DJ Chelverton UK Dividend Trust plc: Half-yearly Results
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.
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
Capital 31 October 30 April %
2019 2019 change
Total gross assets 56,734 62,032 (8.54)
(GBP'000)
Total net assets 40,932 44,659 (8.35)
(GBP'000)
Net asset value per 196.32p 214.19p (8.34)
Ordinary share
Mid-market price per 182.50p 173.50p 5.19
Ordinary share
Discount (7.04%) (19.00%)
Net asset value per 107.57p 105.48p 1.98
Zero Dividend
Preference share
Mid-market price per 108.00p 110.00p (1.82)
Zero Dividend
Preference share
Premium 0.40% 4.29%
Revenue Six months to 31 Six months to %
October
31 October change
2019
2018
Return per Ordinary 6.71p 7.15p (6.15)
share
Dividends declared per 4.80p 4.38p 9.59
Ordinary share*
Special dividends 2.50p 0.66p 278.79
declared per Ordinary
share
Total Return
Total return on Group (4.94%) 12.16%
net assets**
* 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
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
(audited)
Losses on - (3,080) (3,08 - (7,083) (7,08 - (7,472) (7,47
investment 0) 3) 2)
s at fair
value
through
profit or
loss
Investment 1,604 - 1,604 3,221 - 3,221 1,712 - 1,712
income
Investment (71) (214) (285) (153) (459) (612) (79) (236) (315)
management
fee
Other (134) (8) (142) (274) (37) (311) (142) (30) (172)
expenses
Net 1,399 (3,302) (1,90 2,794 (7,579) (4,78 1,491 (7,738) (6,24
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surplus/(d 3) 5) 7)
eficit)
before
finance
costs and
taxation
Finance
costs
Preference - (302) (302) (1) (582) (583) - (290) (290)
shares
Net 1,399 (3,604) (2,20 2,793 (8,161) (5,36 1,491 (8,028) (6,53
surplus/(d 5) 8) 7)
eficit)
before
taxation
Taxation - - - - - - - - -
(see note
2)
Total 1,399 (3,604) (2,20 2,793 (8,161) (5,36 1,491 (8,028) (6,53
comprehens 5) 8) 7)
ive
income/(ex
pense) for
the period
Revenue Capital Total Revenue Capital Total Revenue Capital Total
pence pence pence pence pence pence pence pence pence
Net 6.71 (17.29) (10.58) 13.40 (39.15) (25.75) 7.15 (38.51) 31.36
return
per:
Ordinary
share
(see
note 3)
Zero - 2.08 2.08 - 4.02 4.02 - 2.00 2.00
Dividend
Preferen
ce share
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 Total
capital premium Redemptio reserve reserve
account n reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Six months
ended 31
October 2019
30 April 5,213 17,517 5,004 12,925 4,000 44,659
2019
Total - - - (3,604) 1,399 (2,205)
comprehensiv
e income/
(expense)
for the
period
Dividends - - - - (1,522) (1,522)
paid (see
note 4)
31 October 5,213 17,517 5,004 9,321 3,877 40,932
2019
Year ended
30 April
2019
(audited)
30 April 5,188 17,301 5,004 21,086 3,215 51,794
2018
Total - - - (8,161) 2,793 (5,368)
comprehensiv
e income/
(expense)
for the
period
Ordinary 25 228 - - - 253
shares
issued
Expenses of - (12) - - - (12)
Ordinary
share issue
Dividends - - - - (2,008) (2,008)
paid
30 April 5,213 17,517 5,004 12,925 4,000 44,659
2019
Six months
ended 31
October 2018
30 April 5,188 17,301 5,004 21,086 3,215 51,794
2018
Total - - - (8,028) 1,491 (6,537)
comprehensiv
e income/
(expense)
for the
period
Ordinary 25 215 - - - 240
shares
issued
Dividends - - - - (1,094) (1,094)
paid (see
