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SMALL COMPANIES DIVIDEND TRUST (SDV)
BAYLIS
- 17 Dec 2013 16:11
ZDP share 8,500,000 , ZDP shares are held in a subsidiary and have a redemption date of 8 January 2018
The Company’s investment manager is Chelverton Asset Management Limited.
skinny
- 15 Dec 2016 07:44
- 44 of 56
Half-year Report
Released 07:00 15-Dec-2016
CHELVERTON SMALL COMPANIES DIVIDEND TRUST PLC
HALF-YEARLY REPORT
For the six months ended 31 October 2016
The full Annual Report and Accounts can be accessed via the Investment Manager's website at www.chelvertonam.com or by contacting the Company Secretary on telephone 01245 398984.
Investment Objective and Policy
The investment objective of Chelverton Small Companies 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 final capital entitlement of the Zero Dividend Preference shares issued by the subsidiary company, Chelverton Small Companies ZDP PLC (‘SCZ’).
Chelverton Small Companies Dividend Trust PLC, incorporated on 3 September 2003 with number 3749536, and its subsidiary Chelverton Small Companies ZDP PLC, incorporated on 13 July 2012 with number 8142169, together form the Group (‘the Group’). The Group’s funds are invested principally in 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.
Interim Management Report
Results
This half-yearly report covers the six months to 31 October 2016. The net asset value per Ordinary share at 31 October 2016 was 205.66p down from 211.95p at 30 April 2016, a decrease of 2.97% in the past six months compared to an increase of 6.13% in the MSCI UK Small Cap Index.
Since the beginning of the Company’s financial year, the Ordinary share price has increased from 190.5p to 191.5p at 31 October 2016, an increase of 0.5%, whilst the discount has decreased from 10.12% to 6.9% over the same period. Since then the share price has increased further to 203p as at 12 December 2016.
Dividend
A first interim dividend of 1.85p (2015: 170p) per Ordinary share was paid on 3 October 2016. The Board has declared a second interim dividend of 1.85p per Ordinary share (2015: 1.70p) payable on 3 January 2017 to shareholders on the register on 9 December 2016, making a total for the half year of 3.70p per Ordinary share (2015: 3.40p) an increase of 8.8%. At present it is anticipated that the Company will maintain this level of dividend for the third quarter and will maintain the same level for the fourth interim as was paid last year making a total normal dividend of 7.95p for the year.
Portfolio
In the last six months we have increased our investment in seventeen of our existing holdings, taking advantage of lower share prices, including Alumasc Group, Belvoir Lettings, Braemar Shipping Services, Brewin Dolphin Holdings, Brown (N) Group, Centaur Media, DX Group, Foxtons Group, Galliford Try, Gattaca, Go-Ahead Group, Huntsworth, Low and Bonar, Martin McColls Retail Group, Regional REIT, RTC Group and St Ives.
During the period we have added three new names to the portfolio, Conviviality – drinks distributor and retailer, Victrex – producer of high performance polymers and Watkin Jones – property development and construction.
Funds were raised from the sale of nine of our holdings, Premier Farnell, Charlemagne Capital, Dee Valley Group and Avesco Group were all taken over in the period and NWF Group, RWS Holdings, Fenner, Ashmore Group and Electrocomponents were sold in their entirety. The following holdings were reduced as they grew to become larger weightings on lower yields, Dairy Crest Group, GVC Holdings, Intermediate Capital Group, KCOM Group and Sanderson Group.
Outlook
Following a strong recovery in the second three months of the period following the “knee-jerk” downward reaction by markets to the outcome of the Referendum vote Small and Mid-Cap companies are now consolidating these gains.
As we expected last year there has been a significant increase in takeover activity in the period. It is pleasing to highlight four takeovers in the portfolio over the past six months which is a considerable increase over any six month period for the past seven years. It is likely that there will be more takeovers in the next period.
The European situation with respect to Brexit, the migrant crisis, the Italian situation, the ongoing problems in Greece and Portugal and the uncertainty from multiple national elections have cast a cloud over European economic performance. UK growth remains solid and it is hoped that growth in the Eurozone will gradually begin to move more positively in the near future.
The dividends of the underlying companies continue be increased in a healthy manner and we believe that this will continue into 2017 with company balance sheets currently in a strong state.
more.....
Released 07:00 15-Dec-2016
CHELVERTON SMALL COMPANIES DIVIDEND TRUST PLC
HALF-YEARLY REPORT
For the six months ended 31 October 2016
The full Annual Report and Accounts can be accessed via the Investment Manager's website at www.chelvertonam.com or by contacting the Company Secretary on telephone 01245 398984.
Investment Objective and Policy
The investment objective of Chelverton Small Companies 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 final capital entitlement of the Zero Dividend Preference shares issued by the subsidiary company, Chelverton Small Companies ZDP PLC (‘SCZ’).
Chelverton Small Companies Dividend Trust PLC, incorporated on 3 September 2003 with number 3749536, and its subsidiary Chelverton Small Companies ZDP PLC, incorporated on 13 July 2012 with number 8142169, together form the Group (‘the Group’). The Group’s funds are invested principally in 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.
