TIDMSDV
CHELVERTON SMALL COMPANIES DIVID TRUST PLC
Half-Yearly Report for the six months ended 31 October 2017
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, and its subsidiary Chelverton
Small Companies ZDP PLC, 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. On 25
October 2017, a new wholly owned subsidiary, SDV 2025 ZDP PLC, was incorporated
with company number 11031268.
Financial Highlights
31 October 30 April
Capital 2017 2017 %
change
Total net assets (GBP'000) 47,431 41,724 13.68
Net asset value per Ordinary share 266.84p 248.35p 7.44
Mid-market price per Ordinary share 266.50p 230.00p 15.87
Discount 0.13% 7.39%
Net asset value per Zero Dividend 135.30p 131.65p 2.77
Preference share
Mid-market price per Zero Dividend 137.00p 136.00p 0.74
Preference share
Premium 1.25% 3.30%
Six months to Six months
to
31 October 31 October
Revenue 2017 2016 %
change
Earnings per Ordinary share 6.37p 6.67p (4.50)
Dividend per Ordinary share* 4.04p 3.70p 9.19
Total Return
Total return on Group's net assets** 16.27% (0.21)%
* Dividend per Ordinary share includes the first interim paid and second
interim declared for the period to 31 October 2017 and 2016 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
Results
This half-yearly report covers the six months to 31 October 2017. The net asset
value per Ordinary share at 31 October 2017 was 266.84p up from 248.35p at 30
April 2017, an increase of 7.44% in the past six months compared to an increase
of 7.4% in the MSCI Small Cap Index.
Since the beginning of the Company's financial year, the Ordinary share price
has increased from 230p to 266.5p at 31 October 2017, an increase of 15.87%,
whilst the discount of 7.4% at the year-end has been almost eliminated with the
shares traded at a negligible discount of 0.13% at the period end. Since then
the share price has increased to 269.5p as at 10 November 2017.
Dividend
A first interim dividend of 2.02p (2016: 1.85p) per Ordinary share was paid on
2 October 2017. The Board has declared a second interim dividend of 2.02p per
Ordinary share (2016: 1.85p) payable on 2 January 2017 to shareholders on the
register on 8 December 2017, making a total for the half year of 4.04p per
Ordinary share (2016: 3.70p) an increase of 9.2%. At present it is anticipated
that the Company will maintain this level of dividend for the third quarter and
will likewise maintain the same level for the fourth interim of 2.40p as was
paid last year making a total normal dividend of 8.46p 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 and shares being
available, including Alumasc Group, Bloomsbury Publishing, Castings, Connect
Group, DFS Furniture, Diversified Gas & Oil, Epwin Group, Galliford Try,
Go-Ahead Group, Hilton Food Group, Kier Group, Marston's, Murgitroyd Group,
Produce Investments, Randall & Quilter Investment, RTC Group and Severfield.
During the period we added eight new names to the portfolio, BCA Marketplace -
manager of used car auctions, De La Rue - bank note manufacturer and security
printing, Flowtech Fluidpower - distributor of technical fluid power products,
Palace Capital - property investment, Premier Asset Management Group - asset
management, Restaurant Group - operator of chains of UK restaurants and public
houses, Revolution Bars Group - operator of premium bars, Strix Group -
manufacturer of kettle safety controls.
Funds were raised from the sale of nineteen of our holdings, Cape was the only
company taken over in the period whilst the holdings in Bioventix, UP Global
Sourcing Holdings, Morgan Sindall Group and Intermediate Capital Group were
sold in their entirety. The following holdings were reduced as they grew to
become larger weightings on lower yields, Acal, Amino Technologies, Brewin
Dolphin Holdings, Brown (N) Group, Conviviality, Curtis Banks Group, Dairy
Crest Group, Games Workshop Group, GVC Holdings, Huntsworth, Jarvis Securities,
McColls Retail Group, Polar Capital Holdings and StatPro Group.
Outlook
The fund has continued to see strong growth across the portfolio and with the
number of attractive opportunities available the portfolio has been increased
to 73 holdings and with steady growth in the UK economy we believe the
portfolio will continue to prosper.
We have been surprised that there has not been more takeover offers, building
on the increase last year however one can only suppose that the Brexit
uncertainty is holding corporates back from taking advantage of the sterling
discount.
UK Gross Domestic Product growth has been subdued for the last six months,
although there are signs that UK Growth will increase in the future mirroring
the recent pick-up in the Eurozone.
