Chelverton Growth Trust PLC Tender Offer (9815N)

TIDMCGW

RNS Number : 9815N

Chelverton Growth Trust PLC

03 February 2016

3 February 2016

CHELVERTON GROWTH TRUST PLC (the "Company")

Proposed Tender Offer

The Company is pleased to announce a tender offer by Sanlam Securities UK Limited ("Sanlam Securities") to purchase up to 24.99 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 2015 and was announced to the London Stock Exchange on 16 December 2015. 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 29 February 2016.

Pursuant to an agreement between the Company and Sanlam Securities, details of which are set out in the circular, the Company will purchase from Sanlam Securities 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                   3.00p.m. on 29 February 
 receipt of Tender Forms        2016 
Record Date for the Tender    close of business on 
 Offer                         29 February 2016 
Calculation Date              close of business on 
                               29 February 2016 
Result of Tender Offer        3 March 2016 
 announced 
Tender Price announced        3 March 2016 
Cheques despatched and 
 assured                        18 March 2016 
 payments made through CREST 
 by 
Balancing Ordinary Shares 
 despatched                     18 March 2016 
 through CREST by 
Balancing Ordinary Share      18 March 2016 
 certificates despatched 
 by 
 

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.

Sanlam Securities is authorised and regulated by the Financial Conduct Authority of the United Kingdom.

The Tender Offer is for up to 24.99 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 24.99 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 December 2015 (being the latest practicable date prior to this announcement) the net asset value per ordinary share was 57.38p and the tender price would have been 53.08p compared to the mid-market ordinary share price at the close of business on that day of 48.50p.

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 24.99 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 Sanlam Securities 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: [phone]

www.chelvertonam.com

Virginia Bull

Sanlam Securities UK Limited

Tel: [phone]

www.sanlamsecuritiesuk.com

This information is provided by RNS

The company news service from the London Stock Exchange

This information is provided by RNS

The company news service from the London Stock Exchange

END

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February 03, 2016 09:49 ET (14:49 GMT)