Interim Management Report
Results
This half-yearly report covers the six months to 31 October 2016. The net asset value per Ordinary share at 31 October 2016 was 205.66p down from 211.95p at 30 April 2016, a decrease of 2.97% in the past six months compared to an increase of 6.13% in the MSCI UK Small Cap Index.
Since the beginning of the Company’s financial year, the Ordinary share price has increased from 190.5p to 191.5p at 31 October 2016, an increase of 0.5%, whilst the discount has decreased from 10.12% to 6.9% over the same period. Since then the share price has increased further to 203p as at 12 December 2016.
Dividend
A first interim dividend of 1.85p (2015: 170p) per Ordinary share was paid on 3 October 2016. The Board has declared a second interim dividend of 1.85p per Ordinary share (2015: 1.70p) payable on 3 January 2017 to shareholders on the register on 9 December 2016, making a total for the half year of 3.70p per Ordinary share (2015: 3.40p) an increase of 8.8%. At present it is anticipated that the Company will maintain this level of dividend for the third quarter and will maintain the same level for the fourth interim as was paid last year making a total normal dividend of 7.95p for the year.
Portfolio
In the last six months we have increased our investment in seventeen of our existing holdings, taking advantage of lower share prices, including Alumasc Group, Belvoir Lettings, Braemar Shipping Services, Brewin Dolphin Holdings, Brown (N) Group, Centaur Media, DX Group, Foxtons Group, Galliford Try, Gattaca, Go-Ahead Group, Huntsworth, Low and Bonar, Martin McColls Retail Group, Regional REIT, RTC Group and St Ives.
During the period we have added three new names to the portfolio, Conviviality – drinks distributor and retailer, Victrex – producer of high performance polymers and Watkin Jones – property development and construction.
Funds were raised from the sale of nine of our holdings, Premier Farnell, Charlemagne Capital, Dee Valley Group and Avesco Group were all taken over in the period and NWF Group, RWS Holdings, Fenner, Ashmore Group and Electrocomponents were sold in their entirety. The following holdings were reduced as they grew to become larger weightings on lower yields, Dairy Crest Group, GVC Holdings, Intermediate Capital Group, KCOM Group and Sanderson Group.
Outlook
Following a strong recovery in the second three months of the period following the “knee-jerk” downward reaction by markets to the outcome of the Referendum vote Small and Mid-Cap companies are now consolidating these gains.
As we expected last year there has been a significant increase in takeover activity in the period. It is pleasing to highlight four takeovers in the portfolio over the past six months which is a considerable increase over any six month period for the past seven years. It is likely that there will be more takeovers in the next period.
The European situation with respect to Brexit, the migrant crisis, the Italian situation, the ongoing problems in Greece and Portugal and the uncertainty from multiple national elections have cast a cloud over European economic performance. UK growth remains solid and it is hoped that growth in the Eurozone will gradually begin to move more positively in the near future.
The dividends of the underlying companies continue be increased in a healthy manner and we believe that this will continue into 2017 with company balance sheets currently in a strong state.
more.....
skinny
- 21 Dec 2016 11:20
- 45 of 56
Net Asset Value(s)
Chelverton Small Companies Dividend Trust PLC
The Company announces:
Total Assets (including unaudited revenue reserves at 16/12/2016) of £46.68m
Net Assets (including unaudited revenue reserves at 16/12/2016) of £35.76m
The Net Asset Value (NAV) at 16/12/2016 was:
Number of shares in issue:
Per Ordinary share (bid price) - including unaudited current period revenue* 216.04p 16,550,000
Per Ordinary share (bid price) - excluding current period revenue* 211.49p
Ordinary share price 208.00p
Discount to NAV (3.72)%
Ordinary shares have an undated life
ZDP share 128.50p 8,500,000
ZDP share price 134.50p
