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Chelverton UK Dividend Trust plc: Half-Yearly Results for the Six Months Ended 31 October 2021

DJ Chelverton UK Dividend Trust plc: Half-Yearly Results for the Six Months Ended 31 October 2021

Chelverton UK Dividend Trust plc (SDVP) Chelverton UK Dividend Trust plc: Half-Yearly Results for the Six Months Ended 31 October 2021 26-Nov-2021 / 07:00 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

-----------------------------------------------------------------------------------------------------------------------

CHELVERTON UK DIVIDEND TRUST PLC

Half-Yearly Financial Report

For the six months ended 31 October 2021

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 Company's investment policy is that:

-- The Company will invest in equities in order to achieve its investment objectives, which are to provideboth income and capital growth, predominantly through investment in mid and smaller capitalised UK companiesadmitted to the Official List of the UK Listing Authority and traded on the London Stock Exchange Main Market ortraded on AIM.

-- The Company will not invest in preference shares, loan stock or notes, convertible securities or fixedinterest securities or any similar securities convertible into shares; nor will it invest in the securities ofother investment trusts or in unquoted companies.

Financial Highlights

31 October        30 April   % 
Capital 
                          2021           2021     change 
Total gross assets (GBP'000)             64,256          64,013    0.38 
Total net assets (GBP'000)              47,238          47,345    (0.23) 
 
Net asset value per Ordinary share         226.56p         227.07p    (0.22) 
Mid-market price per Ordinary share         214.00p         220.00p    (2.73) 
Discount                      (5.54%)         (3.11%) 
 
Net asset value per Zero Dividend Preference share 116.26p         114.01p    1.97 
Mid-market price per Zero Dividend Preference share 115.50p         116.00p    (0.43) 
(Discount)/premium                 (0.65%)         1.75% 
 
                                       Six months to 
                          Six months to 31 October        % 
Revenue                                   31 October 
                          2021                  change 
                                       2020 
Return per Ordinary share              4.67p          2.80p     66.79 
Dividends declared per Ordinary share*       5.50p          5.00p     10.00 
Special dividends declared per Ordinary share    -            -       - 
 
Total Return 
Total return on Group net assets**         2.21%          0.74% 

* Dividend per Ordinary share includes the first interim paid and second interim declared for the period to 31 October 2021 and 2020 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

This half-yearly report covers the six months to 31 October 2021. The net asset value per Ordinary share at 31 October 2021 was 226.6p down from 227.1p at 30 April 2021, a decrease of 0.2% during the period compared to the MSCI Small Cap Index which also decreased by 0.2%. As at 23 November 2021 the NAV per share had decreased to 224.16p.

From the beginning of the Company's financial year, the Ordinary share price had decreased from 220.0p to 214.0p at 31 October 2021, an decrease of 2.7%. Since the period end the shares have increased to 215.0p and as at 23 November 2021 the shares traded on a discount of 4.1%.

Dividend

Maintaining its record of increasing the annual core dividend paid by the company for 12 years , and in particular through the Covid-19 pandemic, the first interim dividend for the current year of 2.75p (2020: 2.5p) per Ordinary share was paid on 1 October 2021. The Board has declared a second interim dividend of 2.75p per Ordinary share (2021: 2.5p) payable on 2 January 2022 to Shareholders on the register on 13 December 2021, making a total for the half year of 5.5p per Ordinary share (2020: 5.0p) an increase of 10.0%. It is anticipated that the Company will maintain this level of dividend for the third and fourth quarter at 2.75p making a total core dividend declared of 11.0p for the year (2021: 10.0p) an increase of 10.0%.

It should be noted that prior to the Covid-19 pandemic it had been the manager's intention to deliver a 7% increase in the core dividend for the year to April 2021. However, given the unprecedented reduction in dividends and uncertainty across the market at the time of the first interim dividend decision, we prudently took a more conservative approach to dividend growth, delivering a 4.2% increase in the core dividend in the year. By the time of the full year results in June 2021 we had the confidence to boost the core dividend to the level originally planned via a special dividend of 0.272p. The intended 11.0p dividend for the year to April 2022 will represent a 7% increase on the total dividends paid in the year to April 2021.

