TIDMCGW
RNS Number : 8740T
Chelverton Growth Trust PLC
30 March 2021
Chelverton Growth Trust PLC
LEI: 213800I86P8BAE6UVI83
Half Yearly Report
For the six months ended 28 February 2021
The Directors announce the unaudited Half Yearly Report for the
period 1 September 2020 to 28 February 2021.
Investment Objective and Policy
The Company's objective is to provide capital growth through
investment in companies listed on the Official List and traded on
the Alternative Investment Market ("AIM") with a market
capitalisation at the time of investment of up to GBP50 million,
which the Manager believes to be at a "point of change". The
Company will invest in unquoted investments where it is believed
that there is a likelihood of the shares becoming listed or traded
on AIM or the investee company being sold. Its investment objective
is to increase the net asset value per share at a higher rate than
other quoted smaller company trusts and the MCSI Small Cap UK
Index.
It is the Company's policy not to invest in any listed
investment companies (including listed investment trusts).
At the Annual General Meeting held on 12 December 2019,
Shareholders voted to amend the Company's Investment Policy to
state that the Company:
-- may participate in a CEPS placing (if it were to have one);
-- will liquidate its various other investments when it is felt appropriate to do so;
-- will repay the outstanding Jarvis Loan; and
-- will pay all outstanding liabilities.
Investment Strategy
Investments are selected for the portfolio only after extensive
research which the Investment Manager believes to be key. The whole
process through which equity must pass in order to be included in
the portfolio is very rigorous. Only a security where the
Investment Manager believes that the price will be significantly
higher in the future will pass the selection process. The
Investment Manager believes the key to successful stock selection
is to identify the long-term value of a company's shares and to
have the patience to hold the shares until that value is
appreciated by other investors. Identifying long-term value
involves detailed analysis of a company's earnings prospects over a
five-year time horizon.
The Company's Investment Manager is Chelverton Asset Management
Limited ("CAM"), an investment manager focusing exclusively on
achieving returns for investors based on UK investment analysis of
the highest quality. The founder and employee owners of CAM include
experienced investment professionals with strong investment
performance records who believe rigorous fundamental research
allied to patience is the basis of long-term investment
success.
Chairman's Report
Since my last Chairman's Report, in October last year, there has
been a marked upturn in both the fortunes of our Company and,
through the vaccine roll-out, in the health and welfare of the
Nation.
At the start of the first wave of the Covid-19 pandemic,
approximately a year ago, the stock market suffered a disastrous
period of what can only be described as a "Great Panic". Since the
summer, trading, performance and finally value have gradually
returned to the larger UK companies and this recovery has started
to "trickle down" the market capitalisation scale. As the Company's
portfolio is made up of small AIM traded and unquoted companies
this is the last area to see the signs of the improvement.
I previously stated that we would put forward plans in 2022 on
how we proposed to return value to Shareholders. Although the last
year has effectively been one of "furlough" for the economy, the
Board still feels that it will be able to follow this timetable.
Our problem has been that following the prolonged Referendum,
Brexit Arguments and Free Trade Agreement period ("RBF"), UK
Equities and in particular small, UK centric companies, fell deeply
out of favour. The Board, aware of the significant improvement
potential in the underlying investments, is not prepared to give up
this opportunity for the convenience of resolving the immediate
future of this Company.
I am grateful to Chelverton Asset Management, the Investment
Manager of the Company, who is waiving its management fee in its
entirety and to ISCA, the Company Secretary and Administrator of
the Company, who has waived part of its fee and who has also
assisted at times on the liquidity of the Company. Ian Martin and I
have also waived part of our fees. The collective effect of these
actions means that the expense ratio, whilst still high due to the
very small size of the Company, is much smaller that it would have
been.
Financial Performance
I am pleased to report that over the last six months, the Net
Asset Value ("NAV") per share of the Company has increased by
22.14% from 40.61p to 49.60p. Whilst in general, the performance of
the underlying investments has been encouraging, the sentiment
towards UK publicly quoted equites, and in particular the small
companies and micro-cap value companies, has by no means recovered
to previous historic levels.
Over the same period, the AIM All-share index has risen by
22.74% whilst the Company's comparative index, the MSCI Small Cap
UK index has risen by 19.65%. The share price has increased from
30p to 34p and the shares were therefore trading at a discount of
31.45% at the period end.
