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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Chelverton Growth Trust Plc | LSE:CGW | London | Ordinary Share | GB0002621349 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 26.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCGW
RNS Number : 5324W
Chelverton Growth Trust PLC
27 April 2016
Chelverton Growth Trust PLC
Half Yearly Report
for the six months ended 29 February 2016
The Directors announce the unaudited Half Yearly Report for the period from 1 September 2015 to 29 February 2016.
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 objective is to increase the net asset value per share at a higher rate than other quoted smaller company trusts and the MSCI Small Cap Index.
It is the Company's policy not to invest in any listed investment companies or listed investment trusts.
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, a specialist investment manager focusing exclusively on achieving returns for investors based on UK investment analysis of the highest quality. The founder and employee owners of Chelverton 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
Your Company has continued to make good progress in the first six months of the current year with the Net Asset Value ("NAV") per share rising by 4.1% from 54.95p to 57.21p. This compares favourably to our benchmark indices, the AIM All-share index and the MSCI Small Cap UK, which declined by 5.1% and 2.7% respectively. It is also pleasing to report that the share price increased by over 16% during the period from 42.5p to 49.5p.
Since the period end we have been able to increase the value of two of our unquoted investments, Transflex Vehicle Rental and Anaxsys Technology, rise substantially. Consequently, the NAV per share has increased further to 61.73p at the end of March 2016. In response, the share price has increased to 62p very close to the underlying NAV.
Although there is, as ever, political and economic uncertainty around the world, we remain in a low growth, low interest rate and low inflation environment. Corporate balance sheets and cash flows appear strong but real growth is increasingly difficult to achieve and maintain.
In the UK, the referendum on membership of the European Union will lead to increased uncertainty and consequent inaction by companies as they "sit on their hands" and await the outcome which is too close to call. If the electorate chooses to leave Europe it will potentially result in considerable short-term upheaval. However, in the main, the Board feels that the companies in which the Company is invested should produce improved trading performances in the short to medium term.
As stated previously, the Company is entering a phase of maturity and Shareholders should expect to see it become increasingly concentrated on a smaller number of investments. It is the Board's intention to continue with the annual tender offer and cancellation of shares, which may, in the short-term, result in a higher level of volatility in the NAV of the Company. In the longer term, we have faith in the businesses in which we are invested and expect long-term performance to be solid.
In line with the above policy, during the past six months further reductions have been made in the holding of IDOX and after the period end this investment was sold in its entirety. LPA was also reduced after a very strong share price performance. The holdings in Belgravium Technologies and La Salle Education were both increased in the period.
Following further growth of funds under management at Chelverton Asset Management, the Investment Managers of this fund, the valuation of this shareholding was increased again to reflect the company's underlying performance. Excellent progress at Transflex Vehicle Rental led to an increase in the valuation by 50% which is in line with the price placed on shares by the Board of the Company.
A new investment of GBP150,000 was made in Pedalling Forth Limited, trading as VeloVixen. The investment was part of a GBP500,000 development fundraising by the company. VeloVixen is a three-year old business which supplies women's cycling clothing and accessories via the internet. The funds will be used to raise the profile of the business and to provide working capital.
The proceeds received following the sale of the fund's largest investment Parmenion enabled us to eliminate borrowings and apply the cash to an offer for 24.99% of the outstanding shares in Chelverton Growth Trust.
This was the seventh tender offer. Valid applications were received from eligible Shareholders in respect of a total of 3,173,391 ordinary shares (representing approximately 37.33% of the Company's issued ordinary share capital at the record date). It successfully completed in March 2016 with the purchase by the Company of 24.99% of the issued share capital being 2,124,562 shares at 52.92p each. The tender price was calculated as being equal to 92.5% of the NAV per share on 29 February 2016.
These shares have subsequently been cancelled leaving a reduced share capital of 6,377,088 shares in issue. In the absence of any unexpected events, it is the Board's intention to repeat the process at the same time next year based on the net asset value per share calculated at 28 February 2017. It is interesting to note that following the seventh tender offer the number of shares acquired and cancelled is now 12,505,957 being a 66.2% reduction in the Company's original share capital.
Shareholders voted at the Annual General Meeting in December 2015 to flex the Investment Approach and to permit a reduction in the number of holdings. This change in policy recognises that future tender offers will make it likely that each year the number of investments will gradually reduce until at some point the Board will need to consider how to effect a final transfer of value to Shareholders.
