REG-Chelverton UK Dividend Trust plc Chelverton UK Dividend Trust plc: Half-yearly Results
06/12/2019 12:45
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Chelverton UK Dividend Trust plc (SDV)
Chelverton UK Dividend Trust plc: Half-yearly Results
06-Dec-2019 / 12:43 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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CHEVERTON UK DIVIDEND TRUST PLC
Half-Yearly Financial Report
For the six months ended 31 October 2019
Investment Objective and Policy
The investment objective of Chelverton UK Dividend Trust PLC ('the Company') is to
provide Ordinary shareholders with a high income and opportunity for capital growth,
having provided a capital return sufficient to repay the full final capital entitlement
of the Zero Dividend Preference shares issued by the wholly owned subsidiary company, SDV
2025 ZDP PLC ('SDVP').
Chelverton UK Dividend Trust PLC, and its subsidiary SDV 2025 ZDP PLC, together form the
Group ('the Group'). The Group's funds are invested principally in mid and smaller
capitalised UK companies. The portfolio comprises companies listed on the Official List
and companies admitted to trading on AIM. The Group does not invest in other investment
trusts or in unquoted companies. No investment is made in preference shares, loan stock
or notes, convertible securities or fixed interest securities.
Financial Highlights
31 October 30 April %
Capital
2019 2019 change
Total gross assets (£'000) 56,734 62,032 (8.54)
Total net assets (£'000) 40,932 44,659 (8.35)
Net asset value per Ordinary share 196.32p 214.19p (8.34)
Mid-market price per Ordinary share 182.50p 173.50p 5.19
Discount (7.04%) (19.00%)
Net asset value per Zero Dividend 107.57p 105.48p 1.98
Preference share
Mid-market price per Zero Dividend 108.00p 110.00p (1.82)
Preference share
Premium 0.40% 4.29%
Six months to
Six months to 31 October %
Revenue 31 October
2019 change
2018
Return per Ordinary share 6.71p 7.15p (6.15)
Dividends declared per Ordinary share* 4.80p 4.38p 9.59
Special dividends declared per Ordinary 2.50p 0.66p 278.79
share
Total Return
Total return on Group net assets** (4.94%) 12.16%
* Dividend per Ordinary share includes the first interim paid and second interim declared
for the period to 31 October 2019 and 2018 and will differ from the amounts disclosed
within the statement of changes in net equity, owing to the timings of payments.
** Adding back dividends distributed in the period.
Interim Management Report
Results
This half-yearly report covers the six months to 31 October 2019. The net asset value per
Ordinary share at 31 October 2019 was 196.3p down from 214.2p at 30 April 2019, a
decrease of 8.3% during the period compared to an increase of 0.8% in the MSCI Small Cap
Index, and NAV now stands at 202.5p.
Since the beginning of the Company's financial year, the Ordinary share price has
increased from 173.5p to 182.5p at 31 October 2019, an increase of 5.19%. Since the
period end the shares have increased further to 191.0p, a percentage increase of 4.66% as
at 2 December 2019 and the shares now trade on a reduced discount of 4.3%.
Dividend
Following 11 years of increase in the total annual core dividend paid by the Company, the
first interim dividend for the current year of 2.40p (2018: 2.19p) per Ordinary share was
paid on 1 October 2019. The Board has declared a second interim dividend of 2.40p per
Ordinary share (2018: 2.19p) payable on 2 January 2020 to shareholders on the register on
13 December 2019, making a total for the half year of 4.80p per Ordinary share (2018:
4.38p) an increase of 9.6%. It is anticipated that the Company will maintain this level
of dividend for the third quarter and will likewise maintain the same level for the
fourth interim of 2.40p making a total core dividend of 9.60p for the year (2018: 8.97p)
an increase of 7.0%.
Portfolio
In the last six months we have increased our investment in eighteen of our existing
holdings (2018: 18), taking advantage of lower share prices and shares being available in
Alumasc Group, Amino Technologies, Badcock International, Brewin Dolphin Holdings,
Castings, Chesnara, Crest Nicholson, De La Rue, Devro, Essentra, GVC Holdings, McColls
Retail Group, Northgate, Personal Group Holdings, Saga, Shoe Zone, STV and Town Centre
Securities.