Premium to NAV 4.67%
ZDP shares are held in a subsidiary and have a redemption date of 08/01/2018
*Current period revenue covers the period 01/05/2016 to 16/12/2016
Name of company % of portfolio
1 Games Workshop Group Plc Ordinary 5p 2.92
2 Belvoir Lettings Plc Ordinary 2.63
3 Coral Products Plc Ordinary 1p 2.55
4 McColl's Retail Group Plc Ordinary 0.1p 2.42
5 Amino Technologies Plc GBp 1 2.31
6 Galliford Try Plc Ordinary 50p 2.29
7 Connect Group Plc Ordinary 5p 2.22
8 Kier Group PLC Ordinary 1p 2.17
9 Moss Bros Group Plc Ordinary 5p 2.13
10 Mucklow (A&J) Group Plc REIT 25p 2.08
11 Alumasc Group (The) Plc Ordinary 12.5p 2.07
12 Curtis Banks Group Plc GBp0.5 2.07
13 Brown (N) Group Ordinary 11.052p 1.96
14 Shoe Zone (Holdings) Limited Ordinary 1p 1.96
15 Marston's Plc Ordinary 7.375p 1.94
16 Numis Corporation Plc Ordinary 5p 1.88
17 Jarvis Securities Plc Ordinary 1p 1.86
18 GLI Finance Ltd 1.77
19 Photo-Me International Plc Ordinary 0.5p 1.76
20 Park Group Plc Ordinary 2p 1.76
Chelverton Small Companies Dividend Trust PLC
The Company announces:
Total Assets (including unaudited revenue reserves at 16/12/2016) of £46.68m
Net Assets (including unaudited revenue reserves at 16/12/2016) of £35.76m
The Net Asset Value (NAV) at 16/12/2016 was:
Number of shares in issue:
Per Ordinary share (bid price) - including unaudited current period revenue* 216.04p 16,550,000
Per Ordinary share (bid price) - excluding current period revenue* 211.49p
Ordinary share price 208.00p
Discount to NAV (3.72)%
Ordinary shares have an undated life
ZDP share 128.50p 8,500,000
ZDP share price 134.50p
Premium to NAV 4.67%
ZDP shares are held in a subsidiary and have a redemption date of 08/01/2018
*Current period revenue covers the period 01/05/2016 to 16/12/2016
Name of company % of portfolio
1 Games Workshop Group Plc Ordinary 5p 2.92
2 Belvoir Lettings Plc Ordinary 2.63
3 Coral Products Plc Ordinary 1p 2.55
4 McColl's Retail Group Plc Ordinary 0.1p 2.42
5 Amino Technologies Plc GBp 1 2.31
6 Galliford Try Plc Ordinary 50p 2.29
7 Connect Group Plc Ordinary 5p 2.22
8 Kier Group PLC Ordinary 1p 2.17
9 Moss Bros Group Plc Ordinary 5p 2.13
10 Mucklow (A&J) Group Plc REIT 25p 2.08
11 Alumasc Group (The) Plc Ordinary 12.5p 2.07
12 Curtis Banks Group Plc GBp0.5 2.07
13 Brown (N) Group Ordinary 11.052p 1.96
14 Shoe Zone (Holdings) Limited Ordinary 1p 1.96
15 Marston's Plc Ordinary 7.375p 1.94
16 Numis Corporation Plc Ordinary 5p 1.88
17 Jarvis Securities Plc Ordinary 1p 1.86
18 GLI Finance Ltd 1.77
19 Photo-Me International Plc Ordinary 0.5p 1.76
20 Park Group Plc Ordinary 2p 1.76
BAYLIS
- 13 Jan 2017 21:58
- 46 of 56
STILL NICE
skinny
- 06 Feb 2017 17:16
- 47 of 56
Net Asset Value(s)
Released 10:00 06-Feb-2017
Chelverton Small Companies Dividend Trust PLC
The Company announces:
Total Assets (including unaudited revenue reserves at 31/01/2017) of £48.48m
Net Assets (including unaudited revenue reserves at 31/01/2017) of £37.47m
The Net Asset Value (NAV) at 31/01/2017 was:
Number of shares in issue:
Per Ordinary share (bid price) - including unaudited current period revenue* 226.43p 16,550,000
Per Ordinary share (bid price) - excluding current period revenue* 221p
Ordinary share price 208.75p
Discount to NAV (7.81)%
Ordinary shares have an undated life
ZDP share 129.44p 8,500,000
ZDP share price 134.50p
Premium to NAV 3.91%
ZDP shares are held in a subsidiary and have a redemption date of 08/01/2018
Name of company % of portfolio
1 Games Workshop Group Plc Ordinary 5p 3.50
2 Belvoir Lettings Plc Ordinary 2.75
3 Amino Technologies Plc GBp 1 2.29
4 Galliford Try Plc Ordinary 50p 2.29
5 McColl's Retail Group Plc Ordinary 0.1p 2.23
6 Alumasc Group (The) Plc Ordinary 12.5p 2.21
7 Curtis Banks Group Plc GBp0.5 2.20
8 Moss Bros Group Plc Ordinary 5p 2.10
9 Connect Group Plc Ordinary 5p 2.05
9 Kier Group PLC Ordinary 1p 2.05
11 Polar Capital Holdings Plc GBp 2.5 1.98
12 Marston's Plc Ordinary 7.375p 1.96
13 GLI Finance Ltd 1.95
14 Mucklow (A&J) Group Plc REIT 25p 1.95
15 Jarvis Securities Plc Ordinary 1p 1.93
15 Numis Corporation Plc Ordinary 5p 1.93
17 Shoe Zone (Holdings) Limited Ordinary 1p 1.91
18 Park Group Plc Ordinary 2p 1.89