Since the period end the NAV per share has increased further and
continues to confirm the Board's view that over the next period
there is potential to see a significant increase in value.
Investments
CEPS is the largest investment in the Company, and is a
diversified AIM traded holding company that owns majority
shareholdings in three subsidiaries and a significant minority in a
fourth. Our Investment Manager and fellow Board member, David
Horner is chairman of the company and has a similar sized
shareholding as the that of our Company. CEPS is being built up by
the organic growth of the underlying companies and by strategic
"bolt-on" acquisitions.
In the last period, there has been some significant positive
developments. Aford Awards, a trophy, medal and engraving business,
has been strengthened by the introduction of a new and ambitious
management team. One of the strategic drivers of this business in
the future will be the acquisition and consolidation of small
businesses operating in the sector from people looking to
retire.
The final loss-making subsidiary has been "rightsized" and has
been merged with a complementary business approximately twice its
size; CEPS has ended up with a 33% shareholding in the enlarged
business. Hickton Group, a fast-growing property services group,
has announced the acquisition of a complementary business,
Millington Lord, from its parent company, which was in
administration.
Whilst all of the CEPS' businesses have been affected by the
various lockdown restrictions, they are all looking forward to
building back over the next few months as things gradually ease and
in so doing, to producing a very strong second six months of the
year. This diversified holding group has proved resilient in the
past 12 months and, with reduction of costs and improved processes,
will drive higher profits once trading returns to normal.
Touchstar has made some positive announcements in the past six
months following its period of reorganisation. Petards is some way
behind, but should, in the course of the next 12 months, evidence
the positive impact of the remedial work it has been undergoing. In
both cases, once trading picks up, operational gearing should drive
profits forward.
On the unquoted side Chelverton Asset Management (CAM), the
manager of this Company, had a strong recovery after the market
collapse in March 2020 and has successfully grown funds under
management and paid an increased dividend. CAM's Employee Share
Option Trust made another tender offer to acquire shares in the
company. This Company sold its remaining shareholding, and I am
very pleased to report that it received GBP339,000 for the 1,000
shares owned which originally cost GBP1,000. On 2 March 2021, the
proceeds were partly used to repay GBP220,000 of the GBP320,000
loan from Jarvis Securities plc. It is our intention to repay the
remaining balance of the loan over the next year from
realisations.
The saga at Main Dental Partners continues with a date for the
appeal being brought by the previous managing director, now set for
September of this year. It is hoped that the result of the original
case is upheld and with all of the surgeries now reopened and
operating under new protocols, the performance of the business will
begin to improve, such that we can look forward to having the loan
stock repaid.
On a continuing brighter note La Salle Education ("La Salle"), a
business involved in supplying schools with the modern mathematics
teaching via the internet has been deeply involved in providing
services to many schools. La Salle raised GBP910,000 at 70p, having
been initially aiming to raise GBP750,000. This means that it can
accelerate its development to take advantage of the opportunities
currently available. The share valuation has been moved up from 50p
to the latest fundraising valuation of 70p.
Pedalling Forth (trading as Velovixen) an internet retailer of
woman's cycling clothing has also enjoyed a continuing uplift in
sales, and it is to be hoped that this will be sustained going
forward.
Outlook
It is impossible to make any kind of forecast at this time other
than to say that gradually the economy and society will move
towards a settled outcome. This new situation will resemble what
the position was before the arrival of Covid-19, however it will
almost certainly not be the same.
The UK economy seems to be poised to "bounce back" once the
Covid restrictions are progressively eased and all parts of the
economy are able to operate without constraint.
In time, the Free Trade Agreement with the EU will be properly
implemented and will be adjusted by agreement, to the benefit of
all parties.
It remains the Board's intention to return funds to
Shareholders. By the same token, the oft repeated annual tenders
can only be carried out in a meaningful and cost-effective manner
when the Company has significant cash resources. At this time, as
explained above, the Company is fully invested and so the ninth
tender offer will be delayed until we believe the share price
better reflects the underlying value of the investments and
significant sums have been realised from one or more
investments.