During the period we added four new names to the portfolio (2018: 3) - Close Brothers
Group1, Tyman2, Vertu Motors3 and XPS Pensions4. Funds were raised from the outright sale
of four of our holdings (2018: 4); Kcom Group, Mucklow (A&J), Sanderson Group and StatPro
were taken over in the period. The following holdings were reduced as they grew to become
larger weightings on lower yields: Clarke (T.), Titon Holdings and UP Global Sourcing
Holdings.
Outlook
The shares of the companies in which the fund is invested have experienced a tough 18
months as smaller companies that pay increasing dividends and are labelled "value shares"
have fallen further out of favour. In the last few months there has been some improvement
as it is hoped that the whole Brexit process will reach resolution. The underlying
performance of most of the companies has generally been positive with associated dividend
growth. With the recent decline in the general market the number of attractive
opportunities available to invest in has increased significantly and the portfolio has
been increased to 75 holdings (2018: 73).
UK GDP growth has been very subdued for the past six months, although there are signs
that UK Growth will be maintained and might, next year, start to gently accelerate.
As we write this report today the whole Brexit position of course remains unresolved. We
are close to the General Election on 12 December 2019 and a great deal depends on the
result of that. At this point no one can say what the position will be on 1 January 2020
however it is to be hoped that the "Brexit issue", which has progressively absorbed more
and more time and attention, will be resolved in some manner. In the meantime our
companies, for whom trading across border with the EU is a very small part of their
sales, have been dragged down by this generally negative sentiment.
Reassuringly the dividends of the underlying companies continue to be increased and we
believe that this will continue into 2020 with company balance sheets remaining in a
strong state.
Chelverton Asset Management
6 December 2019
1 Close Brothers Group - financial services provider
2 Tyman - building materials manufacturer
3 Vertu Motors - automotive retailer
4 XPS Pensions - pensions actuarial, consulting and administration services
Principal Risks
The principal risks facing the Group are substantially unchanged since the date of the
Annual Report for the year ended 30 April 2019 and continue to be as set out in that
report on pages 10 to 11. Risks faced by the Group include, but are not limited to,
market risk, discount volatility, regulatory risk, financial risk and risks associated
with banking counterparties.
Responsibility Statement of the Directors in respect of the Half-Yearly Report
We confirm that to the best of our knowledge:
• the condensed set of financial statements has been prepared in compliance with the
IAS 34 'Interim Financial Reporting' and gives a true and fair view of the assets,
liabilities and financial position of the Group; and
• the interim management report and notes to the Half-Yearly Report include a fair view
of the information required by:
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. (b)DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current financial
year and that have materially affected the financial position or performance of the
Group during that period; and any changes in the related party transactions described
in the last annual report that could do so.
This Half-Yearly Report was approved by the Board of Directors on 6 December 2019 and the
above responsibility statement was signed on its behalf by Lord Lamont, Chairman.
Condensed Consolidated Statement of Comprehensive Income (unaudited)
for the six months ended 31 October 2019
Six months to Year to Six months to
31 October 2018 30 April 2019 31 October 2018
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(audited)
Losses on
investments at
fair value - (3,080) (3,080) - (7,083) (7,083) - (7,472) (7,472)
through profit or
loss
Investment income 1,604 - 1,604 3,221 - 3,221 1,712 - 1,712
Investment (71) (214) (285) (153) (459) (612) (79) (236) (315)
management fee
Other expenses (134) (8) (142) (274) (37) (311) (142) (30) (172)
Net
surplus/(deficit)
before finance 1,399 (3,302) (1,903) 2,794 (7,579) (4,785) 1,491 (7,738) (6,247)
costs and
taxation
Finance costs
Preference shares - (302) (302) (1) (582) (583) - (290) (290)
Net
surplus/(deficit) 1,399 (3,604) (2,205) 2,793 (8,161) (5,368) 1,491 (8,028) (6,537)
before taxation
