Chelverton Growth Trust PLC Tender Offer (6640P)
September 04 2017 - 2:00AM
UK Regulatory
TIDMCGW
RNS Number : 6640P
Chelverton Growth Trust PLC
04 September 2017
CHELVERTON GROWTH TRUST PLC (the "Company")
Proposed Tender Offer
The Company is pleased to announce a tender offer by WH Ireland
Limited ("WH Ireland") to purchase up to 15 per cent. of the
Company's issued share capital (the "Tender Offer"). The authority
to effect the Tender Offer was taken at the AGM of the Company on
15 December 2016. The tender price per ordinary share will be 92.5
per cent. of the net asset value per ordinary share at the close of
business on 18 September 2017.
Pursuant to an agreement between the Company and WH Ireland,
details of which are set out in the circular, the Company will
purchase from WH Ireland all those ordinary shares purchased by it
under the Tender Offer at the tender price.
The Directors believe that all relevant information relating to
the Company has been released to the London Stock Exchange up to
and inclusive of the date of this announcement.
Expected Timetable of Events
Closing Date: latest time and date for receipt of Tender Forms 3.00p.m. on 18 September 2017
Record Date for the Tender Offer close of business on 18 September 2017
Calculation Date close of business on 18 September 2017
Result of Tender Offer announced 21 September 2017
Tender Price announced 21 September 2017
Cheques despatched and assured payments made through CREST by
6 October 2017
Balancing Ordinary Shares despatched
through CREST by 6 October 2017
Balancing Ordinary Share certificates despatched by 6 October 2017
If any of the above times and/or dates change, the revised
time(s) and/ or date(s) will be notified to shareholders by
announcement through a Regulatory Information Service.
WH Ireland is authorised and regulated by the Financial Conduct
Authority of the United Kingdom.
The Tender Offer is for up to 15 per cent. of the Company's
issued share capital and shareholders will be able to decide
whether to tender some or all of their ordinary shares within the
overall limits of the Tender Offer (but tenders in excess of a
shareholder's basic entitlement (being 15 per cent. of his or her
shareholding) will only be accepted to the extent that other
shareholders tender less than their basic entitlement).
The tender price will be the price per ordinary share which
represents 92.5 per cent. of the net asset value per ordinary share
on the Calculation Date, which will include a revaluation of any of
the Company's unquoted shareholdings. Assuming a Calculation Date
as at the close of business on 31 July 2017 (being the latest
practicable date prior to the publication of this document) the Net
Asset Value per share was 80.51p and the Tender Price would have
been 74.47p compared to the mid-market Ordinary Share price at the
close of business on that day of 63.00p.
The Tender Offer is conditional, inter alia, on valid tenders
being received in respect of at least one per cent. of the
Company's issued share capital by the Closing Date.
Shareholders can choose to continue to hold in full their
investment in the Company. Assuming that the full 15 per cent. of
ordinary shares are tendered, accepted and cancelled pursuant to
the Tender Offer, the effect on net asset value per ordinary share
is marginally positive. Alternatively, shareholders can choose to
tender some or all of their ordinary shares for purchase and to
receive cash in consideration of such purchase (subject to the
scaling back of tenders in excess of the basic entitlement).
Shareholders on the Register on the Record Date will be invited
to tender some or all of their ordinary shares to WH Ireland who
will, as principal, purchase at the tender price the ordinary
shares validly tendered (subject to the overall limits of the
Tender Offer) and, following the completion of all those purchases,
sell the relevant ordinary shares on to the Company at the tender
price by way of an on-market transaction. All transactions will be
carried out on the London Stock Exchange and will be subject to the
rules of the London Stock Exchange.
The Tender Offer is subject to certain conditions, and may be
terminated in certain circumstances. Full details of the Tender
Offer are set out in the circular being posted to shareholders
today.
Overseas shareholders
The Tender Offer is not being made to certain overseas
shareholders.
General
The Directors believe that all relevant information relating to
the Company has been released to the London Stock Exchange up to
and inclusive of the date of this announcement.
Enquires:
William van Heesewijk
Chelverton Asset Management Limited
Tel: 020 7222 8989
www.chelvertonam.com
Paul Shackleton
WH Ireland Limited
Tel: 020 7220 1666
This information is provided by RNS
The company news service from the London Stock Exchange
END
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