REG - Chelverton UK DivTst SDV 2031 ZDP PLC SDV 2025 ZDP PLC - Update re ZDP Placing and Scheme of Reconstruction

Chelverton UK Dividend TrustAnnouncement

24/04/2025 07:02

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RNS Number : 9460F  Chelverton UK Dividend Trust PLC  24 April 2025

This announcement contains inside information

Chelverton UK Dividend Trust PLC (the "Company")

SDV 2025 ZDP PLC ("Existing ZDPCo")

SDV 2031 ZDP PLC ("2031 ZDPCo")

LEIs: 213800DAF47EJ2HT4P78, 213800KMX33J3VAJUU95

and 213800EHWDAQQ7FT5V12

 

Update regarding ZDP Placing and Scheme of Reconstruction

 

Further to the announcements on 14 March 2025 of the publication of the
Prospectus and the Existing ZDPCo Circular and on 10 April 2025 of the results
of the Rollover Elections and launch of the placing of new zero dividend
preference shares in 2031 ZDPCo, the Company, Existing ZDPCo and 2031 ZDPCo
announce that the ZDP Placing will not proceed due to insufficient demand at
the current time.

Whilst there has been a broad level of support from a number of investors,
continuing challenging and volatile market conditions have not been favourable
in the circumstances.

The Directors have determined not to proceed with the Scheme of Reconstruction
and accordingly the first resolution at the Second Meeting will not be put to
the Meeting. Instead, the second resolution will be put at the Second Meeting
for the appointment of the Liquidators and will be passed as the Articles of
Association of Existing ZDPCo provide for weighted voting rights on such
resolution.

Accordingly, admission of 2031 ZDP Shares will not proceed and Existing ZDP
Shareholders who have elected to participate in the Rollover Option will
instead receive cash in respect of their holdings of Existing ZDPs in line
with the previously announced timetable set out below.   In addition,
neither the ZDP Placing Programme or the Ordinary Share Placing Programme will
proceed.

The Company is progressing preparations for the liquidation of Existing ZDPCo
and the redemption of the final capital entitlement of Existing ZDPs in full.
The Company has already taken steps to facilitate the payment of the full
final capital entitlement of £19,311,100 in cash.

Alongside, the Company is actively considering alternative financing options
and will provide a further update in due course.

Expected timetable

 Latest time and date for receipt of Forms of Proxy for the Second Meeting      11.00 a.m. on 24 April 2025
 Second Meeting of Existing ZDPCo                                               11.00 a.m. on 28 April 2025

 Announcement of the result of the Second Meeting of Existing ZDPCo             28 April 2025
 Effective date for commencement of the liquidation of Existing ZDPCo           28 April 2025
 Cancellation of listing of Existing ZDPCo                                      8.00 a.m. on 30 April 2025
 CREST payments made in respect of cash entitlements of Existing ZDP            7 May 2025
 Shareholders
 Cheques despatched in respect of cash entitlements of ZDP Shareholders in the  12 May 2025
 week commencing

 (i)      All times and/or dates in the Expected Timetable set out above
 may be subject to adjustment.

 (ii)     Any changes to the Expected Timetable set out above will be
 notified by the Company through a Regulatory Information Service.

 (iii)     All references to times are to London time.

 

Capitalised terms used but not defined in this announcement have the same
meanings as set out in the Prospectus and the Existing ZDPCo Circular
published on 14 March 2025.

The person responsible for arranging the release of this announcement is
Suzanna Waterhouse of Apex Fund Administration Services (UK) Limited, Company
Secretary.

 

For further information contact

Chelverton Asset Management Limited (Investment Manager)

David Horner/Oliver
Knott
Tel:   +44 (0) 20 7222 8989

 

Shore Capital (Sponsor, Financial Adviser, Corporate Broker)   

Anita Ghanekar / Harry Davies-Ball (Corporate Advisory)    Tel: +44 (0) 20
7408 4090

Henry Willcocks / William Sanderson (Corporate Broking
/Sales)         

 

Company Secretary

Apex Fund Administration Services (UK) Limited
                 Tel: 01245 398950

Suzanna Waterhouse

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