Looking forward to the remainder of the financial year, the economic environment is going to be dominated by the EU Referendum in Britain. However, notwithstanding the uncertainty this will cause, the Board believes that the investment portfolio will continue to make good progress.
Kevin Allen
Chairman
27 April 2016
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 2015 on pages 12 and 13 and pages 49 to 51. These risks include, but are not limited to, market risk, discount volatility risk, regulatory risk, financial risk and liquidity risk.
Responsibility statement
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 29 February 2016, 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 include a fair review of the information required by;
a) 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
b) 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 27 April 2016 and the above responsibility statement was signed on its behalf by Kevin Allen, Chairman.
Portfolio review
as at 29 February 2016
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The Company's portfolio is set out below.
Investment Sector Valuation % of GBP'000 total AIM traded Pharmaceuticals Alliance Pharma & Biotechnology 48 1.3 Acquisition of the manufacturing, sales and distribution rights to pharmaceutical products Technology Belgravium Hardware & Technologies Equipment 329 9.3 Software systems for warehousing and distribution CEPS Support Services 798 22.5 Production and supply of components for the footwear industry; personal protection equipment; production of printed lycra fabric; services to the direct mail industry and provision of "Clerk of Works" Software & IDOX Computer Services 204 5.7 Software company specialising in the development of products for document information management Lombard Risk Software & Management Computer Services 141 4.0 Lombard Risk is one of the world's leading providers of collateral management, liquidity analysis and regulatory compliance software to financial organisations Electronic & Electrical LPA Group Equipment 149 4.2 Design, manufacture and marketing of industrial electrical accessories Technology MTI Wireless Hardware & Edge Equipment 154 4.3 Developer and manufacturer of sophisticated antennas and antenna systems Northbridge Industrial Industrial Services Engineering 32 0.9 Provider of specialist industrial services Petards Group Support Services 184 5.2 Development, provision and maintenance of advance security systems and related services Flexible Energy Plutus Powergen Supply 350 9.9 Providers of management infrastructure and expertise to operate power plants and provide flexible electricity generation Universe Group Support Services 54 1.5 Provision of credit fraud prevention systems, loyalty systems and retail systems Nasdaq Traded One Horizon Group Support Services 98 2.8 Provider of mobile satellite communications equipment and airtime Unquoted Airways Engineering Support Services Ordinary B Shares - - Loan Stock - - Commercial aviation maintenance Healthcare Equipment & Anaxsys Technology Services 13 0.4 A medical device company for patient monitoring and screening Chelverton Asset Management Holdings Support Services 130 3.7 Investment management, including providing services to Chelverton Growth Trust Plc Closed Loop Support Services Recycling* Ordinary B Shares - - Loan Stock - - Operation of a plastic (PET and HDPE) recycling plant La Salle Education Limited Support Services 80 2.3 A UK based company dedicated to improving mathematics education. Main Dental Support Services Ordinary B Shares 175 4.9 Loan Stock - - Operator of dental surgeries Security Research Group Support Services 52 1.5 Leading provider of Local Authority residential property searches; provision of packaging solutions and technical surveillance countermeasure components Transflex Vehicle Rental Support Services 555 15.6 Light commercial vehicle rental Portfolio valuation 3,546 100.0 ---------- ------ * in administration
Portfolio holdings
29 February 31 August 2016 2015 Valuation % of Valuation % of Investment GBP'000 total GBP'000 total CEPS 798 22.5 610 12.1 Transflex Vehicle Rental 555 15.6 555 11.0 Plutus Powergen 350 9.9 290 5.8 Belgravium Technologies 329 9.3 337 6.7 IDOX 204 5.7 164 3.3 Petards Group 184 5.2 169 3.4 Main Dental 175 4.9 175 3.5 MTI Wireless Edge 154 4.3 86 1.7 LPA Group 149 4.2 118 2.3 Lombard Risk Management 141 4.0 144 2.9 Chelverton Asset Management Holdings 130 3.7 120 2.4 One Horizon Group 98 2.8 134 2.7 La Salle Education Limited 80 2.3 25 0.5 Universe Group 54 1.5 65 1.3 Security Research Group 52 1.5 62 1.2 Alliance Pharma 48 1.3 56 1.1 Northbridge Industrial Services 32 0.9 60 1.2 Anaxsys Technology 13 0.4 13 0.3 Airways Engineering - - - - Closed Loop Recycling Limited * - - - - Parmenion Capital Partners LLP** - - 1,839 36.6 Total 3,546 100.0 5,022 100.0 ---------- ------ ---------- ------ * In Administration ** The Company retains an interest in a possible future bonus payment from Parmenion Capital Partners but at the date of this report the amount is not quantifiable.
