DJ Chelverton UK Dividend Trust plc: Half-Yearly Financial ReportFor the six months ended 31 October 2020
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.
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
Capital 31 October 30 April %
2020 2020 change
Total gross assets (GBP'000) 41,602 42,040 (1.04)
Total net assets (GBP'000) 25,205 26,034 (3.18)
Net asset value per 120.89p 124.86p (3.18)
Ordinary share
Mid-market price per 111.00p 127.50p (12.94)
Ordinary share
(Discount)/premium (8.18%) 2.11%
Net asset value per Zero 111.84p 109.67p 1.98
Dividend Preference share
Mid-market price per Zero 108.00p 102.00p 5.88
Dividend Preference share
Discount (3.43%) (6.99%)
Revenue Six months to Six months to %
31 October
31 October change
2020
2019
Return per Ordinary share 2.80p 6.71p (58.27)
Dividends declared per 5.00p 4.80p 4.17
Ordinary share*
Special dividends declared - 2.50p (100.00)
per Ordinary share
Total Return
Total return on Group net 0.74% (4.94%)
assets**
* 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
(MORE TO FOLLOW) Dow Jones Newswires
November 30, 2020 09:36 ET (14:36 GMT)
DJ Chelverton UK Dividend Trust plc: Half-Yearly -2-
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, TheWorks.co.uk [1] 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
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
(audited)
Gains/(losses) - 84 84 - (17,046) (17,046) - (3,080) (3,080)
on investments
at fair value
through profit
or loss
Investment 790 - 790 2,414 - 2,414 1,604 - 1,604
income
Investment (52) (156) (208) (135) (407) (542) (71) (214) (285)
management fee
Other expenses (139) (5) (144) (270) (13) (283) (134) (8) (142)
Net 599 (77) 522 2,009 (17,466) (15,457) 1,399 (3,302) (1,903)
surplus/(defic
it) before
finance costs
and taxation
Finance costs
Preference - (314) (314) - (607) (607) - (302) (302)
shares
Net 599 (391) 208 2,009 (18,073) (16,064) 1,399 (3,604) (2,205)
surplus/(defic
it) before
taxation
Taxation (see (15) - (15) (38) - (38) - - -
note 2)
Total 584 (391) 193 1,971 (18,073) (16,102) 1,399 (3,604) (2,205)
comprehensive
income/(expens
e) 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 - 2.17 2.17 - 4.19 4.19 - 2.08 2.08
Preference 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 2020
Share Share Capital Capital Revenue Total
capital premium Redempti reserve reserve
account on
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Six months
ended 31
October
2020
30 April 5,213 17,517 5,004 (5,148) 3,448 26,034
2020
Total - - - (391) 584 193
comprehensi
ve income/
(expense)
for the
period
Dividends - - - - (1,022) (1,022)
paid (see
note 4)
31 October 5,213 17,517 5,004 (5,539) 3,010 25,205
2020
Year ended
30 April
2020
(audited)
30 April 5,213 17,517 5,004 12,925 4,000 44,659
2019
Total - - - (18,073) 1,971 (16,102
comprehensi )
ve income/
(expense)
for the
period
Dividends - - - - (2,523) (2,523)
paid
30 April 5,213 17,517 5,004 (5,148) 3,448 26,034
2020
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)
comprehensi
ve 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
Condensed Consolidated Balance Sheet (unaudited)
as at 31 October 2020
Non-current assets 31 October 30 April 31 October
2020 2020 2019
GBP'000 GBP'000 GBP'000
(audited)
Investments at fair value 41,347 40,588 56,239
through profit or loss
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 41,421 41,936 56,529
liabilities
Non-current liabilities
Zero Dividend Preference shares (16,216) (15,902) (15,597)
2025
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
(MORE TO FOLLOW) Dow Jones Newswires
November 30, 2020 09:36 ET (14:36 GMT)
DJ Chelverton UK Dividend Trust plc: Half-Yearly -3-
Revenue reserve 3,010 3,448 3,877
Equity shareholders' funds 25,205 26,034 40,932
Net asset value per: (see note pence pence pence
5)
Ordinary share 120.89 124.86 196.32
Zero Dividend Preference share 111.84 109.67 107.57
2025
Condensed Consolidated Statement of Cash Flows (unaudited)
for the six months ended 31 October 2020
Operating activities 31 October 30 April 2020 31 October
2020 GBP'000 2019
GBP'000 (audited) GBP'000
Investment income received 727 2,618 1,665
Investment management fee (161) (605) (324)
paid
Administration and (27) (64) (32)
secretarial fees paid
Other cash payments (120) (247) (152)
Cash generated from 419 1,702 1,157
operations (see note 7)
Purchases of investments (3,962) (9,951) (7,021)
Sales of investments 3,431 10,348 5,932
Net cash (outflow)/inflow (112) 2,099 68
from operating activities
Financing activities
Dividends paid (1,022) (2,523) (1,522)
Net cash (outflow)/inflow (1,022) (2,523) (1,522)
from financing activities
Change in cash and cash (1,134) (424) (1,454)
equivalents for period
Cash and cash equivalents at 1,266 1,690 1,690
start of period
Cash and cash equivalents at 132 1,266 236
end of period
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 GBP584,000 (30 April 2020:
GBP1,971,000, 31 October 2019: GBP1,399,000) 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 GBP391,000 (30 April 2020: GBP18,073,000, 31 October
2019: GBP3,604,000) 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 GBP314,000 (30 April
2020: GBP607,000, 31 October 2019: GBP302,000) 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 GBP25,205,000 (30 April 2020:
GBP26,034,000, 31 October 2019: GBP40,932,000) 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 GBP16,216,000 (30 April 2020:
GBP15,902,000, 31 October 2019: GBP15,597,000) 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
GBP'000 GBP'000 GBP'000
Net return before taxation 208 (16,064) (2,205)
Taxation (15) (38) -
(MORE TO FOLLOW) Dow Jones Newswires
November 30, 2020 09:36 ET (14:36 GMT)
DJ Chelverton UK Dividend Trust plc: Half-Yearly -4-
Net return after taxation 193 (16,102) (2,205)
Net capital return 391 18,073 3,604
(Increase)/decrease in (44) 225 45
receivables
Increase/(decrease) in payables 40 (74) (65)
Interest and expenses charged to (161) (420) (222)
the capital reserve
Net cash inflow from operating 419 1,702 1,157
activities
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 GBP208,000 (year ended 30 April 2020: GBP542,000, six months to 31 October 2019: GBP285,000).