The Brexit position will likely remain unresolved until the "eleventh" hour,
that being the EU's usual modus operandi in negotiations. Repeatedly "experts"
have said that a deal is of equal importance to both sides however until the
Germans and the French properly engage then little or no obvious progress will
be made.
The dividends of the underlying companies continue to be increased and we
believe that this will continue into 2018 with company balance sheets remaining
in a strong state.
Chelverton Asset Management
15 November 2017
Principal Risks
The principal risks facing the Group are substantially unchanged since the date
of the Annual Report for the year ended 30 April 2017 and continue to be as set
out in that report on pages 9 to 10. Risks faced by the Group include, but are
not limited to, market risk, discount volatility, regulatory risk, financial
risk and risks associated with banking counterparties.
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 15 November 2017
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 2017
Six months to 31 October Year to 30 April
2017 2017
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
(audited)
Gains/(losses)gains on - 3,820 3,820 - 6,642 6,642
investments at fair value
through profit or loss
Investment income 1,314 - 1,314 2,361 - 2,361
Investment management fee (75) (223) (298) (119) (357) (476)
Other expenses (118) (6) (124) (224) (12) (236)
Net return/(deficit) before 1,121 3,591 4,712 2,018 6,273 8,291
finance costs and taxation
Finance costs
Appropriations in respect of
Zero Dividend
Preference shares - (341) (341) - (633) (633)
Net return/(deficit) before 1,121 3,250 4,371 2,018 5,640 7,658
taxation
Taxation (see note 2) (4) - (4) - - -
Total comprehensive income for 1,117 3,250 4,367 2,018 5,640 7,658
the period
Revenue Capital Total Revenue Capital Total
pence pence pence pence pence pence
Earnings per:
Ordinary share (see note 3) 6.63 18.53 24.90 12.17 34.03 46.20
Zero Dividend Preference share - 3.65 3.65 - 7.37 7.37
(see note 3)
Six months to 31 October 2016
Revenue Capital Total
GBP'000 GBP'000 GBP'000
Gains/(losses) on investments at fair value
- (690) (690) through profit or loss
1,270 - 1,270 Investment income
(56) (166) (222) Investment management fee
(110) (7) (117) Other expenses
Net return/(deficit) before finance costs
1,104 (863) 241 and taxation
Finance costs
Appropriations in respect of Zero Dividend
- (313) (313) Preference shares
1,104 (1,176) (72) Net return/(deficit) before taxation
- - - Taxation (see note 2)
1,104 (1,176) (72) Total comprehensive income for the period
Revenue Capital Total
pence pence pence
Earnings per:
Ordinary share
6.67 (7.11) (0.44) (see note 3)
Zero Dividend Preference share
- 3.68 3.68 (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 2017
Share Share Capital Revenue Total
capital premium reserve reserve GBP'000
GBP'000 account GBP'000 GBP'000
GBP'000
Six months ended 31 October 2017
30 April 2017 4,200 12,915 21,632 2,977 41,724
Total comprehensive income for the - - 3,250 1,117 4,367
period
Ordinary shares issued 244 2,252 - - 2,496
Expenses of ordinary share issue - (73) - - (73)
Dividends paid (see note 4) - - - (1,083) (1,083)
31 October 2017 4,444 15,094 24,882 3,011 47,431
Year ended 30 April 2017 (audited)
30 April 2016 4,138 12,403 15,992 2,544 35,077
Total comprehensive income for the - - 5,640 2,018 7,658
year
Ordinary shares issued 62 519 - - 581
Expenses of ordinary share issue - (7) - - (7)
Dividends paid - - - (1,585) (1,585)
30 April 2017 4,200 12,915 21,632 2,977 41,724
Six months ended 31 October 2016
30 April 2016 4,138 12,403 15,992 2,544 35,077
Total comprehensive income for the - - (1,176) 1,104 (72)
period
Dividends paid - - - (968) (968)
31 October 2016 4,138 12,403 14,816 2,680 34,037
Condensed Consolidated Balance Sheet (unaudited)
as at 31 October 2017
30 April 31
31 October 2017 October
2017 GBP'000 2016
GBP'000 (audited) GBP'000
Non-current assets
Investments at fair value through 59,806 53,827 44,605
profit or loss
Current assets
Trade and other receivables 238 262 340
Cash and cash equivalents 377 89 59
615 351 399
Total assets 60,421 54,178 45,004
Current liabilities
Trade and other payables (341) (146) (125)
Zero Dividend Preference shares (12,649) (12,308) -
(12,990) (12,454) (125)
