124.86p at 30th April 2020, a decrease of 3.18% in the past six
months compared to an increase of 2.03% in the MSCI Small Cap Index.
Since the beginning of the Company's financial year, the Ordinary share price has decreased from 127.5p to
111.0p at 31th October 2020, a decrease of 12.9%. Since the period end the net asset value per share has
increased to 156.34p, a percentage increase of 29.3% as at 26 November 2020 and the shares at a price of
151.0p now trade on a discount of some 3.41%.
Dividend
In respect of the year ended 30 April 2021, a first interim dividend of 2.50p (2019: 2.40p) per Ordinary
share was paid on 1 October 2020. The Board has declared a second interim dividend of 2.50p per Ordinary
share (2019: 2.40p) payable on 4 January 2021 to shareholders on the register on 11 December 2020, making
a total for the half year of 5.00p per Ordinary share (2019: 4.80p) an increase of 4.2%. At present the
Company intends to at least maintain this level of dividend for the third and fourth interim dividends
making a total core dividend of 10.00p for the year (2019: 9.6p) an increase of 4.2%.
The Board will review the dividend flow from the company's portfolio over the next six months and consider
the forecast dividend flow for 2021/2022 before deciding on the absolute amount of the fourth interim
dividend. A number of the Company's investee companies initially adopted a very cautious approach in
respect of the uncertainties that lay ahead and reduced or passed their dividends. Some of these companies
have restored their dividends and others have already indicated that they will resume paying dividends
next year.
Shareholders will also be aware that your Company has built up significant revenue reserves over the past
ten years and has one of the highest levels of reserves relative to its annual core dividend. It is
therefore in a strong position to continue increasing the dividend paid even in this period where others
are having to cut or maintain their dividend.
Portfolio
In the last six months we have increased our investment in twenty-three of our existing holdings, taking
advantage of lower share prices and shares being available, including Amino Technologies, Appreciate
Group, Belvoir Lettings, Bloomsbury Publishing, Brewin Dolphin Holdings, Brown (N) Group, Close Brothers
Group, Coral Products, Elementis, Marstons, MTI Wireless Edge, Orchard Funding Group, Personal Group
Holdings, Portmeirion Group, Premier Miton Group, Randall & Quilter, Regional REIT, Revolution Bars Group,
RPS Group, Saga, STV, 1 TheWorks.co.uk and Wilmington Group.
During the period we added four new names to the portfolio; Contourglobal - a power generation business,
Curtis Banks Group (a company that the fund has owned before) - an administrator of Self Invested Pension
Schemes, Hargreaves Services - providing services to industrial and property sectors and i-Energiser - a
global supplier of Business Outsourcing Solutions.
Funds were raised from the outright sale of six of our holdings; Low and Bonar and Moss Bros were both
taken over in the period. Elementis has received a very preliminary takeover approach at this time. The
following holdings were reduced as they grew to become larger weightings on lower yields, Jarvis
Securities, Strix Group and UP Global Sourcing Holdings.
Outlook
Despite the current extraordinary conditions we expect that once we as a nation have navigated the next
six months, a period when the political situation in the USA will be clarified and, when the arrangements
with the European Union have been resolved, life will return to a more stable and normal position once the
Covid-19 pandemic has been brought under control.
It is being consistently reported and routinely discussed in the media that UK equities are cheaper than
they have been for some 40 years. Once the matters referred to above are resolved then it is reasonable to
expect that the improved certainty and clarity in the UK will encourage investors back to invest in UK
companies. In time the Board believes this will lead to a significant increase in the net asset value per
share.
We believe that the companies in the portfolio have shown great resilience over the past 12 months and it
will be this strength that will enable them to survive and prosper whilst some of their competitors will
not last the course. We hope, and expect, that the investment and development that has taken place in the
past few years will begin to bear fruit over the next period.