Taxation (see - - - - - - - - -
note 2)
Total
comprehensive 1,399 (3,604) (2,205) 2,793 (8,161) (5,368) 1,491 (8,028) (6,537)
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:
6.71 (17.29) (10.58) 13.40 (39.15) (25.75) 7.15 (38.51) 31.36
Ordinary share (see
note 3)
Zero Dividend
Preference share - 2.08 2.08 - 4.02 4.02 - 2.00 2.00
2025 (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 2019
Share Share Capital Capital Revenue
capital premium Redemption reserve reserve Total
account reserve
£'000 £'000 £'000 £'000 £'000 £'000
Six months ended 31 October 2019
30 April 2019 5,213 17,517 5,004 12,925 4,000 44,659
Total comprehensive income/ (expense) - - - (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
Year ended 30 April 2019 (audited)
30 April 2018 5,188 17,301 5,004 21,086 3,215 51,794
Total comprehensive income/ (expense) - - - (8,161) 2,793 (5,368)
for the period
Ordinary shares issued 25 228 - - - 253
Expenses of Ordinary share issue - (12) - - - (12)
Dividends paid - - - - (2,008) (2,008)
30 April 2019 5,213 17,517 5,004 12,925 4,000 44,659
Six months ended 31 October 2018
30 April 2018 5,188 17,301 5,004 21,086 3,215 51,794
Total comprehensive income/ (expense) - - - (8,028) 1,491 (6,537)
for the period
Ordinary shares issued 25 215 - - - 240
Dividends paid (see note 4) - - - - (1,094) (1,094)
31 October 2018 5,213 17,516 5,004 13,058 3,612 44,403
Condensed Consolidated Balance Sheet (unaudited)
as at 31 October 2019
30 April
31 October 31 October
2019
Non-current assets 2019 2018
£'000
£'000 £'000
(audited)
Investments at fair value through profit or loss 56,239 59,895 58,571
Current assets
Trade and other receivables 259 447 313
Cash and cash equivalents 236 1,690 647
495 2,137 960
Total assets 56,734 62,032 59,531
Current liabilities
Trade and other payables (205) (2,078) (125)
205 (2,078) (125)
Total assets less current liabilities 56,529 59,954 59,406
Non-current liabilities
Zero Dividend Preference shares 2025 (15,597) (15,295) (15,003)
Total liabilities (15,802) (17,373) (15,128)
Net assets 40,932 44,659 44,403
Represented by:
Share capital 5,213 5,213 5,213
Share premium account 17,517 17,517 17,516
Capital redemption reserve 5,004 5,004 5,004
Capital reserve 9,321 12,925 13,058
Revenue reserve 3,877 4,000 3,612
Equity shareholders' funds 40,932 44,659 44,403
Net asset value per: (see note 5) pence pence pence
Ordinary share 196.32 214.19 212.96
Zero Dividend Preference share 2025 107.57 105.48 103.47
Condensed Consolidated Statement of Cash Flows (unaudited)
for the six months ended 31 October 2019
31 October 30 April 2019 31 October
Operating activities 2019 £'000 2018
£'000 (audited) £'000
Investment income received 1,665 3,160 1,686
Investment management fee paid (324) (614) (368)
Administration and secretarial fees paid (32) (72) (40)
Other cash payments (152) (254) (181)
Loan interest paid - (1) -
Cash generated from operations (see note 7) 1,157 2,219 1,097
Purchases of investments (7,021) (9,841) (6,220)
Sales of investments 5,932 10,032 5,588
Net cash inflow from operating activities 68 2,410 465
Financing activities
Issue of Zero Dividend Preference shares 2025 - 313 313
Expenses of C shares issue - - (2)
Issue of ordinary shares - 876 875
Expenses for redemption and issue of Zero Dividend - - (8)
Preference shares
Expenses of ordinary share issue - (12) (13)
Dividends paid (1,522) (2,008) (1,094)
Net cash (outflow)/inflow from financing activities (1,522) (831) 71
Change in cash and cash equivalents for period (1,454) 1,579 536
Cash and cash equivalents at start of period 1,690 111 111
Cash and cash equivalents at end of period 236 1,690 647
Comprised of:
Cash and cash equivalents 236 1,690 647
Notes to the Condensed Half-Yearly Report
for the six months ended 31 October 2019
1 General information
The financial information contained in this Half-Yearly Report does not constitute
statutory financial statements as defined in Section 434 of the Companies Act 2006. The
statutory financial statements for the year ended 30 April 2019, which contained an
unqualified auditors' report, have been lodged with the Registrar of Companies and did
not contain a statement required under the Companies Act 2006. These statutory financial
statements were prepared under International Financial Reporting Standards ('IFRS') and
in accordance with the Statement of Recommended Practice ('SORP'): Financial Statements
of Investment Trust Companies and Venture Capital Trusts issued by the AIC in October
2019, except to any extent where it conflicts with IFRS.