Total assets less current liabilities 47,431 41,724 44,879
Non-current liabilities
Zero Dividend Preference shares - - (10,842)
Total liabilities (12,990) (12,454) (10,967)
Net assets 47,431 41,724 34,037
Represented by:
Share capital 4,444 4,200 4,138
Share premium account 15,094 12,915 12,403
Capital reserve 24,882 21,632 14,816
Revenue reserve 3,011 2,977 2,680
Equity shareholders' funds 47,431 41,724 34,037
Net asset value per: (see note 5) pence pence pence
Ordinary share 266.84 248.35 205.66
Zero Dividend Preference share 135.30 131.65 127.56
Condensed Consolidated Statement of Cash Flows (unaudited)
for the six months ended 31 October 2017
Operating activities Six months to Year to Six months
31 October 30 April to 31
2017 2017 October
GBP'000 GBP'000 2016
(audited) GBP'000
Investment income received 1,324 2,419 1,244
Investment management fee paid (278) (457) (221)
Administration and secretarial fees (32) (64) (37)
paid
Other cash payments (112) (185) (122)
Net cash inflow from operating 902 1,713 864
activities (see note 7)
Investing activities
Purchases of investments (8,960) (13,776) (3,314)
Sales of investments 7,006 11,988 3,448
Net cash (outflow)/inflow from (1,954) (1,788) 134
investing activities
Financing activities
Issue of Zero Dividend Preference - 1,146 -
shares
Issue of ordinary shares 2,496 581 -
Expenses of ordinary share issue (73) (7) -
Dividends paid (1,083) (1,585) (968)
Net cash inflow/(outflow) from 1,340 135 (968)
financing activities
Change in cash and cash equivalents for 288 60 30
period
Cash and cash equivalents at start of 89 29 29
period
Cash and cash equivalents at end of 377 89 59
period
Comprises of:
Cash and cash equivalents 377 89 59
Notes to the Condensed Half-Yearly Report
for the six months ended 31 October 2017
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 2017, 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
November 2014, 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 2017. This report has also
been prepared in compliance with IAS 34 'Interim Financial Reporting' as
adopted by the European Union.
The Group has adequate financial resources and, as a consequence, the Directors
believe that the Group is well placed to manage its business risks successfully
and continue to adopt the going concern basis for this report.
2 Taxation
The Company has an effective tax rate of 0%. The estimated effective tax rate
is 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.
3 Earnings per share
Ordinary shares
Revenue earnings per Ordinary share is based on revenue on ordinary activities
after taxation of GBP1,117,000 (30 April 2017: GBP2,018,000, 31 October 2016: GBP
1,104,000) and on 17,536,371 (30 April 2017: 16,575,343, 31 October 2016:
16,550,000) 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 GBP
3,250,000 (30 April 2017: capital profit of GBP5,640,000, 31 October 2016:
capital loss of GBP1,176,000) and on 17,536,371 (30 April 2017: 16,573,343, 31
October 2016: 16,550,000) 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 is based on allocations
from the Company of GBP341,000 (30 April 2017: GBP633,000, 31 October 2016: GBP
313,000) and on 9,349,000 (30 April 2017: 8,586,063, 31 October 2016:
8,500,000) Zero Dividend Preference shares 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 2.4p per Ordinary share and a
special dividend of 1.86p per Ordinary share for the year ended 30 April 2017,
together with a first interim dividend of 2.02p per Ordinary share for the year
ending 30 April 2018, have been paid to shareholders.
In addition the Board has declared a second interim dividend of 2.02p per
Ordinary share payable on 2 January 2018 to shareholders on the register at 18
December 2017.
5 Net asset values
Ordinary shares
The net asset value per Ordinary share is based on assets attributable of GBP
47,431,000 (30 April 2017: GBP41,724,000, 31 October 2016: GBP34,037,000) and on
17,775,000 (30 April 2017: 16,800,000, 31 October 2016: 16,550,000) 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 GBP12,649,000 (30 April 2017: GBP12,308,000, 31 October 2016: GBP
10,842,000) and on 9,349,000 (30 April 2017: 9,349,000, 31 October 2016:
8,500,000) 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 2017, 30 April 2017 and 31 October 2016 all of the
Company's investments are classified as Level 1.
