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.

A new high @235.50p

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

Another new high @256.50p

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.....

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.

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.