Portfolio breakdown by sector and by index
Sector distribution
% of total Support Services 60.0 Technology Hardware & Equipment 13.6 Flexible Energy Supply 9.9 Software & Computer Services 9.7 Electronic & Electrical Equipment 4.2 Pharmaceuticals & Biotechnology 1.3 Industrial Engineering 0.9 Healthcare Equipment & Services 0.4
Index distribution
% of total AIM 68.8 Unquoted 28.4 Nasdaq OTC 2.8
Income statement (unaudited) for the six months to 29 February 2016
Six months Year to Six months to to 29 February 31 August 2015 28 February 2016 2015 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 on investments at fair value (note 4) - 292 292 - 406 406 - 19 19 Income (note 2) 18 - 18 60 - 60 35 - 35 Investment management fee (7) (19) (26) (12) (37) (49) (6) (19) (25) Other expenses (67) (6) (73) (116) (12) (128) (59) (4) (63) --------- -------- -------- --------- -------- -------- --------- --------- -------------- Net return on ordinary activities before taxation (56) 267 211 (68) 357 289 (30) (4) (34) Taxation on ordinary activities - - - - - - - - - --------- -------- -------- --------- -------- -------- --------- --------- -------------- Net return on ordinary activities (56) 267 211 (68) 357 289 (30) (4) (34) --------- -------- -------- --------- -------- -------- --------- --------- -------------- Revenue Capital Total Revenue Capital Total Revenue Capital Total pence pence pence pence pence pence pence pence pence Return per Ordinary share* (0.65) 3.14 2.49 (0.75) 3.96 3.21 (0.32) (0.04) (0.36)
All items in the above statement derive from continuing operations.
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The revenue column of the Income Statement includes all income and expenses. The capital column accounts for the realised and unrealised profit or loss on investments and 75% of the management fee and finance costs charged to capital.
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 November 2014 by the Association of Investment Companies ("AIC SORP").
*The return per Ordinary share is based on 8,501,650 (31 August 2015: 9,019,251; 28 February 2015: 9,446,274) shares, being the weighted average number of shares in issue during the period.
Statement of changes in equity (unaudited) for the six months to 29 February 2016
Share Capital Share premium Special Capital redemption Revenue capital account reserve* reserve reserve reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Six months to 29 February 2016 1 September 2015 86 2,674 - 913 103 896 4,672 Cancellation of share premium account - (2,674) 2,674 - - - - Costs relating to cancellation of share premium account - - (19) - - - (19) Net return after taxation for the period - - - 267 - (56) 211 ------------ ---------- ------------ ------------ ----------- ------------ ------------ 29 February 2016 86 - 2,655 1,180 103 840 4,864 ------------ ---------- ------------ ------------ ----------- ------------ ------------ Year to 31 August 2015 1 September 2014 96 2,674 - 556 93 1,435 4,854 Cost of shares purchased for cancellation under tender offer (10) - - - 10 (446) (446) Net return after taxation for the period - - - 357 - (93) 264 ------------ ---------- ------------ ------------ ----------- ------------ ------------ 31 August 2015 86 2,674 - 913 103 896 4,672 ------------ ---------- ------------ ------------ ----------- ------------ ------------ Six months to 28 February 2015 1 September 2014 96 2,674 - 556 93 1,435 4,854 Net return after taxation for the period - - - (4) - (30) (34) ------------ ---------- ------------ ------------ ----------- ------------ ------------ 28 February 2015 96 2,674 - 552 93 1,405 4,820 ------------ ---------- ------------ ------------ ----------- ------------ ------------ *The special reserve was created by the cancellation of the share premium account by order of the High Court on 20 January 2016. The special reserve can be used for the purchase of the Company's Ordinary shares.