Kevin Allen
Chairman
29 March 2021
Interim Management Report
The important events that have occurred during the period under
review and the key factors influencing the Financial Statements are
set out in the Chairman's Report. The Board considers that the
principal risks and uncertainties facing the Company remain the
same as those disclosed in the Annual Report for the year ended 31
August 2020 on pages 15 and 16 and pages 56 and 57. These risks
include, but are not limited to, market risk, discount volatility
risk, regulatory risk, financial risk and liquidity risk.
Responsibility S tatement
The Directors are responsible for preparing the unaudited Half
Yearly Report in accordance with applicable law and regulations.
The Directors confirm that to the best of their knowledge:
The condensed set of Financial Statements for the six months to
28 February 2021, has been prepared in accordance with FRS 104
"Interim Financial Reporting", gives a fair view of the assets,
liabilities, financial position and profit of the Company; and
this Half Yearly Report includes a fair review of the
information required by;
rule 4.2.7R of the Disclosure and Transparency Rules being an
indication of 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
rule 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 Company
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 29 March 2021 and the above Responsibility Statement was signed
on its behalf by:
Kevin Allen
Chairman
Portfolio Review
as at 28 February 2021
The Company's portfolio is set out below.
Investment Sector Valuation % of
GBP'000 total
portfolio
AIM Traded
CEPS Support Services 1,316 50.6
Trading holding company for a number of
companies supplying services and products
Petards Group Support Services 250 9.6
Development, provision and maintenance
of advance security systems and related
services
Technology Hardware &
Touchstar Equipment 552 21.3
Software systems for warehousing and distribution
Universe Group Support Services 21 0.8
Provision of credit fraud prevention, loyalty
and retail systems
Fully Listed
Zenith Energy Oil & Gas Producers 25 1.0
International energy production and exploration
company
Nasdaq Traded
Touchpoint Group Support Services
Holdings - -
Provider of mobile satellite communications
equipment and airtime
---------- ----------
2,164 83.3
Unquoted
La Salle Education Support Services 182 7.0
A UK based company dedicated to improving
mathematics education
P edalling Forth General Retailers 240 9.2
Internet retailer of cycling clothing for
women
Healthcare Equipment
Redecol & Services 12 0.5
A medical device company focused on the
development of asthma monitoring
Portfolio Valuation 2,598 100.0
---------- ----------
Portfolio Holdings
as at 28 February 2021
28 February 2021 31 August 2020
Valuation % of total Valuation % of total
Investment GBP'000 portfolio GBP'000 portfolio
CEPS 1,316 50.6 1,113 46.5
Touchstar 552 21.3 459 19.2
Petards Group 250 9.6 150 6.3
Pedalling Forth 240 9.2 240 10.0
La Salle Education 182 7.0 130 5.4
Zenith Energy 25 1.0 12 0.5
Universe Group 21 0.8 34 1.4
Redecol 12 0.5 12 0.5
Touchpoint Group Holdings - - - -
Chelverton Asset Management
Holdings* - - 245 10.2
---------- ----------- ---------- -----------
Total 2,598 100.0 2,395 100.0
---------- ----------- ---------- -----------
* Sold during the period
Portfolio breakdown by sector and by index
as at 28 February 2021
Sector distribution % of total
Support Services 68.0
Technology Hardware & Equipment 21.3
General Retailers 9.2
Oil & Gas Producers 1.0
Healthcare Equipment & Services 0.5
Index distribution % of total
AIM 82.3
Unquoted 16.7
Fully listed 1.0
Income Statement (unaudited)
for the six months to 28 February 2021
Six months to Year to Six months to
28 February 2021 31 August 2020 29 February 2020
(unaudited) (audited) (unaudited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains/(losses)
on investments
at fair value
(note 4) - 542 542 - (102) (102) - 159 159
Income (note
2) 9 - 9 39 - 39 24 - 24
Investment
management
fee* - - - (4) (14) (18) (3) (8) (11)
Other expenses (56) (5) (61) (128) (19) (147) (71) (12) (83)
--------- -------- -------- --------- --------- --------- --------- -------- --------
Net (loss)/
return on
ordinary
activities
before taxation (47) 537 490 (93) (135) (228) (50) 139 89
Taxation
on ordinary
activities - - - - - - - - -
--------- -------- -------- --------- --------- --------- --------- -------- --------
Net (loss)/return
on ordinary
activities
after taxation (47) 537 490 (93) (135) (228) (50) 139 89
Revenue Capital Total Revenue Capital Total Revenue Capital Total
pence pence pence pence pence pence pence pence pence
(Loss)/return
per Ordinary
share** (0.86) 9.83 8.97 (1.70) (2.47) (4.17) (0.91) 2.54 1.63
The total column of this statement is the Statement of Total
Comprehensive Income of the Company prepared in accordance with
Financial Reporting Standards ("FRS"). The supplementary revenue
return and capital return columns are prepared in accordance with
the Statement of Recommended Practice issued in October 2019 by the
Association of Investment Companies ("AIC SORP").