19 Brown (N) Group Ordinary 11.052p 1.86
20 Gattaca Plc Common GBp1 1.85
CLOSE
Released 10:00 06-Feb-2017
Chelverton Small Companies Dividend Trust PLC
The Company announces:
Total Assets (including unaudited revenue reserves at 31/01/2017) of £48.48m
Net Assets (including unaudited revenue reserves at 31/01/2017) of £37.47m
The Net Asset Value (NAV) at 31/01/2017 was:
Number of shares in issue:
Per Ordinary share (bid price) - including unaudited current period revenue* 226.43p 16,550,000
Per Ordinary share (bid price) - excluding current period revenue* 221p
Ordinary share price 208.75p
Discount to NAV (7.81)%
Ordinary shares have an undated life
ZDP share 129.44p 8,500,000
ZDP share price 134.50p
Premium to NAV 3.91%
ZDP shares are held in a subsidiary and have a redemption date of 08/01/2018
Name of company % of portfolio
1 Games Workshop Group Plc Ordinary 5p 3.50
2 Belvoir Lettings Plc Ordinary 2.75
3 Amino Technologies Plc GBp 1 2.29
4 Galliford Try Plc Ordinary 50p 2.29
5 McColl's Retail Group Plc Ordinary 0.1p 2.23
6 Alumasc Group (The) Plc Ordinary 12.5p 2.21
7 Curtis Banks Group Plc GBp0.5 2.20
8 Moss Bros Group Plc Ordinary 5p 2.10
9 Connect Group Plc Ordinary 5p 2.05
9 Kier Group PLC Ordinary 1p 2.05
11 Polar Capital Holdings Plc GBp 2.5 1.98
12 Marston's Plc Ordinary 7.375p 1.96
13 GLI Finance Ltd 1.95
14 Mucklow (A&J) Group Plc REIT 25p 1.95
15 Jarvis Securities Plc Ordinary 1p 1.93
15 Numis Corporation Plc Ordinary 5p 1.93
17 Shoe Zone (Holdings) Limited Ordinary 1p 1.91
18 Park Group Plc Ordinary 2p 1.89
19 Brown (N) Group Ordinary 11.052p 1.86
20 Gattaca Plc Common GBp1 1.85
CLOSE
BAYLIS
- 13 Feb 2017 22:13
- 48 of 56
still in
skinny
- 22 Feb 2017 11:39
- 49 of 56
Chelverton Small Companies Dividend Trust PLC
The Company announces:
Total Assets (including unaudited revenue reserves at 17/02/2017) of £49.12m
Net Assets (including unaudited revenue reserves at 17/02/2017) of £38.08m
The Net Asset Value (NAV) at 17/02/2017 was:
Number of shares in issue:
Per Ordinary share (bid price) - including unaudited current period revenue* 230.11p 16,550,000
Per Ordinary share (bid price) - excluding current period revenue* 224.47p
Ordinary share price 222.50p
Discount to NAV (3.31)%
Ordinary shares have an undated life
ZDP share 129.79p 8,500,000
ZDP share price 134.00p
Premium to NAV 3.24%
ZDP shares are held in a subsidiary and have a redemption date of 08/01/2018
*Current period revenue covers the period 01/05/2016 to 17/02/2017
Name of company % of portfolio
1 Games Workshop Group Plc Ordinary 5p 3.53
2 Belvoir Lettings Plc Ordinary 2.53
3 Galliford Try Plc Ordinary 50p 2.37
4 Amino Technologies Plc GBp 1 2.35
5 McColl's Retail Group Plc Ordinary 0.1p 2.24
6 Curtis Banks Group Plc GBp0.5 2.23
7 Alumasc Group (The) Plc Ordinary 12.5p 2.17
8 Kier Group PLC Ordinary 1p 2.09
9 Moss Bros Group Plc Ordinary 5p 2.05
10 Connect Group Plc Ordinary 5p 2.04
11 Jarvis Securities Plc Ordinary 1p 2.04
12 Mucklow (A&J) Group Plc REIT 25p 1.98
13 Numis Corporation Plc Ordinary 5p 1.92
14 Marston's Plc Ordinary 7.375p 1.91
15 Shoe Zone (Holdings) Limited Ordinary 1p 1.91
16 Polar Capital Holdings Plc GBp 2.5 1.84
17 Brown (N) Group Ordinary 11.052p 1.82
17 Park Group Plc Ordinary 2p 1.82
19 Gattaca Plc Common GBp1 1.80
20 Photo-Me International Plc Ordinary 0.5p 1.79
skinny
- 02 May 2017 11:01
- 50 of 56
A new high @235.50p
skinny
- 09 May 2017 16:54
- 51 of 56
Net Asset Value(s)
The Company announces:
Total Assets (including unaudited revenue reserves at 05/05/2017) of £54.53m
Net Assets (including unaudited revenue reserves at 05/05/2017) of £42.24m
The Net Asset Value (NAV) at 05/05/2017 was:
Number of shares in issue: 16,800,000
Per Ordinary share (bid price) - including unauditedcurrent period revenue* 251.45p
Per Ordinary share (bid price) - excluding current period revenue* 244.71p
Ordinary share price 235.00p
Premium / (Discount) to NAV (6.54)%
Ordinary shares have an undated life
ZDP share 131.40p 9,349,000
ZDP share price 136.25p
Premium to NAV 3.69%
ZDP shares are held in a subsidiary and have a redemption date of 08/01/2018
*Current period revenue covers the period 01/05/2016 to 05/05/2017