Portfolio

In the last six months we have increased our investment in 12 of our existing holdings (2021: 23), taking advantage of lower share prices and shares being available in Appreciate Group, Contour Global, Curtis Banks Group, Duke Royalty, Hansard Global, iEnergizer, McColls Retail Group, Orchard Funding Group, RTC Group, Sabre Insurance, Smiths News and Vector Capital.

During the period we added three new names to the portfolio (2021: 4) - Kitwave Group - an independent food wholesaler which joined the Alternative Investment Market during the period, Topps Tiles - the UK's largest tile specialist, and financial markets intermediary TP ICAP.

Funds were raised from the outright sale of three our holdings, DX Group, Shoe Zone and Strix (2021: 6). The following holdings were reduced as they grew to become larger weightings on lower yields: Braemar Shipping Services, Centaur Media, Clarke (T.), Devro, Flowtech Fluid Power, Redde Northgate, Theworks.co.uk, UP Global Sourcing Holdings and Vertu Motors.

Outlook

Having recovered strongly from the depths of the pandemic, the market has paused for breath over the past 6 months, with fears over supply chain disruption, availability of skilled labour and rising inflation dampening expectations for the full year. It is important to remember that whilst we are small and mid-cap investors, the companies that we invest in are sophisticated in the industries in which they operate. While they are not immune from the well documented short-term problems, they do have the strength and depth of management and technical resource and ability to deal with the worst effects of the issues.

We continue to see compelling evidence our companies are, in the main, emerging from the pandemic as better companies with more efficient processes. It is likely that companies will need to present a "clean" set of results, unaffected by the pandemic, before they get the credit they deserve for improving their businesses over the course of the downturn, however this gives us confidence over the medium term.

Reassuringly dividends are returning to the boardroom agenda, although there is some way to go to get back to pre-pandemic levels of dividend income across the market. Having benefitted from the capital recovery in our lower-yielding holdings over the past 12 months, we are continuing to rotate the portfolio into higher yielding opportunities as dividends return. We continue to benefit from significant revenue reserves, allowing the company to increase its core dividend while this rotation occurs.

Chelverton Asset Management 25 November 2021

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 'InterimFinancial 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 informationrequired by: a. DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of the important events thathave occurred during the first six months of the financial year and their impact on the condensed set of financialstatements; 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 takenplace in the first six months of the current financial year and that have materially affected the financialposition or performance of the Group during that period; and any changes in the related party transactionsdescribed in the last annual report that could do so.

This Half-Yearly Report was approved by the Board of Directors on 25 November 2021 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 2021

Six months to     Year to          Six months to 
 
                         31 October 2021    30 April 2021       31 October 2020 
                         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 on investments at fair value through    -    649   649  -    23,110 23,110   -    84   84 
profit or loss 
Investment income                1,214  -    1,214 1,708  -    1,708   790   -    790 
Investment management fee            (83)  (248)  (331) (124)  (372)  (496)   (52)  (156)  (208) 
Other expenses                  (144)  (5)   (149) (280)  (10)  (290)   (139)  (5)   (144) 
Net surplus/(deficit) before finance costs and  987   396   1,383 1,304  22,728 24,032   599   (77)  522 
taxation 
Finance costs 
Preference shares                -    (326)  (326) -    (630)  (630)   -    (314)  (314) 
Net surplus/(deficit) before taxation      987   70   1,057 1,304  22,098 23,402   599   (391)  208 
Taxation (see note 2)              (13)  -    (13) (27)  -    (27)    (15)  -    (15) 
Total comprehensive income/(expense) for the   974   70   1,044 1,277  22,098 23,375   584   (391)  193 
period 
                          Revenue Capital Total Revenue Capital Total Revenue Capital Total 
 