The Group has considerable financial resources and therefore the Directors believe that
the Group is well placed to manage its business risks and also believe that the Group
will have sufficient resources to continue in operational existence for the foreseeable
future. Accordingly, they continue to adopt the going concern basis in preparing this
report.
This report has not been reviewed by the Group's Auditors.
This report has been prepared using accounting policies adopted in the audited financial
statements for the year ended 30 April 2019. This report has also been prepared in
compliance with IAS 34 'Interim Financial Reporting' as adopted by the European Union.
2 Taxation
The Company has an effective tax rate of 0%. The estimated effective tax rate is 0% as
investment gains are exempt from tax owing to the Company's status as an Investment Trust
and there is expected to be an excess of management expenses over taxable income and thus
there is no charge for corporation tax.
Deferred tax assets in respect of unrelieved excess expenses are not recognised as it is
unlikely that the Group will generate sufficient taxable income in the future to utilise
these expenses. Deferred tax is not provided on capital gains and losses because the
Company meets the conditions for approval as an investment trust company.
3 Earnings per share
Ordinary shares
Revenue earnings per Ordinary share is based on revenue on ordinary activities after
taxation of £1,399,000 (30 April 2019: £2,793,000, 31 October 2018: £1,491,000) and on
20,850,000 (30 April 2019: 20,847,534, 31 October 2018: 20,845,109) Ordinary shares,
being the weighted average number of Ordinary shares in issue during the period.
Capital earnings per Ordinary share is based on the capital loss of £3,604,000 (30 April
2019: capital loss of £8,161,000, 31 October 2018: capital loss of £8,028,000) and on
20,850,000 (30 April 2019: 20,847,534, 31 October 2018: 20,845,109) Ordinary shares,
being the weighted average number of Ordinary shares in issue during the period.
Zero Dividend Preference shares
Capital earnings per Zero Dividend Preference share 2025 is based on allocations from the
Company of £302,000 (30 April 2019: £582,000, 31 October 2018: £290,000) and on
14,500,000 (30 April 2019: 14,489,863, 31 October 2018: 14,479,891) Zero Dividend
Preference shares 2025 being the weighted average number of Zero Dividend Preference
shares in issue during the period.
4 Dividends
During the period, a fourth interim dividend of 2.40p per Ordinary share and a special
dividend of 2.50p per Ordinary share for the year ended 30 April 2019, together with a
first interim dividend of 2.40p per Ordinary share for the year ending 30 April 2020,
have been paid to shareholders.
In addition the Board has declared a second interim dividend of 2.40p per Ordinary share
payable on 2 January 2020 to shareholders on the register at 13 December 2019
(ex-dividend 12 December 2019).
5 Net asset values
Ordinary shares
The net asset value per Ordinary share is based on assets attributable of £40,932,000 (30
April 2019: £44,659,000, 31 October 2018: £44,403,000) and on 20,850,000 (30 April 2019:
20,850,000, 31 October 2018: 20,850,000) Ordinary shares being the number of shares in
issue at the period end.
Zero Dividend Preference shares
The net asset value per Zero Dividend Preference shares is based on assets attributable
of £15,597,000 (30 April 2019: £15,295,000, 31 October 2018: £15,003,000) and on
14,500,000 (30 April 2019: 14,500,000, 31 October 2018: 14,500,000) Zero Dividend
Preference shares being the number of shares in issue at the period end.
6 Fair value hierarchy
Financial assets and financial liabilities of the Company are carried in the condensed
Consolidated Balance Sheet at their fair value. The fair value is the amount at which the
asset could be sold or the liability transferred in a current transaction between market
participants, other than a forced or liquidation sale. For investments actively traded in
organised financial markets, fair value is generally determined by reference to Stock
Exchange quoted market bid prices and Stock Exchange Electronic Trading Services ('SETS')
at last trade price at the Balance Sheet date, without adjustment for transaction costs
necessary to realise the asset.