Chelverton Asset Management
30 November 2020
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:
a. 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
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 30 November 2020 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 2020
Six months to Year to Six months to
31 October 2020 30 April 2020 31 October 2019
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(audited)
Gains/(losses) on
investments at
fair value - 84 84 - (17,046) (17,046) - (3,080) (3,080)
through profit or
loss
Investment income 790 - 790 2,414 - 2,414 1,604 - 1,604
Investment (52) (156) (208) (135) (407) (542) (71) (214) (285)
management fee
Other expenses (139) (5) (144) (270) (13) (283) (134) (8) (142)
Net
surplus/(deficit)
before finance 599 (77) 522 2,009 (17,466) (15,457) 1,399 (3,302) (1,903)
costs and
taxation
Finance costs
Preference shares - (314) (314) - (607) (607) - (302) (302)
Net
surplus/(deficit) 599 (391) 208 2,009 (18,073) (16,064) 1,399 (3,604) (2,205)
before taxation
Taxation (see (15) - (15) (38) - (38) - - -
note 2)
Total
comprehensive 584 (391) 193 1,971 (18,073) (16,102) 1,399 (3,604) (2,205)
income/(expense)
for the period
Revenue Capital Total Revenue Capital Total Revenue Capital Total
pence pence pence pence pence pence pence pence pence
Net return per:
2.80 (1.87) 0.93 9.45 (86.68) (77.23) 6.71 (17.29) (10.58)
Ordinary share (see
note 3)
Zero Dividend
Preference share 2025 - 2.17 2.17 - 4.19 4.19 - 2.08 2.08
(see note 3)
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 2020
Share Share premium Capital Redemption Capital Revenue Total
capital account reserve reserve reserve
£'000 £'000 £'000 £'000 £'000 £'000
Six months ended 31 October 2020
30 April 2020 5,213 17,517 5,004 (5,148) 3,448 26,034
Total comprehensive income/ (expense) - - - (391) 584 193
for the period
Dividends paid (see note 4) - - - - (1,022) (1,022)
31 October 2020 5,213 17,517 5,004 (5,539) 3,010 25,205
Year ended 30 April 2020 (audited)
30 April 2019 5,213 17,517 5,004 12,925 4,000 44,659
Total comprehensive income/ (expense) - - - (18,073) 1,971 (16,102)
for the period
Dividends paid - - - - (2,523) (2,523)
30 April 2020 5,213 17,517 5,004 (5,148) 3,448 26,034
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) - - - (3,604) 1,399 (2,205)
for the period
Dividends paid (see note 4) - - - - (1,522) (1,522)
31 October 2019 5,213 17,517 5,004 9,321 3,877 40,932
Condensed Consolidated Balance Sheet (unaudited)
as at 31 October 2020
30 April
31 October 31 October
2020
Non-current assets 2020 2019
£'000
£'000 £'000
(audited)
Investments at fair value through profit or loss 41,347 40,588 56,239
Current assets
Trade and other receivables 123 186 259
Cash and cash equivalents 132 1,266 236
255 1,452 495
Total assets 41,602 42,040 56,734
Current liabilities
Trade and other payables (181) (104) (205)
(181) (104) (205)
Total assets less current liabilities 41,421 41,936 56,529
Non-current liabilities
Zero Dividend Preference shares 2025 (16,216) (15,902) (15,597)
Total liabilities (16,397) (16,006) (15,802)
Net assets 25,205 26,034 40,932
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 (5,539) (5,148) 9,321
Revenue reserve 3,010 3,448 3,877
Equity shareholders' funds 25,205 26,034 40,932
Net asset value per: (see note 5) pence pence pence
Ordinary share 120.89 124.86 196.32
Zero Dividend Preference share 2025 111.84 109.67 107.57
Condensed Consolidated Statement of Cash Flows (unaudited)
for the six months ended 31 October 2020
31 October 30 April 2020 31 October
Operating activities 2020 £'000 2019