                          pence  pence pence  pence  pence  pence pence  pence  pence 
 
Net return per: 
                          4.67  0.34 5.01  6.12  105.99 112.11 2.80  (1.87) 0.93 
Ordinary share (see note 3) 
Zero Dividend Preference share 2025 (see note 3)  -    2.25 2.25  -    4.34  4.34  -    2.17  2.17 
 

The total column of this statement is the Statement of Comprehensive Income of the Group prepared in accordance with International Accounting Standards ('IAS') and in conformity with the requirements of the Companies Act 2006. 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 2021

Share  Share premium   Capital Redemption  Capital Revenue   Total 
                      capital account      reserve        reserve reserve 
                      GBP'000  GBP'000       GBP'000         GBP'000  GBP'000    GBP'000 
Six months ended 31 October 2021 
30 April 2021               5,213  17,517      5,004         16,950 2,661    47,345 
Total comprehensive income for the period -    -         -           70   974     1,044 
Dividends paid (see note 4)        -    -         -           -    (1,151)   (1,151) 
31 October 2021              5,213  17,517      5,004         17,020 2,484    47,238 
 
 
Year ended 30 April 2021 (audited) 
30 April 2020               5,213  17,517      5,004         (5,148) 3,448    26,034 
Total comprehensive income for the period -    -         -           22,098 1,277    23,375 
Dividends paid               -    -         -           -    (2,064)   (2,064) 
30 April 2021               5,213  17,517      5,004         16,950 2,661    47,345 
Six months ended 31 October 2020 
30 April 2020               5,213  17,517      5,004         (5,148) 3,448    26,034 
Total comprehensive (expense)/income for  -    -         -           (391)  584     193 
the period 
Dividends paid (see note 4)        -    -         -           -    (1,022)   (1,022) 
31 October 2020              5,213  17,517      5,004         (5,539) 3,010    25,205 

Condensed Consolidated Balance Sheet (unaudited)

as at 31 October 2021

30 April 
                         31 October      31 October 
                              2021 
Non-current assets                2021         2020 
                              GBP'000 
                         GBP'000        GBP'000 
                              (audited) 
Investments at fair value through profit or loss 63,888   62,768  41,347 
Current assets 
Trade and other receivables           181    757    123 
Cash and cash equivalents            187    488    132 
                         368    1,245   255 
Total assets                   64,256   64,013  41,602 
Current liabilities 
Trade and other payables             (160)   (136)   (181) 
                         (160)   (136)   (181) 
Total assets less current liabilities      64,096   63,877  41,421 
Non-current liabilities 
Zero Dividend Preference shares 2025       (16,858)  (16,532) (16,216) 
Total liabilities                (17,018)  (16,668) (16,397) 
Net assets                    47,238   47,345  25,205 
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                 17,020   16,950  (5,539) 
Revenue reserve                 2,484   2,661   3,010 
Equity Shareholders' funds            47,238   47,345  25,205 
Net asset value per: (see note 5)        pence   pence   pence 
Ordinary share                  226.56   227.07  120.89 
Zero Dividend Preference share 2025       116.26   114.01  111.84 

Condensed Consolidated Statement of Cash Flows (unaudited)

for the six months ended 31 October 2021

Six months to Year to    Six months to 
                          31 October  30 April 2021 31 October 
Operating activities 
                          2021     GBP'000     2019 
                          GBP'000     (audited)   GBP'000 
Investment income received             1,320     1,447     727 
Investment management fee paid           (324)     (469)     (161) 
Administration and secretarial fees paid      (34)     (64)     (27) 
Other cash payments                 (113)     (210)     (120) 
Cash generated from operations (see note 7)     849      704      419 
Purchases of investments              (5,079)    (9,266)    (3,962) 
Sales of investments                5,080     9,848     3,431 
Net cash inflow/(outflow) from operating activities 850      1,286     (112) 
Financing activities 
Dividends paid                   (1,151)    (2,064)    (1,022) 
Net cash outflow from financing activities     (1,151)    (2,064)    (1,022) 
Change in cash and cash equivalents for period   (301)     (778)     (1,134) 
Cash and cash equivalents at start of period    488      1,266     1,266 
Cash and cash equivalents at end of period     187      488      132 
Comprised of: 
Cash and cash equivalents              187      488      132 

Notes to the Condensed Half-Yearly Report

for the six months ended 31 October 2021

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 2021, 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 Accounting Standards ('IAS') 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 April 2021.