All revenue and capital items in the above statement derive from
continuing operations.
The revenue column of the Income Statement includes all income
and expenses. The capital column includes the realised and
unrealised profit or loss on investments and 75% of the management
fee and finance costs charged to capital.
* With effect from 1 November 2019, the Investment Management
fee was reduced from 1.0% per annum of gross assets to 0.5% per
annum of gross assets. With effect from 1 September 2020, the
Investment Manager agreed to waive the entitlement to a fee for a
period of six months through to 28 February 2021.
** The return per Ordinary share is based on 5,460,301 (31
August 2020: 5,460,301; 29 February 2020: 5,460,301) shares, being
the weighted average number of shares in issue during the
period.
Statement of Changes in Equity (unaudited)
for the six months to 28 February 2021
Called Capital
up share Special Capital redemption Revenue
capital reserve* reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Six months to 28 February 2021
1 September 2020 55 787 976 134 266 2,218
Net return/( loss)
after taxation for
the period - - 537 - (47) 490
---------- ----------- ---------- ------------ ---------- ----------
28 February 2021 55 787 1,513 134 219 2,708
---------- ----------- ---------- ------------ ---------- ----------
Year to 31 August 2020
1 September 2019 55 787 1,111 134 359 2,446
Net loss after taxation
for the year - - (135) - (93) (228)
---------- ----------- ---------- ------------ ---------- ----------
31 August 2020 55 787 976 134 266 2,218
---------- ----------- ---------- ------------ ---------- ----------
Six months to 29 February 2020
1 September 2019 55 787 1,111 134 359 2,446
Net return/( loss)
after taxation for
the period - - 139 - (50) 89
---------- ----------- ---------- ------------ ---------- ----------
29 February 2020 55 787 1,250 134 309 2,535
---------- ----------- ---------- ------------ ---------- ----------
*The Special reserve was created by the cancellation of the
share premium account by order of the High Court on 20 January
2016.
Distributable reserves: The Special reserve and Revenue reserve
can be used for the repurchase of the Company ' s Ordinary
shares.
Statement of Financial Position (unaudited)
as at 28 February 2021
As at 28 As at 31 August As at 29 February
February 2021 2020 2020
(unaudited) (audited) (unaudited)
GBP'000 GBP'000 GBP'000
Fixed assets
Investments at fair
value
(note 4) 2,598 2,395 2,967
Current assets
Debtors 142 150 150
Cash and cash
equivalents 348 39 42
------------------------------ -------------------------------- ----------------------------------
490 189 192
------------------------------ -------------------------------- ----------------------------------
Creditors - amounts falling due within one year
Creditors (60) (46) (24)
Short-term loans
(note 5) (320) (320) (600)
------------------------------ -------------------------------- ----------------------------------
(380) (366) (624)
------------------------------ -------------------------------- ----------------------------------
Net current
assets/(liabilities) 110 (177) (432)
------------------------------ -------------------------------- ----------------------------------
Net assets 2,708 2,218 2,535
------------------------------ -------------------------------- ----------------------------------
Share capital and reserves
Called up share
capital 55 55 55
Special reserve 787 787 787
Capital reserve 1,513 976 1,250
Capital redemption
reserve 134 134 134
Revenue reserve 219 266 309
------------------------------ -------------------------------- ----------------------------------
Equity S hareholders'
funds 2,708 2,218 2,535
------------------------------ -------------------------------- ----------------------------------
Net asset value per
Ordinary
share (note 6) 49.60p 40.61p 46.43p
------------------------------ -------------------------------- ----------------------------------
Statement of Cash Flows (unaudited)
for the six months to 28 February 2021
Six months
to Year to Six months
28 February 31 August to 29 February
2021 2020 2020
(unaudited) (audited) (unaudited)
GBP' 000 GBP' 000 GBP' 000
Cash flows used in operating activities
Net return/(loss) on ordinary
activities 490 (228) 89
Adjustment for:
Net capital (return)/loss (537) 135 (139)
Expenses charged to capital (5) (33) (20)
Interest paid 6 26 16
Increase/(decrease) in creditors 14 14 (8)
Decrease/(increase) in debtors 8 (5) (5)
Cash used in operations (24) (91) (67)
--------------- ------------- -------------------
Cash flows from investing activities
Proceeds from sale of investments 339 311 -