note 4)
31 October 5,213 17,516 5,004 13,058 3,612 44,403
2018
Condensed Consolidated Balance Sheet (unaudited)
as at 31 October 2019
Non-current assets 31 October 30 April 31 October
2019 2019 2018
GBP'000 GBP'000 GBP'000
(audited)
Investments at fair value 56,239 59,895 58,571
through profit or loss
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 56,529 59,954 59,406
liabilities
Non-current liabilities
Zero Dividend Preference shares (15,597) (15,295) (15,003)
2025
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 pence pence pence
5)
Ordinary share 196.32 214.19 212.96
Zero Dividend Preference share 107.57 105.48 103.47
2025
Condensed Consolidated Statement of Cash Flows (unaudited)
for the six months ended 31 October 2019
Operating activities 31 October 30 April 2019 31 October
2019 GBP'000 2018
GBP'000 (audited) GBP'000
Investment income received 1,665 3,160 1,686
Investment management fee (324) (614) (368)
paid
Administration and (32) (72) (40)
secretarial fees paid
Other cash payments (152) (254) (181)
Loan interest paid - (1) -
Cash generated from 1,157 2,219 1,097
operations (see note 7)
Purchases of investments (7,021) (9,841) (6,220)
Sales of investments 5,932 10,032 5,588
Net cash inflow from 68 2,410 465
operating activities
Financing activities
Issue of Zero Dividend - 313 313
Preference shares 2025
Expenses of C shares issue - - (2)
Issue of ordinary shares - 876 875
Expenses for redemption and - - (8)
issue of Zero Dividend
Preference shares
Expenses of ordinary share - (12) (13)
issue
Dividends paid (1,522) (2,008) (1,094)
Net cash (outflow)/inflow (1,522) (831) 71
from financing activities
Change in cash and cash (1,454) 1,579 536
equivalents for period
Cash and cash equivalents at 1,690 111 111
start of period
Cash and cash equivalents at 236 1,690 647
end of period
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 GBP1,399,000 (30 April 2019: GBP2,793,000, 31 October 2018: GBP1,491,000) 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 GBP3,604,000 (30
April 2019: capital loss of GBP8,161,000, 31 October 2018: capital loss of GBP8,028,000)
and on 20,850,000 (30 April 2019: 20,847,534, 31 October 2018: 20,845,109) Ordinary
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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 GBP302,000 (30 April 2019: GBP582,000, 31 October 2018: GBP290,000) 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 GBP40,932,000
(30 April 2019: GBP44,659,000, 31 October 2018: GBP44,403,000) 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 GBP15,597,000 (30 April 2019: GBP15,295,000, 31 October 2018:
GBP15,003,000) 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
GBP'000 GBP'000 GBP'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 45 (64) (73)
receivables
Decrease in payables (65) (14) (57)
Interest and expenses charged to (222) (496) (264)
the capital reserve
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 GBP285,000 (year ended 30 April 2019: GBP612,000, six months to 31 October 2018:
GBP315,000).
At 31 October 2019 there were amounts outstanding to be paid to the Investment
Manager of GBP83,000 (year ended 30 April 2019: GBP121,000, six months to 31 October
2018: GBP90,000).