Statement of financial position (unaudited) as at 29 February 2016
As at 29 As at 31 As at 28 February August 2015 February 2016 GBP'000 2015 GBP'000 GBP'000 Investments at fair value (note 4) 3,546 5,022 4,804 Debtors 13 9 2 Cash at bank 1,328 69 454 -------------------------- ----------------------------- -------------------------- 1,341 78 456 -------------------------- ----------------------------- -------------------------- Creditors (23) (28) (40) Short-term loan (note 5) - (400) (400) -------------------------- ----------------------------- -------------------------- (23) (428) (440) -------------------------- ----------------------------- -------------------------- Net current assets/(liabilities) 1,318 (350) 16 -------------------------- ----------------------------- -------------------------- Net assets 4,864 4,672 4,820 -------------------------- ----------------------------- -------------------------- Share capital and reserves Share capital 86 86 96 Share premium account - 2,674 2,674 Special reserve 2,655 - - Capital reserve 1,180 913 552 Capital redemption reserve 103 103 93 Revenue reserve 840 896 1,405 -------------------------- ----------------------------- -------------------------- Equity shareholders' funds 4,864 4,672 4,820 -------------------------- ----------------------------- -------------------------- Net asset value per Ordinary share (note 6) 57.21p 54.95p 51.03p -------------------------- ----------------------------- --------------------------
Statement of cash flows (unaudited)
for the six months to 29 February 2016
Six months Six months to Year to to 29 February 31 August 28 February 2016 2015 2015 GBP'000 GBP'000 GBP'000 Cash flows from operating activities Net return 211 289 (34) Adjustment for: Net capital return (267) (357) 4 Expenses charged to capital (25) (48) (23) Interest paid 9 15 - (Decrease)/increase in creditors (5) 7 19 (Increase)/decrease in prepayments and accrued income (4) 1 6 Other - (2) - ------------ ---------- ------------ Cash used in operations (81) (95) (28) ------------ ---------- ------------ Cash flows from investing activities Purchase of investments (50) (549) (75) Sales of investments 1,818 960 317 ------------ ---------- ------------ Net cash inflow from investing activities 1,768 411 242 ------------ ---------- ------------ Cash flows from financing activities Cost of shares purchased for cancellation under tender offer - (472) - Cost of cancellation of share premium account (19) - - New loan advanced 50 200 200 Capital repayment of loan (450) - - Interest paid (9) (15) -
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------------ ---------- ------------ Net cash (used in)/from financing activities (428) (287) 200 ------------ ---------- ------------ Net increase in cash 1,259 29 414 ------------ ---------- ------------ Cash at the beginning of the period 69 40 40 ------------ ---------- ------------ Cash at the end of the period 1,328 69 454 ------------ ---------- ------------
Notes to the financial statements
1 Accounting policies a) Statement of compliance
The Company's Financial Statements for the period ended 29 February 2016 have been prepared under UK Generally Accepted Accounting Practice (UK GAAP) and the 2014 Statement of Recommended Practice, 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' ('the SORP') issued by the Association of Investment Trust Companies.
The Company has also adopted FRS 104, which applies to interim periods commencing on or after 1 January 2015. The transition to FRS 104 has had no impact on the previous reported financial position and financial performance. With the exception of this, the financial statements have been prepared in accordance with the accounting policies set out in the statutory accounts for the year ended 31 August 2015.
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 29 February 2016 and 28 February 2015 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 2015 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.
2 Income Six months Year to Six months to to 29 February 31 August 28 February 2016 2015 2015 GBP'000 GBP'000 GBP'000 Income from investments Income from LLP investments 15 35 22 UK net dividend income 3 21 9 Income from loan interest - 4 4 Total income 18 60 35 ------------ --------------- ----------------- 3 Taxation
The tax charge for the six months to 29 February 2016 is nil (year to 31 August 2015: nil; six months to 28 February 2015: nil).
The Company has an effective tax rate of 0% for the year ending 31 August 2016. 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 29 31 February August 28 February 2016 2015 2015 AIM Unquoted NASDAQ Total Total Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Opening book cost 2,990 1,539 166 4,695 4,595 4,595 Opening investment holding (losses)/gains (891) 1,250 (32) 327 432 432 ----------- -------------- ------------ --------------- ------------- ----------------- 2,099 2,789 134 5,022 5,027 5,027 Movements in the period: Purchases at cost 20 30 - 50 549 75 Sales at cost (14) (115) - (129) (449) (181) Gains on sales 22 1,667 - 1,689 511 136 Movement in investment holding (losses)/gains 316 (3,366) (36) (3,086) (616) (253) Closing valuation 2,443 1,005 98 3,546 5,022 4,804 ----------- -------------- ------------ --------------- ------------- ----------------- Closing book cost 2,996 1,454 166 4,616 4,695 4,489 Closing investment holding (losses)/gains (553) (449) (68) (1,070) 327 315 Closing valuation 2,443 1,005 98 3,546 5,022 4,804 Analysis of capital gains and losses Realised gains on sales 22 1,667 - 1,689 511 136 Movement in fair value of investments 338 (1,699) (36) (1,397) (105) (117) ----------- -------------- ------------ --------------- ------------- ----------------- 360 (32) (36) 292 406 19 ----------- -------------- ------------ --------------- ------------- -----------------
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:
Classification A - Quoted prices in active markets for identical assets or liabilities.