7 Reconciliation of net return/(deficit) before and after taxation to net
cash flow from operating activities
31 October 30 April 31
2017 2017 October
GBP'000 GBP'000 2016
GBP'000
Net return/(deficit) before taxation 4,371 7,658 (72)
Taxation (4) - -
Net return/(deficit) after taxation 4,367 7,658 (72)
Net capital (gain)/loss (3,250) (5,640) 1,176
Decrease/(increase) in receivables 9 50 (43)
Decrease in payables 5 14 (24)
Interest and expenses charged to the (229) (369) (173)
capital reserve
Net cash inflow from operating activities 902 1,713 864
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 2017 were GBP298,000 (year ended 30 April 2017: GBP476,000,
six months to 31 October 2016: GBP222,000).
At 31 October 2017 there were amounts outstanding to be paid to the Investment
Manager of GBP92,000 (year ended 30 April 2017: GBP72,000, six months to 31 October
2016: GBP53,000).
Portfolio Investments
as at 31 October 2017
Market % of
value
Holding Sector GBP'000 portfolio
Diversified Gas & Oil Oil & Gas Producers 1,665 2.8
McColl's Retail Group Food & Drug Retailers 1,429 2.4
Jarvis Securities Financial Services 1,403 2.4
StatPro Group Software & Computer Services 1,368 2.3
Acal Support Services 1,268 2.1
Belvoir Lettings Real Estate Investment & 1,260 2.1
Services
Alumasc Group Construction & Materials 1,230 2.1
Gattaca Support Services 1,220 2.0
Galliford Try Household Goods & Home 1,218 2.0
Construction
Personal Group Holdings Nonlife Insurance 1,215 2.0
Connect Group Support Services 1,102 1.8
Amino Technologies Technology Hardware & 1,097 1.8
Equipment
Braemar Shipping Services Industrial Transportation 1,078 1.8
Numis Corporation Financial Services 1,070 1.8
Curtis Banks Group Financial Services 1,067 1.8
Marston's Travel & Leisure 1,066 1.8
Ramsdens Holdings Financial Services 1,062 1.8
Brown (N) Group General Retailers 1,054 1.8
De La Rue Support Services 1,048 1.8
Mucklow (A&J) Group Real Estate Investment Trusts 980 1.6
Strix Group Electronic & Electrical 978 1.6
Equipment
Moss Bros Group General Retailers 900 1.5
Polar Capital Holdings Financial Services 900 1.5
Randall & Quilter Nonlife Insurance 896 1.5
Investment
Photo-Me International Leisure Goods 894 1.5
Park Group Financial Services 891 1.5
Hilton Food Group Food Producers 852 1.4
Conviviality Food & Drug Retailers 849 1.4
GVC Holdings Travel & Leisure 842 1.4
Kier Group Construction & Materials 832 1.4
Bloomsbury Publishing Media 818 1.4
Severfield Industrial Engineering 816 1.4
Coral Products General Industrials 810 1.4
Premier Asset Management Financial Services 804 1.3
Group
Centaur Media Media 803 1.3
Huntsworth Media 800 1.3
Go-Ahead Group Travel & Leisure 797 1.3
Shoe Zone General Retailers 790 1.3
Chesnara Life Insurance 767 1.3
Town Centre Securities Real Estate Investment Trusts 762 1.3
Dairy Crest Group Food Producers 759 1.3
Orchard Funding Group Financial Services 750 1.3
Clarke (T) Construction & Materials 745 1.2
Flowtech Fluidpower Industrial Engineering 728 1.2
Macfarlane Group General Industrials 715 1.2
Breakdown by Sector
Market % of
value
Security Sector GBP'000 portfolio
Brewin Dolphin Financial Services 706 1.2
Holdings
Sanderson Group Software & Computer Services 700 1.2
XP Power Electronic & Electrical Equipment 694 1.2
Low & Bonar Construction & Materials 690 1.2
Murgitroyd Group Support Services 690 1.2
GLI Finance Equity Investment Instruments 687 1.1
Produce Food Producers 684 1.1
Investments
Regional REIT Real Estate Investment Trusts 676 1.1
Epwin Group Construction & Materials 672 1.1
Palace Capital Real Estate Investment & Services 670 1.1
KCOM Group Fixed Line Telecommunications 638 1.1
Restaurant Group Travel & Leisure 607 1.0
Hansard Global Life Insurance 602 1.0
RPS Group Support Services 589 1.0
Wilmington Group Media 585 1.0
Castings Industrial Engineering 576 1.0
Games Workshop Leisure Goods 568 1.0
Group
Foxtons Group Real Estate Investment & Services 555 0.9
St.Ives Support Services 551 0.9
RTC Group Support Services 530 0.9
DFS Furniture General Retailers 522 0.9
Revolution Bars Travel & Leisure 507 0.8
Group
Titon Holdings Construction & Materials 419 0.7
Chamberlin Industrial Engineering 375 0.6
Anglo African Oil Oil & Gas Producers 369 0.6
& Gas
DX Group Industrial Transportation 338 0.6
BCA Marketplace Industrial Transportation 208 0.3
Fairpoint Group Financial Services 0 0.0