Portfolio Investments
as at 31 October 2019
Market % of
value
Security Sector GBP'000 portfolio
Diversified Gas Oil & Gas 1,926 3.4
& Oil Producers
Marston's Travel & Leisure 1,726 3.1
Randall & Nonlife 1,667 3.0
Quilter Insurance
Belvoir Lettings Real Estate 1,380 2.5
Investment &
Services
Strix Group Electronic & 1,218 2.2
Electrical
Equipment
DFS Furniture General 1,170 2.1
Retailers
Crest Nicholson Household Goods 1,165 2.1
& Home
Construction
Bloomsbury Media 1,125 2.0
Publishing
Galliford Try Household Goods 1,099 2.0
& Home
Construction
UP Global Household Goods 1,095 1.9
Sourcing & Home
Holdings Construction
Castings Industrial 1,062 1.9
Engineering
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 Financial 1,020 1.8
Holdings Services
Restaurant Group Travel & Leisure 992 1.8
Murgitroyd Group Support Services 990 1.8
Jarvis Financial 984 1.7
Securities Services
STV Media 965 1.7
Essentra Support Services 953 1.7
Severfield Industrial 945 1.7
Engineering
Photo-me Leisure Goods 917 1.6
International
Shoe Zone General 907 1.6
Retailers
Polar Capital Financial 901 1.6
Holdings Services
Brown (N) Group General 876 1.6
Retailers
Flowtech Fluid Industrial 832 1.5
Power Engineering
Brewin Dolphin Financial 831 1.5
Holdings Services
Babcock Support Services 830 1.5
International
Alumasc Group Construction & 820 1.5
Materials
GVC Holdings Travel & Leisure 801 1.4
Clarke (T.) Construction & 792 1.4
Materials
Regional REIT Real Estate 790 1.4
Investment
Trusts
Epwin Group Construction & 788 1.4
Materials
XP Power Electronic & 786 1.4
Electrical
Equipment
Braemar Shipping Industrial 780 1.4
Services Transportation
Town Centre Real Estate 773 1.4
Securities Investment
Trusts
Personal Group Nonlife 765 1.4
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Holdings Insurance
Appreciate Group Financial 750 1.3
Services
Palace Capital Real Estate 702 1.2
Investment &
Services
Premier Miton Financial 700 1.2
Group Services
Headlam Group Household Goods 698 1.2
& Home
Construction
Close Brothers Banks 691 1.2
Group
Chesnara Life Insurance 649 1.2
Devro Food Producers 640 1.1
Amino Technology 636 1.1
Technologies Hardware &
Equipment
Wilmington Group Media 636 1.1
Kin and Carta Support Services 618 1.1
Vertu Motors General 606 1.1
Retailers
Bakkavor Food Producers 592 1.0
XPS Pensions Financial 590 1.0
Services
Numis Financial 575 1.0
Corporation Services
Low & Bonar General 569 1.0
Industrials
RPS Group Support Services 563 1.0
McColl's Retail Food & Drug 546 1.0
Group Retailers
Centaur Media Media 544 1.0
Orchard Funding Financial 540 1.0
Group Services
RTC Group Support Services 520 0.9
Finncap Group Financial 480 0.9
Services
De La Rue Support Services 471 0.8
Saga General 469 0.8
Retailers
Foxtons Group Real Estate 459 0.8
Investment &
Services
Gattaca Support Services 452 0.8
Sabre Insurance Nonlife 443 0.8
Insurance
Tyman Construction & 424 0.8
Materials
DX Group Industrial 383 0.7
Transportation
Hansard Global Life Insurance 370 0.7
Connect Group Support Services 361 0.6
Coral Products General 360 0.6
Industrials
Moss Bros Group General 360 0.6
Retailers
Revolution Bars Travel & Leisure 315 0.6
Group
Kier Group Construction & 283 0.5
Materials
Anglo African Oil & Gas 168 0.3
Oil & Gas Producers
Titon Holdings Construction & 115 0.2
Materials
GLI Finance Financial 100 0.2
Services
Chamberlin Industrial 85 0.1
Engineering
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
www.chelvertonam.com [1]. Any enquiries can also be e-mailed to 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
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 Transfer Share Registrars Limited
Office
The Courtyard
17 West Street
Farnham
Surrey GU9 7DR
Tel: 01252 821390
www.shareregistrars.uk.com [2]
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
Registered in England
No. 3749536
A member of the Association of Investment Companies
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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(END) Dow Jones Newswires
December 06, 2019 07:43 ET (12:43 GMT)
© 2019 Dow Jones News