Name of company % of portfolio
1 Curtis Banks Group Plc GBp0.5 2.37
2 StatPro Group Plc Ordinary 1p 2.31
3 Amino Technologies Plc GBp 1 2.29
4 Games Workshop Group Plc Ordinary 5p 2.25
5 Belvoir Lettings Plc Ordinary 2.20
6 McColl's Retail Group Plc Ordinary 0.1p 2.16
7 Acal Plc Ordinary 5p 2.12
8 Gattaca Plc Common GBp1 2.05
9 Alumasc Group (The) Plc Ordinary 12.5p 2.04
10 Braemar Shipping Services Plc GBp 10 2.01
11 Brown (N) Group Ordinary 11.052p 1.94
12 Connect Group Plc Ordinary 5p 1.91
13 Moss Bros Group Plc Ordinary 5p 1.90
14 Jarvis Securities Plc Ordinary 1p 1.87
15 Marston's Plc Ordinary 7.375p 1.85
16 Polar Capital Holdings Plc GBp 2.5 1.80
17 Galliford Try Plc Ordinary 50p 1.79
18 Numis Corporation Plc Ordinary 5p 1.78
19 Mucklow (A&J) Group Plc REIT 25p 1.76
20 Diversified Gas & Oil Plc Ordinary 1p 1.75
The Company announces:
Total Assets (including unaudited revenue reserves at 05/05/2017) of £54.53m
Net Assets (including unaudited revenue reserves at 05/05/2017) of £42.24m
The Net Asset Value (NAV) at 05/05/2017 was:
Number of shares in issue: 16,800,000
Per Ordinary share (bid price) - including unauditedcurrent period revenue* 251.45p
Per Ordinary share (bid price) - excluding current period revenue* 244.71p
Ordinary share price 235.00p
Premium / (Discount) to NAV (6.54)%
Ordinary shares have an undated life
ZDP share 131.40p 9,349,000
ZDP share price 136.25p
Premium to NAV 3.69%
ZDP shares are held in a subsidiary and have a redemption date of 08/01/2018
*Current period revenue covers the period 01/05/2016 to 05/05/2017
Name of company % of portfolio
1 Curtis Banks Group Plc GBp0.5 2.37
2 StatPro Group Plc Ordinary 1p 2.31
3 Amino Technologies Plc GBp 1 2.29
4 Games Workshop Group Plc Ordinary 5p 2.25
5 Belvoir Lettings Plc Ordinary 2.20
6 McColl's Retail Group Plc Ordinary 0.1p 2.16
7 Acal Plc Ordinary 5p 2.12
8 Gattaca Plc Common GBp1 2.05
9 Alumasc Group (The) Plc Ordinary 12.5p 2.04
10 Braemar Shipping Services Plc GBp 10 2.01
11 Brown (N) Group Ordinary 11.052p 1.94
12 Connect Group Plc Ordinary 5p 1.91
13 Moss Bros Group Plc Ordinary 5p 1.90
14 Jarvis Securities Plc Ordinary 1p 1.87
15 Marston's Plc Ordinary 7.375p 1.85
16 Polar Capital Holdings Plc GBp 2.5 1.80
17 Galliford Try Plc Ordinary 50p 1.79
18 Numis Corporation Plc Ordinary 5p 1.78
19 Mucklow (A&J) Group Plc REIT 25p 1.76
20 Diversified Gas & Oil Plc Ordinary 1p 1.75
skinny
- 12 May 2017 14:20
- 52 of 56
Another new high @256.50p
skinny
- 01 Nov 2017 14:57
- 53 of 56
Net Asset Value(s) Released 14:37 01-Nov-2017
The Company announces:
Total Assets (including unaudited revenue reserves at 31/10/2017) of £60.08m
Net Assets (including unaudited revenue reserves at 31/10/2017) of £47.43m
The Net Asset Value (NAV) at 31/10/2017 was:
Number of shares in issue:
Per Ordinary share (bid price) - including unaudited current period revenue* 266.84p 17,775,000
Per Ordinary share (bid price) - excluding current period revenue* 262.52p
Ordinary share price 266.50p
Premium / (Discount) to NAV (0.13)%
Ordinary shares have an undated life
ZDP share 135.30p 9,349,000
ZDP share price 137.00p
Premium to NAV 1.25%
ZDP shares are held in a subsidiary and have a redemption date of 08/01/2018
*Current period revenue covers the period 01/05/2016 to 31/10/2017
Name of company % of portfolio
1 Diversified Gas & Oil Plc Ordinary 1p 2.78
2 McColl's Retail Group Plc Ordinary 0.1p 2.39
3 Jarvis Securities Plc Ordinary 1p 2.35
4 StatPro Group Plc Ordinary 1p 2.29
5 Acal Plc Ordinary 5p 2.12
6 Belvoir Lettings Plc Ordinary 2.11
7 Alumasc Group (The) Plc Ordinary 12.5p 2.06
8 Gattaca Plc Common GBp1 2.04
9 Galliford Try Plc Ordinary 50p 2.04
10 Personal Group Holdings Plc Ordinary 5p 2.03
11 Connect Group Plc Ordinary 5p 1.84
12 Amino Technologies Plc GBp 1 1.83
13 Braemar Shipping Services Plc GBp 10 1.80
14 Numis Corporation Plc Ordinary 5p 1.79
15 Curtis Banks Group Plc GBp0.5 1.78
16 Marston's Plc Ordinary 7.375p 1.78
17 Ramsdens Holdings Plc Ordinary 1.78
18 Brown (N) Group Ordinary 11.052p 1.76
19 De La Rue Plc Ordinary 44.868p 1.75
20 Mucklow (A&J) Group Plc REIT 25p 1.64
more.....
