18 December 2012
CHELVERTON GROWTH TRUST PLC
(the "Company")
Result of the Tender Offer
This announcement is made further to the circular to
shareholders issued by the Company on 6
November 2012 concerning the tender offer by Merchant
Securities Limited to purchase up to 10 per cent. of the issued
ordinary shares in the Company (the "Tender Offer"), which was
approved by shareholders at the annual general meeting held on
13 December 2012.
The tender price (which is calculated as being equal to 92.5 per
cent. of the net asset value per share on 14
December 2012; 41.06 pence per
ordinary share) is 37.98 pence per
ordinary share.
Valid applications were received from eligible shareholders,
being shareholders on the register at close of business on
14 December 2012, by the closing date
in respect of a total of 1,188,428 ordinary shares (representing
approximately 10 per cent of the Company's issued ordinary share
capital at the record date). In accordance with the terms and
conditions of the Tender Offer, the Company has accepted in full
all applications made by shareholders up to their 10 per cent basic
entitlement. As certain shareholders did not take up their 10 per
cent basic entitlement, the Company has also accepted, in part,
those shareholders who applied for an amount in excess of their 10
per cent basic entitlement, scaled back on a pro rata basis of 3.92
per cent.
Pursuant to the Tender Offer, 1,188,428 ordinary shares being 10
per cent of the issued ordinary shares will be repurchased and
cancelled with settlement on 14 January
2013. On the same date the Company will cancel 100,000
ordinary shares held in treasury.
As a result of the above, there will be 10,595,855 ordinary
shares of 1p each in issue and circulation. The above figure may be
used from 14 January 2013, by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the Company under the FSA's
Disclosure and Transparency Rules.
Enquires:
William van Heesewijk
Chelverton Asset Management Limited
Tel: 020 7222 8989
www.chelvertonam.com
Virginia Bull
Merchant Securities
Tel: 020 7628 2200
www.merchantsecurities.co.uk