The Group has financial resources which substantially exceed its expense commitments 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 2021. This report has also been prepared in compliance with IAS 34 'Interim Financial Reporting' and the Companies Act 2006.

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 GBP974,000 (30 April 2021: GBP1,277,000, 31 October 2020: GBP584,000) and on 20,850,000 (30 April 2021: 20,850,000, 31 October 2020: 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 profit of GBP70,000 (30 April 2021: GBP22,098.000, 31 October 2020: loss of GBP391,000) and on 20,850,000 (30 April 2021: 20,850,000, 31 October 2020: 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 GBP326,000 (30 April 2021: GBP630,000, 31 October 2020: GBP314,000) and on 14,500,000 (30 April 2021: 14,500,000, 31 October 2020: 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

During the period, a fourth interim dividend of 2.50p per Ordinary share and a special dividend of 0.272p per Ordinary share were paid to Shareholders in respect of the financial year ended 30 April 2021, .

In respect of the year ended 30 April 2022, a first interim dividend of 2.75p per ordinary share has been paid to the Shareholders.

In addition, for the year ended 30 April 2022, the Board has declared a second interim dividend of 2.75p per Ordinary share payable on 4 January 2022 to Shareholders on the register at 10 December 2021 (ex-dividend date 9 December 2021).

5 Net asset values

Ordinary shares

The net asset value per Ordinary share is based on assets attributable of GBP47,238,000 (30 April 2021:

GBP47,345,000, 31 October 2020: GBP25,205,000) and on 20,850,000 (30 April 2021: 20,850,000, 31 October

2020: 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 GBP16,858,000 (30 April 2021: GBP16,532,000, 31 October 2020: GBP16,216,000) and on 14,500,000 (30 April 2021: 14,500,000, 31 October 2020: 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 yieldcurves observable at commonly quoted intervals); and

-- inputs that are derived principally from, or corroborated by, observable market data by correlation orother 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 2021, 30 April 2021 and 31 October 2020 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 
                           2021    2021   2020 
                           GBP'000   GBP'000  GBP'000 
Net return before taxation              1,057   23,402  208 
Taxation                       (13)    (27)   (15) 
Net return after taxation              1,044   23,375  193 
Net capital return                  (70)    (22,098) 391 
Decrease/(increase) in receivables          119    (223)  (44) 
Increase in payables                 9     32    40 
Interest and expenses charged to the capital reserve (253)   (382)  (161) 
Cash generated from operations            849    704   419 

8 Related party transactions

The Group's investments are managed by Chelverton Asset Management Limited. The amounts paid to the Investment Manager in the period to 31 October 2021 were GBP331,000 (year ended 30 April 2021: GBP496,000, six months to 31 October 2020: GBP208,000).

At 31 October 2021 there were amounts outstanding to be paid to the Investment Manager of GBP92,000 (year ended 30 April 2021: GBP86,000, six months to 31 October 2020: GBP105,000).