The Company measures fair values using the following hierarchy that reflects the
significance of the inputs used in making the measurements. Categorisation within the
hierarchy has been determined on the basis of the lowest level input that is significant
to the fair value measurement of the relevant assets as follows:
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or
liabilities.
An active market is a market in which transactions for the asset or liability occur with
sufficient frequency and volume on an ongoing basis such that quoted prices reflect
prices at which an orderly transaction would take place between market participants at
the measurement date. Quoted prices provided by external pricing services, brokers and
vendors are included in Level 1, if they reflect actual and regularly occurring market
transactions on an arm's length basis.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for
the asset or liability, either directly (that is, as prices) or indirectly (that is,
derived from prices).
Level 2 inputs include the following:
• quoted prices for similar (i.e. not identical) assets in active markets;
• quoted prices for identical or similar assets or liabilities in markets that are not
active. Characteristics of an inactive market include a significant decline in the
volume and level of trading activity, the available prices vary significantly over
time or among market participants or the prices are not current;
• inputs other than quoted prices that are observable for the asset (for example,
interest rates and yield curves observable at commonly quoted intervals); and
• inputs that are derived principally from, or corroborated by, observable market data
by correlation or other means (market-corroborated inputs).
Level 3 - Inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
The level in the fair value hierarchy within which the fair value measurement is
categorised in its entirety is determined on the basis of the lowest level input that is
significant to the fair value measurement in its entirety. If a fair value measurement
uses observable inputs that require significant adjustment based on unobservable inputs,
that measurement is a Level 3 measurement. Assessing the significance of a particular
input to the fair value measurement in its entirety requires judgement, considering
factors specific to the asset or liability.
As at 31 October 2019, 30 April 2019 and 31 October 2018 all of the Company's investments
are classified as Level 1.
7 Reconciliation of net return before and after
taxation to cash generated from operations
31 October 30 April 31 October
2019 2019 2018
£'000 £'000 £'000
Net return before taxation (2,205) (5,368) (6,537)
Taxation - - -
Net return after taxation (2,205) (5,368) (6,537)
Net capital return 3,604 8,161 8,028
Decrease/(increase) in receivables 45 (64) (73)
Decrease in payables (65) (14) (57)
Interest and expenses charged to the capital reserve (222) (496) (264)
Cash generated from operations 1,157 2,219 1,097
8 Related party transactions
The Group's investments are managed by Chelverton Asset Management Limited, a company in
which Mr van Heesewijk, a Director of the Company and the subsidiary, has an interest.
The amounts paid to the Investment Manager in the period to 31 October 2019 were £285,000
(year ended 30 April 2019: £612,000, six months to 31 October 2018: £315,000).
At 31 October 2019 there were amounts outstanding to be paid to the Investment Manager of
£83,000 (year ended 30 April 2019: £121,000, six months to 31 October 2018: £90,000).