The Company announces:
Total Assets (including unaudited revenue reserves at 31/10/2017) of £60.08m
Net Assets (including unaudited revenue reserves at 31/10/2017) of £47.43m
The Net Asset Value (NAV) at 31/10/2017 was:
Number of shares in issue:
Per Ordinary share (bid price) - including unaudited current period revenue* 266.84p 17,775,000
Per Ordinary share (bid price) - excluding current period revenue* 262.52p
Ordinary share price 266.50p
Premium / (Discount) to NAV (0.13)%
Ordinary shares have an undated life
ZDP share 135.30p 9,349,000
ZDP share price 137.00p
Premium to NAV 1.25%
ZDP shares are held in a subsidiary and have a redemption date of 08/01/2018
*Current period revenue covers the period 01/05/2016 to 31/10/2017
Name of company % of portfolio
1 Diversified Gas & Oil Plc Ordinary 1p 2.78
2 McColl's Retail Group Plc Ordinary 0.1p 2.39
3 Jarvis Securities Plc Ordinary 1p 2.35
4 StatPro Group Plc Ordinary 1p 2.29
5 Acal Plc Ordinary 5p 2.12
6 Belvoir Lettings Plc Ordinary 2.11
7 Alumasc Group (The) Plc Ordinary 12.5p 2.06
8 Gattaca Plc Common GBp1 2.04
9 Galliford Try Plc Ordinary 50p 2.04
10 Personal Group Holdings Plc Ordinary 5p 2.03
11 Connect Group Plc Ordinary 5p 1.84
12 Amino Technologies Plc GBp 1 1.83
13 Braemar Shipping Services Plc GBp 10 1.80
14 Numis Corporation Plc Ordinary 5p 1.79
15 Curtis Banks Group Plc GBp0.5 1.78
16 Marston's Plc Ordinary 7.375p 1.78
17 Ramsdens Holdings Plc Ordinary 1.78
18 Brown (N) Group Ordinary 11.052p 1.76
19 De La Rue Plc Ordinary 44.868p 1.75
20 Mucklow (A&J) Group Plc REIT 25p 1.64
more.....
skinny
- 06 Nov 2017 07:57
- 54 of 56
Potential Capital Raise
As previously announced by the Board on 13 January 2017, the Directors have been considering the options for a refinancing of the Zero Dividend Preference shares, which are due for final repayment on 8 January 2018. In light of the Company’s strong and sustained track record as well as the availability of attractive investments, the Board believes that it is an appropriate point to seek to increase the size of the Company and raise additional capital. Accordingly, the Company is proposing an issue of C shares through a placing, intermediaries offer and offer for subscription of C Shares as well as an issue and placing of new ZDP Shares in connection with recommended proposals for the reconstruction and winding-up of Existing ZDP Co (collectively, the “Issue”).
The Company is seeking to raise up to £75 million new Ordinary shares, subject to market conditions and there being sufficient investor appetite for the C shares on agreeable terms. In addition, the Company will seek to issue c. £30 million of new ZDPs, on a term of 7.3 years with a gross redemption yield of 4.00 per cent. with an initial target cover ratio of circa 3.7x, subject to the level of rollover elections received. The existing investment objective and policy will remain unchanged and the Company intends to use the Net Proceeds of the Issue to add to existing holdings and to make new investments.
The Company will provide a further update in due course, as appropriate.
As previously announced by the Board on 13 January 2017, the Directors have been considering the options for a refinancing of the Zero Dividend Preference shares, which are due for final repayment on 8 January 2018. In light of the Company’s strong and sustained track record as well as the availability of attractive investments, the Board believes that it is an appropriate point to seek to increase the size of the Company and raise additional capital. Accordingly, the Company is proposing an issue of C shares through a placing, intermediaries offer and offer for subscription of C Shares as well as an issue and placing of new ZDP Shares in connection with recommended proposals for the reconstruction and winding-up of Existing ZDP Co (collectively, the “Issue”).
The Company is seeking to raise up to £75 million new Ordinary shares, subject to market conditions and there being sufficient investor appetite for the C shares on agreeable terms. In addition, the Company will seek to issue c. £30 million of new ZDPs, on a term of 7.3 years with a gross redemption yield of 4.00 per cent. with an initial target cover ratio of circa 3.7x, subject to the level of rollover elections received. The existing investment objective and policy will remain unchanged and the Company intends to use the Net Proceeds of the Issue to add to existing holdings and to make new investments.