£'000 (audited) £'000
Investment income received 727 2,618 1,665
Investment management fee paid (161) (605) (324)
Administration and secretarial fees paid (27) (64) (32)
Other cash payments (120) (247) (152)
Cash generated from operations (see note 7) 419 1,702 1,157
Purchases of investments (3,962) (9,951) (7,021)
Sales of investments 3,431 10,348 5,932
Net cash (outflow)/inflow from operating activities (112) 2,099 68
Financing activities
Dividends paid (1,022) (2,523) (1,522)
Net cash (outflow)/inflow from financing activities (1,022) (2,523) (1,522)
Change in cash and cash equivalents for period (1,134) (424) (1,454)
Cash and cash equivalents at start of period 1,266 1,690 1,690
Cash and cash equivalents at end of period 132 1,266 236
Comprised of:
Cash and cash equivalents 132 1,266 236
Notes to the Condensed Half-Yearly Report
for the six months ended 31 October 2020
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 2020, 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 2020, 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 2020. 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% 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 £584,000
(30 April 2020: £1,971,000, 31 October 2019: £1,399,000) and on 20,850,000 (30 April 2020: 20,850,000, 31
October 2019: 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 loss of £391,000 (30 April 2020: £18,073,000,
31 October 2019: £3,604,000) and on 20,850,000 (30 April 2020: 20,850,000, 31 October 2019: 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
£314,000 (30 April 2020: £607,000, 31 October 2019: £302,000) and on 14,500,000 (30 April 2020:
14,500,000, 31 October 2019: 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
In respect of the financial year ended 30 April 2020, during the period, a fourth interim dividend of
2.40p per Ordinary share has been paid to Shareholders.
In respect of the year ended 30 April 2021, a first interim dividend of 2.50p per ordinary share has been
paid to the shareholders.
In addition, for the year ended 30 April 2021, the Board has declared a second interim dividend of 2.50p
per Ordinary share payable 4 January 2021 to shareholders on the register at 11 December 2020 (ex-dividend
10 December 2020).
5 Net asset values
Ordinary shares
The net asset value per Ordinary share is based on assets attributable of £25,205,000 (30 April 2020:
£26,034,000, 31 October 2019: £40,932,000) and on 20,850,000 (30 April 2020: 20,850,000, 31 October
2019: 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 £16,216,000 (30
April 2020: £15,902,000, 31 October 2019: £15,597,000) and on 14,500,000 (30 April 2020: 14,500,000, 31
October 2019: 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 2020, 30 April 2020 and 31 October 2019 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 30 April 31 October
2020 2020 2019
£'000 £'000 £'000
Net return before taxation 208 (16,064) (2,205)
Taxation (15) (38) -
Net return after taxation 193 (16,102) (2,205)
Net capital return 391 18,073 3,604
(Increase)/decrease in receivables (44) 225 45
Increase/(decrease) in payables 40 (74) (65)
Interest and expenses charged to the capital reserve (161) (420) (222)
Net cash inflow from operating activities 419 1,702 1,157
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 2020 were £208,000 (year ended 30 April 2020: £542,000, six
months to 31 October 2019: £285,000).
At 31 October 2020 there were amounts outstanding to be paid to the Investment Manager of £105,000 (year
ended 30 April 2020: £58,000, six months to 31 October 2019: £83,000).