Portfolio Investments
as at 31 October 2019
Market value % of
Security Sector £'000 portfolio
Diversified Gas & Oil Oil & Gas Producers 1,926 3.4
Marston's Travel & Leisure 1,726 3.1
Randall & Quilter Nonlife Insurance 1,667 3.0
Belvoir Lettings Real Estate Investment & Services 1,380 2.5
Strix Group Electronic & Electrical Equipment 1,218 2.2
DFS Furniture General Retailers 1,170 2.1
Crest Nicholson Household Goods & Home Construction 1,165 2.1
Bloomsbury Publishing Media 1,125 2.0
Galliford Try Household Goods & Home Construction 1,099 2.0
UP Global Sourcing Holdings Household Goods & Home Construction 1,095 1.9
Castings Industrial Engineering 1,062 1.9
BCA Marketplace Support Services 1,059 1.9
Northgate Support Services 1,024 1.8
Go-Ahead Group Travel & Leisure 1,022 1.8
Ramsdens Holdings Financial Services 1,020 1.8
Restaurant Group Travel & Leisure 992 1.8
Murgitroyd Group Support Services 990 1.8
Jarvis Securities Financial Services 984 1.7
STV Media 965 1.7
Essentra Support Services 953 1.7
Severfield Industrial Engineering 945 1.7
Photo-me International Leisure Goods 917 1.6
Shoe Zone General Retailers 907 1.6
Polar Capital Holdings Financial Services 901 1.6
Brown (N) Group General Retailers 876 1.6
Flowtech Fluid Power Industrial Engineering 832 1.5
Brewin Dolphin Holdings Financial Services 831 1.5
Babcock International Support Services 830 1.5
Alumasc Group Construction & Materials 820 1.5
GVC Holdings Travel & Leisure 801 1.4
Clarke (T.) Construction & Materials 792 1.4
Regional REIT Real Estate Investment Trusts 790 1.4
Epwin Group Construction & Materials 788 1.4
XP Power Electronic & Electrical Equipment 786 1.4
Braemar Shipping Services Industrial Transportation 780 1.4
Town Centre Securities Real Estate Investment Trusts 773 1.4
Personal Group Holdings Nonlife Insurance 765 1.4
Appreciate Group Financial Services 750 1.3
Palace Capital Real Estate Investment & Services 702 1.2
Premier Miton Group Financial Services 700 1.2
Headlam Group Household Goods & Home Construction 698 1.2
Close Brothers Group Banks 691 1.2
Chesnara Life Insurance 649 1.2
Devro Food Producers 640 1.1
Amino Technologies Technology Hardware & Equipment 636 1.1
Wilmington Group Media 636 1.1
Kin and Carta Support Services 618 1.1
Vertu Motors General Retailers 606 1.1
Bakkavor Food Producers 592 1.0
XPS Pensions Financial Services 590 1.0
Numis Corporation Financial Services 575 1.0
Low & Bonar General Industrials 569 1.0
RPS Group Support Services 563 1.0
McColl's Retail Group Food & Drug Retailers 546 1.0
Centaur Media Media 544 1.0
Orchard Funding Group Financial Services 540 1.0
RTC Group Support Services 520 0.9
Finncap Group Financial Services 480 0.9
De La Rue Support Services 471 0.8
Saga General Retailers 469 0.8
Foxtons Group Real Estate Investment & Services 459 0.8
Gattaca Support Services 452 0.8
Sabre Insurance Nonlife Insurance 443 0.8
Tyman Construction & Materials 424 0.8
DX Group Industrial Transportation 383 0.7
Hansard Global Life Insurance 370 0.7
Connect Group Support Services 361 0.6
Coral Products General Industrials 360 0.6
Moss Bros Group General Retailers 360 0.6
Revolution Bars Group Travel & Leisure 315 0.6
Kier Group Construction & Materials 283 0.5
Anglo African Oil & Gas Oil & Gas Producers 168 0.3
Titon Holdings Construction & Materials 115 0.2
GLI Finance Financial Services 100 0.2
Chamberlin Industrial Engineering 85 0.1
Total Portfolio 56,239 100.0
Breakdown of portfolio by industry
Travel & Leisure 8.7%
Technology Hardware & Equipment 1.1%
Support Services 13.9%
Real Estate Investment Trusts 2.8%
Real Estate Investment &
Services 4.5%
Oil & Gas Producers 3.7% Nonlife Insurance 5.2%
Media 5.8%
Life Insurance 1.9%
Leisure Goods 1.6
Banks 1.2%
Construction & Materials 5.8%
Electronic & Electrical Equipment 3.6% Financial Services 13.2%
Food & Drug Retailers 1.0% Food Producers 2.1% General Industrials 1.6%
General Retailers 7.8%
Household Goods & Home Construction 7.2%
Industrial Engineering 5.2% Industrial Transportation 2.1%
Shareholder Information
Financial calendar
Group's year end 30 April
Quarterly dividends paid July, October, January and April
Annual results announced July
Annual General Meeting September
Group's half year 31 October
Half-Year results announced December
Share prices and performance information
The Company's Ordinary (SDV.L) and Zero Dividend Preference shares (SDVP.L) are listed on
the London Stock Exchange Main Market.
The net asset values are announced daily to the London Stock Exchange and published
monthly via the AIC.
Information about the Group can be obtained on the Chelverton website at
1 www.chelvertonam.com. Any enquiries can also be e-mailed to 2 cam@chelvertonam.com.