The Company will provide a further update in due course, as appropriate.
skinny
- 27 Nov 2017 07:49
- 55 of 56
Publication of a Prospectus
Placing, Intermediaries Offer and Offer for Subscription of C Shares
and
Issue of ZDP Shares in connection with the recommended proposals for the reconstruction and winding-up of Chelverton Small Companies ZDP PLC and Placing of ZDP Shares
and
Placing Programme of Ordinary Shares and ZDP Shares
Publication of a Prospectus
Further to the announcement on 6 November 2017, the Company announces that it has published a prospectus (the "Prospectus") in relation to:
· an offer of C Shares comprising a maximum of 75 million C Shares to be issued at the Issue Price of 100 pence per share through a placing (the "Placing"), Intermediaries Offer and Offer for Subscription (together, the "Issue");
· an issue of up to approximately 30 million ZDP Shares pursuant to a rollover offer ("Rollover") and ZDP Placing ("ZDP Placing") which will involve the liquidation of Existing ZDPCo and issuance of new 2025 ZDP Shares ("ZDP Shares") by SDV 2025 ZDP PLC ("2025 ZDPCo") (together, the "ZDP Issue"), a wholly owned subsidiary of the Company (the "Scheme"). 2025 ZDPCo will issue ZDP Shares at the ZDP Issue Price of 100 pence per ZDP Share; and
· a Placing Programme of up to 30 million Ordinary Shares (the "Placing Programme") and 7.5 million ZDP Shares (the "ZDP Placing Programme").
The ZDP Shares will have a life of 7.3 years and will have a Final Capital Entitlement of 133.18 pence per ZDP Share on 30 April 2025, equivalent to a gross redemption yield of 4 per cent with an initial target cover ratio of circa 3.75x, subject to the level of take up of the Issue and rollover elections received pursuant to the Scheme.
The C Shares will convert into Ordinary Shares on the basis of the Conversion Ratio calculated at the Calculation Date. Details of the terms and timing of conversion can be found in the Prospectus. The existing investment objective and policy will remain unchanged and the Company intends to use the Net Proceeds of the Issue to add to existing holdings and to make new investments.
The Company has also published a circular (the "Company Circular") today convening a General Meeting to propose resolutions to grant the directors the power to allot the C Shares pursuant the Issue, disapply existing statutory rights of pre-emption in relation to the Issue and Placing Programme, grant the power to allot New Ordinary Shares pursuant to the Placing Programme, approve amendment to the Existing Articles, grant the Directors the power to allot Ordinary Shares, and renewal of the authority granted to the Company to buy back its Ordinary Shares in the market.
Existing ZDPCo has published a circular ("Existing ZDPCo Circular") today convening general meetings of Existing ZDPCo to approve the Scheme and to place Existing ZDPCo into members' voluntary liquidation.
The Company will provide a further update in due course, as appropriate.
Publication of documents
The Prospectus and Circulars will shortly be available for inspection at the National Storage Mechanism (http://www.morningstar.co.uk/uk/nsm), and also on the Company's website (http://chelvertonam.com/fund/small-companies-dividend-trust-plc), subject to applicable securities laws, and are available for viewing at the Company's registered office at Springfield Lodge, Colchester Road, Springfield, Chelmsford, CM2 5PW.
Expected timetable
General Meeting of the Company
9.00 a.m. on 12 December 2017
First General meeting of Existing ZDPCo
9.15 a.m. on 12 December 2017
Latest time and date for commitments under the Placing
12.00 p.m. on 15 December 2017
Announcement of the result of ZDP Shares to be issued pursuant to the Scheme
8.00 a.m. on 19 December 2017
Latest time and date for receipt of completed applications from Intermediaries in respect of the Intermediaries Offer
11.00 a.m. on 21 December 2017
Latest time and date for receipt of completed Application Forms in respect of the Offer for Subscription
11.00 a.m. on 21 December 2017
Announcement of the results of the Placing, Intermediaries Offer and Offer for Subscription and the number of C Shares to be issued
8.00 a.m. on 22 December 2017
Announcement of the number of ZDP Shares to be issued pursuant to the ZDP Placing
8.00am on 5 January 2017
Effective Date for the Scheme
8 January 2018
Initial Admission and Initial ZDP Admission and dealings in C Shares and ZDP Shares issued in uncertificated form commence
8.00am on 8 January 2018
CREST accounts credited with uncertificated C Shares and uncertificated ZDP Shares
8 January 2018
Definitive share certificates in respect of C Shares and ZDP Shares dispatched by post in the week commencing
15 January 2018
Placing Programme and ZDP Placing Programme opens
9 January 2018
Latest date for issuing Ordinary Shares and ZDP shares under the Placing Programme and the ZDP Placing Programme respectively
23 November 2018
(i) All times and/or dates in the Expected Timetable set out above and in the Prospectus generally may be subject to adjustment
(ii) Any changes to the Expected Timetable set out above will be notified by the Company through a Regulatory Information Service.