Portfolio Investments
as at 31 October 2020
Market % of
value
Security Sector £'000 portfolio
Diversified Gas & Oil Oil & Gas Producers 2,012 4.9
Randall & Quilter Nonlife Insurance 1,453 3.5
UP Global Sourcing Holdings Household Goods & Home Construction 1,406 3.4
Belvoir Lettings Real Estate Investment & Services 1,388 3.4
Jarvis Securities Financial Services 1,064 2.6
Bloomsbury Publishing Media 1,048 2.5
Alumasc Group Construction & Materials 950 2.3
DFS Furniture General Retailers 925 2.2
Polar Capital Holdings Financial Services 919 2.2
STV Media 910 2.2
Devro Food Producers 901 2.2
Marston's Travel & Leisure 844 2.0
Tyman Construction & Materials 801 1.9
MTI Wireless Edge Electronic & Electrical Equipment 792 1.9
Chesnara Life Insurance 786 1.9
Castings Industrial Engineering 775 1.9
Flowtech Fluid Power Industrial Engineering 770 1.9
Numis Corporation Financial Services 742 1.8
Amino Technologies Technology Hardware & Equipment 735 1.8
Brewin Dolphin Holdings Financial Services 729 1.8
Strix Group Electronic & Electrical Equipment 673 1.6
Severfield Industrial Engineering 667 1.6
Clarke (T.) Construction & Materials 664 1.6
Crest Nicholson Household Goods & Home Construction 659 1.6
Close Brothers Group Banks 646 1.6
Epwin Group Construction & Materials 640 1.5
Essentra Support Services 616 1.5
Premier Miton Group Financial Services 594 1.4
Ramsdens Holdings Financial Services 590 1.4
Vertu Motors General Retailers 588 1.4
Finncap Group Financial Services 570 1.4
Brown (N) Group General Retailers 564 1.4
Regional REIT Real Estate Investment Trusts 561 1.4
DX Group Industrial Transportation 555 1.3
Personal Group Holdings Nonlife Insurance 540 1.3
Redde Northgate Support Services 533 1.3
Headlam Group Household Goods & Home Construction 530 1.3
Curtis Banks Group Financial Services 500 1.2
Photo-me International Leisure Goods 490 1.2
Contourglobal Electricity 484 1.2
Braemar Shipping Services Industrial Transportation 472 1.1
Vistry Group Household Goods & Home Construction 469 1.1
Palace Capital Real Estate Investment & Services 455 1.1
Wilmington Group Media 441 1.1
Appreciate Group Financial Services 378 0.9
Kin & Carta Support Services 355 0.9
iEnergizer Support Services 351 0.8
Orchard Funding Group Financial Services 346 0.8
Sabre Insurance Nonlife Insurance 343 0.8
Centaur Media Media 340 0.8
Town Centre Securities Real Estate Investment Trusts 336 0.8
RTC Group Support Services 330 0.8
Coral Products General Industrials 329 0.8
Babcock International Support Services 326 0.8
Portmeirion Group Personal Care & Other Household Products 312 0.8
Hansard Global Life Insurance 310 0.7
Connect Group Support Services 305 0.7
Restaurant Group Travel & Leisure 297 0.7
Bakkavor Food Producers 292 0.7
Go-Ahead Group Travel & Leisure 292 0.7
Saga General Retailers 276 0.7
Shoe Zone General Retailers 260 0.6
RPS Group Support Services 254 0.6
2 TheWorks.co.uk General Retailers 248 0.6
McColl's Retail Group Food & Drug Retailers 240 0.6
Foxtons Group Real Estate Investment & Services 238 0.6
Hargreaves Services Support Services 200 0.5
Gattaca Support Services 176 0.4
Revolution Bars Group Travel & Leisure 157 0.4
Elementis Chemicals 149 0.4
Kier Group Construction & Materials 112 0.3
Galliford Try Construction & Materials 107 0.3
GLI Finance Financial Services 105 0.3
Titon Holdings Construction & Materials 82 0.2
Chamberlin Industrial Engineering 50 0.1
Total Portfolio 41,347 100.0
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 3 www.chelvertonam.com. Any
enquiries can also be e-mailed to 4 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 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
Tel: 01225 483030
Secretary and Maitland Administration Services Limited
Registered Office Hamilton Centre
Rodney Way, Chelmsford
Essex CM1 3BY
Tel: 01245 398950
Registrar and Share Registrars Limited
Transfer Office The Courtyard
17 West Street
Farnham
Surrey GU9 7DR
Tel: 01252 821390
5 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
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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.: 88779
EQS News ID: 1151602
End of Announcement EQS News Service
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References
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