Share register enquiries
The register for the Ordinary shares and Zero Dividend Preference shares are maintained
by Share Registrars Limited. In the event of queries regarding your holding, please
contact the Registrar on 01252 821390. Changes of name and/or address must be notified in
writing to the Registrar.
Capital Structure
Chelverton UK Dividend Trust PLC ('the Company')
Chelverton UK Dividend Trust PLC was registered on 3 September 2003 with number 0374956.
The Company has in issue one class of Ordinary share. In addition, it has a wholly owned
subsidiary SDV 2025 ZDP PLC, which was registered on 25 October 2017 with number
11031268, through which Zero Dividend Preference shares have been issued.
Ordinary shares of 25p each (SDV.L) - 20,850,000 in issue as at 31 October 2019
The Company has only one class of share and this figure represents 100% of the Company's
share capital and voting rights.
Dividends
Holders of Ordinary shares are entitled to dividends.
Capital
On a winding-up of the Company, Ordinary shareholders will be entitled to all surplus
assets of the Company available after payment of the Company's liabilities including the
capital entitlement of the Zero Dividend Preference shares.
Voting
Each holder, on a show of hands, will have one vote and on a poll will have one vote for
each Ordinary share held.
SDV 2025 ZDP PLC ('SDVP')
Ordinary shares of 100p each ( SDVP.L) - 50,000 in issue (partly paid up as to 25p each)
The ordinary shares are wholly owned by the Company. References to Ordinary shares within
this Half-Yearly Report are to the Ordinary shares of Chelverton UK Dividend Trust PLC.
Capital
Following payment of any liabilities and the capital entitlement to the Zero Dividend
Preference shareholders, ordinary shareholders are entitled to any surplus assets of
SDVP.
Voting
Each holder, on a show of hands, will have one vote and on a poll will have one vote for
each ordinary share held.
Zero Dividend Preference shares of 100p each - 14,500,000 in issue as at 31 October 2019
Dividends
Holders of Zero Dividend Preference shares are not entitled to dividends.
Capital
On a winding up of SDVP, after the satisfaction of prior ranking creditors and subject to
sufficient assets being available, Zero Dividend Preference shareholders are entitled to
an amount equal to 100p per share increased daily from 8 January 2018 at such compound
rate as will give an entitlement to 133.18 pence per share at 30 April 2025.
Voting
Each holder of Zero Dividend Preference shares on a show of hands will have one vote at
meetings where Zero Dividend Preference Shareholders are entitled to vote and on a poll
will have one vote for each Zero Dividend Preference share held.
Holders of Zero Dividend Preference shares are not entitled to attend, speak or vote at
General Meetings unless the business of the meeting includes a resolution to vary, modify
or abrogate the rights attached to the Zero Dividend Preference shares.
Directors and Advisers
Lord Lamont of Lerwick (Chairman)
William van Heesewijk
Directors Howard Myles
Andrew Watkins
Chelverton Asset Management Limited
11 Laura Place
Bath
Investment Manager
BA2 4BL
Tel: 01225 483030
Maitland Administration Services Limited
Hamilton Centre
Rodney Way
Chelmsford
Secretary and Registered Office
Essex
CM1 3BY
Tel: 01245 398950
Share Registrars Limited
The Courtyard
17 West Street
Farnham
Registrar and Transfer Office
Surrey GU9 7DR
Tel: 01252 821390
3 www.shareregistrars.uk.com
Hazlewoods LLP
Windsor House
Bayshill Road
Auditors
Cheltenham
GL50 3AT
Shore Capital
Cassini House
57 St James's Street
Brokers
London
SW1A 1LD
Jarvis Investment Management Limited
78 Mount Ephraim
Tunbridge Wells
Custodian
Kent
TN4 8BS
Registered in England
No. 3749536
A member of the Association of Investment Companies
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ISIN: GB0006615826, GB00BZ7MQD81
Category Code: IR
TIDM: SDV
LEI Code: 213800DAF47EJ2HT4P78
OAM Categories: 1.2. Half yearly financial reports and audit
reports/limited reviews
Sequence No.: 33995
EQS News ID: 930573
End of Announcement EQS News Service
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References
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2. mailto:cam@chelvertonam.com
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