Total Investments 59,806 100.0
Breakdown of portfolio by industry
Financial Services 14.6%
Support Services 11.7%
Construction & Materials 7.7%
Travel & Leisure 6.3%
General Retailers 5.5%
Media 5.0%
Industrial Engineering 4.2%
Real Estate Investment & Services 4.1%
Real Estate Investment Trusts 4.0%
Food & Drug Retailers 3.8%
Food Producers 3.8%,
Software & Computer Services 3.5%
Nonlife Insurance 3.5%
Oil & Gas Producers 3.4%
Electronic & Electrical Equipment 2.8%
Industrial Transportation 2.7%
General Industrials 2.6%
Leisure Goods 2.5%
Life Insurance 2.3%
Household Goods & Home Construction 2.0%
Technology Hardware & Equipment 1.8%
Equity Investment Instruments 1.1%
Fixed Line Telecommunications 1.1%
Shareholder Information
Financial calendar
Group's year end 30 April
Interim dividends paid April, July, October and January
Annual results announced June
Annual General Meeting September
Group's half year 31 October
Half-Year results announced December
Share prices and performance information
The Company's Ordinary and Zero Dividend Preference shares issued through SCZ
are listed on the London Stock Exchange.
The net asset values are announced weekly 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 registers 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 Small Companies Dividend Trust PLC ('the Company')
The Company has in issue one class of Ordinary share. In addition, it has a
wholly owned subsidiary SCZ, through which Zero Dividend Preference shares have
been issued.
Ordinary shares of 25p each ('Ordinary shares') - 17,775,000 in issue
Share Capital Events
During the period, the Company announced the issue of 975,000 Ordinary shares
at an average price of 256.04p each, which were to rank pari passu in all
respects with the Ordinary shares in issue. The shares were issued for cash in
order to meet investor demand. Following this admission there were 17,775,000
Ordinary shares in issue. 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.
Chelverton Small Companies ZDP PLC ('SCZ')
Ordinary shares of 100p each ('SCZ ordinary shares') - 50,000 in issue (partly
paid up as to 25p each)
The SCZ ordinary shares are wholly owned by the Company. References to Ordinary
shares within this Half-Yearly Report are to the Ordinary shares of Chelverton
Small Companies 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 SCZ.
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 - 9,349,000 in issue
Dividends
Holders of Zero Dividend Preference shares are not entitled to dividends.
Capital
On a winding up of SCZ, 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 28 August 2012 at such compound rate as will give an entitlement to 136.7
pence per share at 8 January 2018.
Voting
Holders of Zero Dividend Preference shares are not entitled to attend, speak or
vote at a general meeting of the Company (including the Company's Annual
General Meeting) unless the business of the meeting includes a resolution to
vary, modify or abrogate the rights attached to the Zero Dividend Preference
shares.
In the event that Zero Dividend Preference shareholders are entitled to attend
a General Meeting each holder of Zero Dividend Preference shares, on a show of
hands, will have one vote for every Zero Dividend Preference share held in
relation to any resolutions applicable to Zero Dividend Preference shares.
Directors and Advisers
Directors
Lord Lamont of Lerwick (Chairman)
David Harris
William van Heesewijk
Howard Myles
Investment Manager
Chelverton Asset Management Limited
11 Laura Place Bath BA2 4BL
Tel: 01225 483030
Secretary and Registered Office
Maitland Administration Services Limited
Springfield Lodge Colchester Road, Chelmsford
Essex
CM2 5PW
Tel: 01245 398950
Corporate Broker
Stockdale Securities Limited
Beaufort House
15 St. Botolph Street
London EC3A 7BB
Registrar and
Transfer Office
Share Registrars Limited
The Courtyard
17 West Street
Farnham
Surrey GU9 7DR
Tel: 01252 821390
www.shareregistrars.uk.com
Auditors
Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham GL50 3AT
Custodian
Jarvis Investment Management Limited
78 Mount Ephraim, Tunbridge Wells
Kent TN4 8BS
Registered in England No. 3749536
A member of the Association of Investment Companies
END
END
(END) Dow Jones Newswires
November 16, 2017 02:01 ET (07:01 GMT)
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