(iii) All references to times above and in the Prospectus are to London time.
Placing, Intermediaries Offer and Offer for Subscription of C Shares
and
Issue of ZDP Shares in connection with the recommended proposals for the reconstruction and winding-up of Chelverton Small Companies ZDP PLC and Placing of ZDP Shares
and
Placing Programme of Ordinary Shares and ZDP Shares
Publication of a Prospectus
Further to the announcement on 6 November 2017, the Company announces that it has published a prospectus (the "Prospectus") in relation to:
· an offer of C Shares comprising a maximum of 75 million C Shares to be issued at the Issue Price of 100 pence per share through a placing (the "Placing"), Intermediaries Offer and Offer for Subscription (together, the "Issue");
· an issue of up to approximately 30 million ZDP Shares pursuant to a rollover offer ("Rollover") and ZDP Placing ("ZDP Placing") which will involve the liquidation of Existing ZDPCo and issuance of new 2025 ZDP Shares ("ZDP Shares") by SDV 2025 ZDP PLC ("2025 ZDPCo") (together, the "ZDP Issue"), a wholly owned subsidiary of the Company (the "Scheme"). 2025 ZDPCo will issue ZDP Shares at the ZDP Issue Price of 100 pence per ZDP Share; and
· a Placing Programme of up to 30 million Ordinary Shares (the "Placing Programme") and 7.5 million ZDP Shares (the "ZDP Placing Programme").
The ZDP Shares will have a life of 7.3 years and will have a Final Capital Entitlement of 133.18 pence per ZDP Share on 30 April 2025, equivalent to a gross redemption yield of 4 per cent with an initial target cover ratio of circa 3.75x, subject to the level of take up of the Issue and rollover elections received pursuant to the Scheme.
The C Shares will convert into Ordinary Shares on the basis of the Conversion Ratio calculated at the Calculation Date. Details of the terms and timing of conversion can be found in the Prospectus. The existing investment objective and policy will remain unchanged and the Company intends to use the Net Proceeds of the Issue to add to existing holdings and to make new investments.
The Company has also published a circular (the "Company Circular") today convening a General Meeting to propose resolutions to grant the directors the power to allot the C Shares pursuant the Issue, disapply existing statutory rights of pre-emption in relation to the Issue and Placing Programme, grant the power to allot New Ordinary Shares pursuant to the Placing Programme, approve amendment to the Existing Articles, grant the Directors the power to allot Ordinary Shares, and renewal of the authority granted to the Company to buy back its Ordinary Shares in the market.
Existing ZDPCo has published a circular ("Existing ZDPCo Circular") today convening general meetings of Existing ZDPCo to approve the Scheme and to place Existing ZDPCo into members' voluntary liquidation.
The Company will provide a further update in due course, as appropriate.
Publication of documents
The Prospectus and Circulars will shortly be available for inspection at the National Storage Mechanism (http://www.morningstar.co.uk/uk/nsm), and also on the Company's website (http://chelvertonam.com/fund/small-companies-dividend-trust-plc), subject to applicable securities laws, and are available for viewing at the Company's registered office at Springfield Lodge, Colchester Road, Springfield, Chelmsford, CM2 5PW.
Expected timetable
General Meeting of the Company
9.00 a.m. on 12 December 2017
First General meeting of Existing ZDPCo
9.15 a.m. on 12 December 2017
Latest time and date for commitments under the Placing
12.00 p.m. on 15 December 2017
Announcement of the result of ZDP Shares to be issued pursuant to the Scheme
8.00 a.m. on 19 December 2017
Latest time and date for receipt of completed applications from Intermediaries in respect of the Intermediaries Offer
11.00 a.m. on 21 December 2017
Latest time and date for receipt of completed Application Forms in respect of the Offer for Subscription
11.00 a.m. on 21 December 2017
Announcement of the results of the Placing, Intermediaries Offer and Offer for Subscription and the number of C Shares to be issued
8.00 a.m. on 22 December 2017
Announcement of the number of ZDP Shares to be issued pursuant to the ZDP Placing
8.00am on 5 January 2017
Effective Date for the Scheme
8 January 2018
Initial Admission and Initial ZDP Admission and dealings in C Shares and ZDP Shares issued in uncertificated form commence
8.00am on 8 January 2018
CREST accounts credited with uncertificated C Shares and uncertificated ZDP Shares
8 January 2018
Definitive share certificates in respect of C Shares and ZDP Shares dispatched by post in the week commencing
15 January 2018
Placing Programme and ZDP Placing Programme opens
9 January 2018
Latest date for issuing Ordinary Shares and ZDP shares under the Placing Programme and the ZDP Placing Programme respectively
23 November 2018
(i) All times and/or dates in the Expected Timetable set out above and in the Prospectus generally may be subject to adjustment
(ii) Any changes to the Expected Timetable set out above will be notified by the Company through a Regulatory Information Service.
(iii) All references to times above and in the Prospectus are to London time.
skinny
- 08 Jan 2019 11:39
- 56 of 56
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