Portfolio Investments

as at 31 October 2021

Market % of 
                                         value 
Security            Sector                      GBP'000 portfolio 
Belvoir Lettings        Real Estate                   2,600 4.1 
Alumasc Group          Construction & Materials             1,800 2.8 
Diversified Gas & Oil      Energy                      1,728 2.7 
Randall & Quilter        Insurance                    1,424 2.2 
UP Global Sourcing Holdings   Consumer Products and Services          1,377 2.2 
Jarvis Securities        Financial Services                1,375 2.2 
DFS Furniture          Retail                      1,226 1.9 
STV               Media                      1,220 1.9 
MTI Wireless Edge        Telecommunications                1,188 1.9 
Brewin Dolphin Holdings     Financial Services                1,129 1.8 
Vertu Motors          Retail                      1,098 1.7 
Bloomsbury Publishing      Media                      1,086 1.7 
Coral Products         Industrial Goods & Services           1,085 1.7 
Finncap Group          Financial Services                1,080 1.7 
Premier Miton Group       Financial Services                1,080 1.7 
Devro              Food, Beverage & Tobacco             1,075 1.7 
MP Evans Group         Food, Beverage & Tobacco             1,050 1.6 
Vistry Group          Media                      1,050 1.6 
Polar Capital Holdings     Financial Services                1,038 1.6 
Redde Northgate         Industrial Goods & Services           1,019 1.6 
Personal Group Holdings     Insurance                    1,002 1.6 
Chesnara            Insurance                    997  1.6 
Kitwave Group          Personal Care, Drugs & Grocery Stores      956  1.5 
Clarke (T.)           Construction & Materials             936  1.5 
Epwin Group           Construction & Materials             910  1.4 
Castings            Industrial Goods & Services           895  1.4 
Severfield           Construction & Materials             895  1.4 
Regional REIT          Real Estate                   878  1.4 
Gattaca             Industrial Goods & Services           848  1.3 
Numis Corporation        Financial Services                843  1.3 
Curtis Banks Group       Financial Services                840  1.3 
Duke Royalty          Financial Services                820  1.3 
iEnergizer           Industrial Goods & Services           816  1.3 
Centaur Media          Media                      808  1.3 
Wilmington Group        Media                      798  1.2 
Marston's            Travel & Leisure                 795  1.2 
TP ICAP             Financial Services                777  1.2 
Ramsdens Holdings        Financial Services                765  1.2 
Smiths News           Industrial Goods & Services           750  1.2 
Tyman              Construction & Materials             747  1.2 
Kier Group           Construction & Materials             746  1.2 
Braemar Shipping Services    Industrial Goods & Services           735  1.2 
Aferian             Telecommunications                729  1.1 
Essentra            Industrial Goods & Services           726  1.1 
Close Brothers Group      Banks                      720  1.1 
Appreciate Group        Financial Services                717  1.1 
Crest Nicholson         Consumer Products and Services          712  1.1 
Bakkavor            Food, Beverage and Tobacco            693  1.1 
Sabre Insurance            Insurance               683   1.1 
Contourglobal             Utilities               682   1.1 
Headlam Group             Consumer Products and Services    681   1.1 
Portmeirion Group           Consumer Products and Services    670   1.0 
Flowtech Fluid Power         Industrial Goods & Services      667   1.0 
Photo-me International        Consumer Products and Services    662   1.0 
Palace Capital            Real Estate              652   1.0 
Orchard Funding Group         Financial Services          650   1.0 
Brown (N) Group            Retail                649   1.0 
Anglo Pacific             Basic Resources            648   1.0 
RTC Group               Industrial Goods & Services      645   1.0 
Babcock International         Industrial Goods & Services      638   1.0 
Hargreaves Services          Industrial Goods & Services      630   1.0 
TheWorks.co.uk            Retail                630   1.0 
Topps Tiles              Retail                630   1.0 
Vector Capital            Financial Services          630   1.0 
RPS Group               Industrial Goods & Services      625   1.0 
Hansard Global            Insurance               618   1.0 
McColl's Retail Group         Personal Care, Drugs & Grocery Stores 585   0.9 
Saga                 Travel & Leisure           546   0.9 
Restaurant Group           Travel & Leisure           530   0.8 
Town Centre Securities        Real Estate              472   0.7 
Revolution Bars Group         Travel & Leisure           450   0.7 
Go-Ahead Group            Travel & Leisure           393   0.6 
Chamberlin              Basic Resources            390   0.6 
Sancus Lending Group         Financial Services          250   0.4 
 
Total Portfolio 
                                      63.888 100.0 
 

Shareholder Information

Financial calendar

Group's year end      30 April 
Quarterly dividends paid  July, October, January and April 
Annual results announced  July 
Annual General Meeting   September 
Group's half year      31 October 
Half-Year results announced November 

Share prices and performance information

The Company's Ordinary (SDV.L) and Zero Dividend Preference shares issued through SDVP (SDVP.L) are

listed on the London Stock Exchange Main Market.