At 31 October 2020 there were amounts outstanding to be paid to the Investment Manager of GBP105,000 (year ended 30 April
2020: GBP58,000, six months to 31 October 2019: GBP83,000).
Portfolio Investments
as at 31 October 2020
Market % of
value
Security Sector GBP'000 portfolio
Diversified Gas & Oil Oil & Gas 2,012 4.9
Producers
Randall & Quilter Nonlife 1,453 3.5
Insurance
UP Global Sourcing Household 1,406 3.4
Holdings Goods & Home
Construction
Belvoir Lettings Real Estate 1,388 3.4
Investment &
Services
Jarvis Securities Financial 1,064 2.6
Services
Bloomsbury Publishing Media 1,048 2.5
Alumasc Group Construction & 950 2.3
Materials
DFS Furniture General 925 2.2
Retailers
Polar Capital Financial 919 2.2
Holdings Services
STV Media 910 2.2
Devro Food Producers 901 2.2
Marston's Travel & 844 2.0
Leisure
Tyman Construction & 801 1.9
Materials
MTI Wireless Edge Electronic & 792 1.9
Electrical
Equipment
Chesnara Life Insurance 786 1.9
Castings Industrial 775 1.9
Engineering
Flowtech Fluid Power Industrial 770 1.9
Engineering
Numis Corporation Financial 742 1.8
Services
Amino Technologies Technology 735 1.8
Hardware &
Equipment
Brewin Dolphin Financial 729 1.8
Holdings Services
Strix Group Electronic & 673 1.6
Electrical
Equipment
Severfield Industrial 667 1.6
Engineering
Clarke (T.) Construction & 664 1.6
Materials
Crest Nicholson Household 659 1.6
Goods & Home
Construction
Close Brothers Group Banks 646 1.6
Epwin Group Construction & 640 1.5
Materials
Essentra Support 616 1.5
Services
Premier Miton Group Financial 594 1.4
Services
Ramsdens Holdings Financial 590 1.4
Services
Vertu Motors General 588 1.4
Retailers
Finncap Group Financial 570 1.4
Services
Brown (N) Group General 564 1.4
Retailers
Regional REIT Real Estate 561 1.4
Investment
Trusts
DX Group Industrial 555 1.3
Transportation
Personal Group Nonlife 540 1.3
Holdings Insurance
Redde Northgate Support 533 1.3
Services
Headlam Group Household 530 1.3
Goods & Home
Construction
Curtis Banks Group Financial 500 1.2
Services
Photo-me Leisure Goods 490 1.2
International
Contourglobal Electricity 484 1.2
Braemar Shipping Industrial 472 1.1
Services Transportation
Vistry Group Household 469 1.1
Goods & Home
Construction
Palace Capital Real Estate 455 1.1
Investment &
Services
Wilmington Group Media 441 1.1
Appreciate Group Financial 378 0.9
Services
Kin & Carta Support 355 0.9
Services
iEnergizer Support 351 0.8
Services
Orchard Funding Group Financial 346 0.8
Services
Sabre Nonlife 343 0.8
Insurance Insurance
Centaur Media Media 340 0.8
Town Centre Real Estate 336 0.8
Securities Investment
Trusts
RTC Group Support 330 0.8
Services
Coral Products General 329 0.8
Industrials
Babcock Support 326 0.8
International Services
Portmeirion Personal Care 312 0.8
Group & Other
Household
Products
Hansard Global Life 310 0.7
Insurance
Connect Group Support 305 0.7
Services
Restaurant Travel & 297 0.7
Group Leisure
Bakkavor Food 292 0.7
Producers
Go-Ahead Group Travel & 292 0.7
Leisure
Saga General 276 0.7
Retailers
Shoe Zone General 260 0.6
Retailers
RPS Group Support 254 0.6
Services
TheWorks.co.uk General 248 0.6
[1] Retailers
McColl's Food & Drug 240 0.6
Retail Group Retailers
Foxtons Group Real Estate 238 0.6
Investment &
Services
Hargreaves Support 200 0.5
Services Services
Gattaca Support 176 0.4
Services
Revolution Travel & 157 0.4
Bars Group Leisure
Elementis Chemicals 149 0.4
Kier Group Construction 112 0.3
& Materials
Galliford Try Construction 107 0.3
& Materials
GLI Finance Financial 105 0.3
Services
Titon Holdings Construction 82 0.2
& Materials
Chamberlin Industrial 50 0.1
Engineering
Total 41,347 100.0
Portfolio
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 www.chelvertonam.com [2]. 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 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)
(MORE TO FOLLOW) Dow Jones Newswires
November 30, 2020 09:36 ET (14:36 GMT)
DJ Chelverton UK Dividend Trust plc: Half-Yearly -5-
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
www.shareregistrars.uk.com [3]
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
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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(END) Dow Jones Newswires
November 30, 2020 09:36 ET (14:36 GMT)
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