Classification B - The price of a recent transaction for an identical asset, where quoted prices are unavailable.
Classification C Inputs for the asset or liability that are based on observable market data and unobservable market data, to estimate what the transaction price would have been on the measurement data in an arm's length exchange motivated by normal business considerations.
Details of the Company's financial instruments are shown in the Portfolio Review including financial instruments which fall into level C shown under the section heading "Unquoted". A summary reconciliation of the fair value movements of level C investments is shown in the table above. The realised gains on sales of GBP1,667,000 relates to the sale of Parmenion Capital Partners LLP on 12 January 2016.
Financial assets at fair value through profit or loss;
Classification Classification Classification Total A B C GBP'000 GBP'000 GBP'000 GBP'000 At 29 February 2016 Equity investments 2,541 - 1,005 3,546 Total 2,541 - 1,005 3,546 --------------- --------------- --------------- -------- At 31 August 2015 Equity investments 2,233 - 2,789 5,022 Total 2,233 - 2,789 5,022 --------------- --------------- --------------- -------- At 28 February 2015 Equity investments 2,477 - 2,327 4,804 Total 2,477 - 2,327 4,804 --------------- --------------- --------------- -------- 5 Short term loans
In November 2015 the Company borrowed GBP50,000 from Chelverton Asset Management Limited. The loans of GBP400,000 from Jarvis Investment Management Limited and GBP50,000 from Chelverton Asset Management Limited were repaid in full in January 2016.
6 Net asset value
The basic net asset value per Ordinary share is based on net assets of GBP4,864,000 (31 August 2015: GBP4,672,000; 28 February 2015: GBP4,820,000) and on 8,501,650 Ordinary shares (31 August 2015: 8,501,650; 28 February 2015: 9,446,274) being the number of Ordinary shares in issue at the period end.
7 Post balance sheet events
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On 18 March 2016, pursuant to the Tender Offer, 2,124,562 Ordinary shares were repurchased for cancellation resulting in there being 6,377,088 Ordinary shares of 1p in issue.
8 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 CEPS PLC, in which the Company holds an investment as set out above.
At 29 February 2016 there was GBP4,000 (31 August 2015: GBP4,000; 28 February 2015: GBP4,200) payable to the Investment Manager.
Mr Martin was appointed is the Chairman of Belgravium Technologies plc in which the Company holds an investment as set out above.
The three Directors also have individual holdings in Chelverton Asset Management Holdings, a company which has Mr Horner as a director and which the Company also has a direct holding. The Directors' holdings are detailed below.
Percentage Ordinary Percentage Loan stock of shares of held Ordinary held Loan stock shares held held GBP'000 % GBP'000 % Mr K Allen - - 1 1 Mr D Horner 925 86 56 56 Mr I Martin - - 2 2
The Company holds 2,000 shares in Chelverton Asset Management Limited representing 2% of the voting rights.
Directors and advisers
Directors Registrars and Transfer Office Kevin Allen (Chairman) Share Registrars Limited David Horner Suite E, First Floor Ian Martin 9 Lion and Lamb Yard Farnham Surrey GU9 7LL Tel: 01252 821 390 Investment Manager Auditors Chelverton Asset Management Hazlewoods LLP Limited 12B George Street Windsor House Bath BA1 2EH Bayshill Road Tel: 01225 483 030 Cheltenham GL50 3AT Secretary and Registered Custodian and Banker Office ISCA Administration Limited Jarvis Investment Management Limited (appointed 21 December 78 Mount Ephraim 2015) Suite 8, Bridge House Royal Tunbridge Wells TN4 8BS Courtenay Street Tel: 01892 510 515 Newton Abbot Devon TQ12 2QS Tel: 01392 487 056 Email: cgw@iscaadmin.co.uk
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) is 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. 298951
This information is provided by RNS
The company news service from the London Stock Exchange
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