--------------- ------------- -------------------
Net cash from investing
activities 339 311 -
--------------- ------------- -------------------
Cash flows used in financing activities
Capital repayment of loan - (280) -
Interest paid (6) (26) (16)
--------------- ------------- -------------------
Net cash used in financing
activities (6) (306) (16)
--------------- ------------- -------------------
Net increase/(decrease)
in cash 309 (86) (83)
--------------- ------------- -------------------
Cash at the beginning of
the period 39 125 125
--------------- ------------- -------------------
Cash at the end of the period 348 39 42
--------------- ------------- -------------------
1 Accounting Policies
a) Statement of compliance
The Company's Financial Statements for the period ended 28
February 2021 have been prepared under UK Generally Accepted
Accounting Practice (UK GAAP) and the Statement of Recommended
Practice, 'Financial Statements of Investment Trust Companies and
Venture Capital Trusts' issued in October 2019 ('the SORP') by the
Association of Investment Companies.
The Financial Statements have been prepared in accordance with
the accounting policies set out in the statutory accounts for the
year ended 31 August 2020.
b) Financial information
The financial information contained in this report does not
constitute statutory accounts as defined in Section 434 of the
Companies Act 2006. The financial information for the period ended
28 February 2021 and 29 February 2020 have not been audited or
reviewed by the Company's Auditor pursuant to the Auditing
Practices Board guidance on such reviews. The information for the
year to 31 August 2020 has been extracted from the latest published
Annual Report and Financial Statements, which have been lodged with
the Registrar of Companies, contained an unqualified auditors'
report and did not contain a statement required under Section 498
(2) or (3) of the Companies Act 2006.
c) Going concern
The Company's assets consist mainly of equity shares in
companies which, in most circumstances are realisable within a
short timescale. The Directors believe that the Company has
adequate resources to continue in operational existence for the
foreseeable future. Accordingly, they continue to adopt the going
concern basis in preparing the accounts. In assessing the Company's
ability to continue as a going concern, the Board has fully
considered the impact of the current Covid-19 pandemic.
2 Income
Six months Year to Six months
to to
28 February 31 August 29 February
2021 2020 2020
GBP'000 GBP'000 GBP'000
Income from investments
UK net dividend income 14 26 16
Loan stock interest (5) 13 8
Total income 9 39 24
------------ --------------- -----------------
3 Taxation
The tax charge for the six months to 28 February 2021 is nil
(year to 31 August 2020: nil; six months to 29 February 2020:
nil).
The Company has an effective tax rate of 0% for the year ending
31 August 2021. 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.
4 Investments
28 31 29
February August February
Fully AIM 2021 2020 2020
listed quoted Unquoted NASDAQ Total Total Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Opening book
cost 118 3,696 773 166 4,753 5,293 5,293
Opening
investment
holding losses (106) (1,940) (146) (166) (2,358) (2,485) (2,485)
------------ ----------------------- -------------- ------------ -------------- ------------- --------------
12 1,756 627 - 2,395 2,808 2,808
Movements in
the period:
Sales proceeds - - (339) - (339) (311) -
Gains/|(losses)
on sales - - 338 - 338 (229) -
Movement in
investment
holding losses 13 383 (192) - 204 127 159
------------ ----------------------- -------------- ------------ -------------- -------------
Closing
valuation 25 2,139 434 - 2,598 2,395 2,967
------------ ----------------------- -------------- ------------ -------------- ------------- --------------
Closing book
cost 118 3,696 772 166 4,752 4,753 5,293
Closing
investment
holding losses (93) (1,557) (338) (166) (2,154) (2,358) (2,326)
------------
Closing
valuation 25 2,139 434 - 2,598 2,395 2,967
------------
Analysis of capital gains
and losses
Realised
gains/(losses)
on sales - - 338 - 338 (229) -
Movement in
fair value
of investments 13 383 (192) - 204 127 159
------------ ----------------------- -------------- ------------ -------------- ------------- --------------
13 383 146 - 542 (102) 159
------------ ----------------------- -------------- ------------ -------------- ------------- --------------
Fair value hierarchy
In accordance with FRS 102 and FRS 104 the Company must disclose
the fair value hierarchy of financial instruments.