The net asset values are announced daily to the London Stock Exchange and published monthly via the AIC.

Information about the Group can be obtained on the Chelverton website at www.chelvertonam.com. 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 registered number 03749536. The Company has in issue one class of Ordinary share. In addition, it has a wholly owned subsidiary SDV 2025 ZDP PLC, which was registered on 25 October 2017 with number 11031268, through which Zero Dividend Preference shares have been issued.

Ordinary shares of 25p each (SDV.L) - 20,850,000 in issue as at 31 October 2020

The Company has only one class of share and this figure represents 100% of the Company's share capital

and voting rights.

Dividends

Holders of Ordinary shares are entitled to dividends.

Capital

On a winding-up of the Company, Ordinary Shareholders will be entitled to all surplus assets of the Company available after payment of the Company's liabilities including the capital entitlement of the Zero Dividend Preference shares.

Voting

Each holder, on a show of hands, will have one vote and on a poll will have one vote for each Ordinary

share held.

SDV 2025 ZDP PLC ('SDVP')

Ordinary shares of 100p each ( SDVP.L) - 50,000 in issue (partly paid up as to 25p each)

The ordinary shares are wholly owned by the Company. References to Ordinary shares within this Half-

Yearly Report are to the Ordinary shares of Chelverton UK Dividend Trust PLC.

Capital

Following payment of any liabilities and the capital entitlement to the Zero Dividend Preference

Shareholders, ordinary Shareholders are entitled to any surplus assets of SDVP.

Voting

Each holder, on a show of hands, will have one vote and on a poll will have one vote for each ordinary share

held.

Zero Dividend Preference shares of 100p each - 14,500,000 in issue as at 31 October 2020

Dividends

Holders of Zero Dividend Preference shares are not entitled to dividends.

Capital

On a winding up of SDVP, after the satisfaction of prior ranking creditors and subject to sufficient assets being available, Zero Dividend Preference Shareholders are entitled to an amount equal to 100p per share increased daily from 8 January 2018 at such compound rate as will give an entitlement to 133.18 pence per share at 30 April 2025.

Voting

Each holder of Zero Dividend Preference shares on a show of hands will have one vote at meetings where Zero Dividend Preference Shareholders are entitled to vote and on a poll will have one vote for each Zero Dividend Preference share held.

Holders of Zero Dividend Preference shares are not entitled to attend, speak or vote at General Meetings unless the business of the meeting includes a resolution to vary, modify or abrogate the rights attached to the Zero Dividend Preference shares.

Directors and Advisers

Lord Lamont of Lerwick (Chairman) 
          William van Heesewijk 
Directors     Howard Myles 
          Andrew Watkins 
 
          Chelverton Asset Management Limited 
          11 Laura Place 
Investment Manager 
          Bath BA2 4BL 
 
          Maitland Administration Services Limited 
          Hamilton Centre 
Secretary and 
          Rodney Way, Chelmsford 
Registered Office 
          Essex CM1 3BY 
          Tel: 01245 398950 
 
          Share Registrars Limited 
          Molex House 
          Millennium Centre 
          Crosby Way 
Registrar and 
          Farnham 
Transfer Office 
          Surrey GU9 7XX 
          Tel: 01252 821390 
          www.shareregistrars.uk.com 
 
          Hazlewoods LLP 
          Staverton Court 
Auditors      Staverton 
          Cheltenham GL51 0UX 
 
          Shore Capital 
          Cassini House 
Brokers 
          57 St James's Street 
          London SW1A 1LD 
 
          Jarvis Investment Management Limited 
          78 Mount Ephraim 
Custodian     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.:  127677 
EQS News ID:  1252115 
 
End of Announcement EQS News Service 
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(END) Dow Jones Newswires

November 26, 2021 02:00 ET (07:00 GMT)

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