The fair value hierarchy consists of the following three classifications:
Level 1 - Valued using quoted prices in active markets for
identical assets or liabilities. This is usually the bid price.
Level 2 - Valued by reference to valuation techniques using
observable inputs other than quoted prices which are included
within Level 1.
Level 3 - Valued by reference to valuation techniques using
inputs that are not based on observable market data.
Details of the Company's financial instruments are shown in the
Portfolio Review including financial instruments which fall into
Level 3 shown under the section heading "Unquoted". A summary
reconciliation of the fair value movements of Level 3 investments
is shown in the table above.
Financial assets at fair value through profit or loss;
Level 1 Level 2 Level 3 Total
GBP'000 GBP'000 GBP'000 GBP'000
At 28 February
2021
Investments 2,164 - 434 2,598
-------- -------- -------- --------
Total 2,164 - 434 2,598
-------- -------- -------- --------
At 31 August 2020
Investments 1,768 - 627 2,395
-------- -------- -------- --------
Total 1,768 - 627 2,395
-------- -------- -------- --------
At 29 February
2020
Investments 2,327 - 640 2,967
-------- -------- -------- --------
Total 2,327 - 640 2,967
-------- -------- -------- --------
5 Short term loans
On 4 June 2018, the Company entered in to a GBP600,000 loan
agreement with Jarvis Securities plc. Interest is payable monthly
in arrears at the rate of 4.5% above the Bank of England base
rate.
On 11 May 2020, following the disposal of MTI Wireless Edge, the
Company repaid GBP280,000 of its GBP600,000 loan from Jarvis
Securities plc leaving a balance of GBP320,000 outstanding at the
period end. As disclosed in note 8 a further GBP220,000 was repaid
on 2 March 2021.
6 Net asset value
The basic net asset value per Ordinary share is based on net
assets of GBP2,708,000 (31 August 2020: GBP2,218,000; 29 February
2020: GBP2,535,000) and on 5,460,301 Ordinary shares (31 August
2020: 5,460,301; 29 February 2020: 5,460,301) being the number of
Ordinary shares in issue at the period end. No shares are held in
Treasury.
7 Related party transactions
Under the terms of the agreement dated 28 June 2001, the Company
has appointed Chelverton Asset Management Limited to be the
Investment Manager. Mr Horner, a Director of the Company, is also a
director of Chelverton Asset Management Limited and chairman of
CEPS in which the Company holds an investment as set out above. Mr
Martin is the chairman of Touchstar in which the Company holds an
investment as set out above.
At 28 February 2021, there was GBPnil (31 August 2020: GBP2,200;
29 February 2020: GBP1,300) payable to the Investment Manager.
The three Directors also have individual holdings in Chelverton
Asset Management Holdings, a company which has Mr Horner as a
director and in which the Company had a direct holding until 26
February 2021. The Directors' holdings are detailed below.
Percentage of
Ordinary shares Ordinary shares
held held
GBP' 000 %
K J Allen 1 1.00
D A Horner* 55 55.25
I P Martin 2 2.00
* Director and connected persons total holdings.
8 Post balance sheet events
On 2 March 2021, following the disposal of its holding in
Chelverton Asset Management Holdings, the Company repaid GBP220,000
of its loan from Jarvis Securities plc leaving a balance of
GBP100,000 outstanding.
Information about the Company can be obtained at the Investment
Manager's website at www.chelvertonam.com. Neither the contents of
the manager's website nor the contents of any website accessible
from hyperlinks on this announcement (or any other website
incorporated into, or forms part of this announcement.
An investment company as defined under Section 833 of the Companies Act 2006.
REGISTERED IN ENGLAND No 02989519
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