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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 |
From Apr 2019 to Apr 2024
TIDMCGW
RNS Number : 9808N
Chelverton Growth Trust PLC
26 May 2020
Chelverton Growth Trust PLC
LEI: 213800I86P8BAE6UVI83
Half Yearly Report
For the six months ended 29 February 2020
The Directors announce the unaudited Half Yearly Report for the period 1 September 2019 to 29 February 2020.
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 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, 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 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
I sincerely hope that all our Shareholders are safe and well in these very difficult and strange times.
Writing this report now feels very strange as we had expected to see some significant progress in our investments and a recognition of the underlying value within the portfolio. This progress has been put on hold until such time as a move back to normality has commenced. However, it is important to stress that our investee companies have taken all the steps that can be taken to ensure that, when this happens, they are ready to implement, as appropriate, their growth and development plans.
In the period covered by this report, we saw an end to the three years of the Brexit saga, which weighed heavily on UK companies and, in particular on small companies' share valuations. The election of Boris Johnson as Prime Minister with a clear working majority and completion of the UK's exit from the European Union gave a backcloth for a reappraisal and potential recovery in small company valuations. Unfortunately, as a result of the arrival of Covid-19, at the end of February we have had to deal instead with the effects of the unprecedented lockdown.
Our Investment Manager has of course spoken to the management teams at our underlying investments and to their knowledge, people are safe and well. It is important to stress, that whatever actions are taken from this point there must be full regard to the importance of people's overall safety and welfare.
Financial Performance
Your Company has seen an increase in the net asset value per share from 44.79p at 31 August 2019 to 46.43p at 28 February 2020, an increase of 3.66%. Whilst in general, the underlying performance of the individual investments has been as expected, the sentiment towards UK publicly quoted equites, and in particular the small companies and micro-cap companies, remains negative.
Over the same period, the AIM All-share index has fallen by 1.71% whilst the Company's comparative index, the MSCI Small Cap UK index rose by some 0.58%. The Company's share price has decreased from 40.50p to 37.00p per share and the shares were therefore trading at a discount of 20.31% at the period end.
Since the period end, the net asset value per share has declined to 42.72p as at 30 April 2020, reflecting the market turmoil, precipitated by the introduction of the lockdown and the unprecedented events currently unfolding in the United Kingdom.
Markets hate uncertainty, and, unfortunately, we are living in very uncertain times, which have borne down on the valuations of UK equities. By the same token, when the situation is resolved, the removal of the uncertainty should lead to a reappraisal of prospects and valuations. Ironically, because our portfolio is in small, highly UK-centric businesses, as long as we remain confident that the UK will recover, then our companies should prosper over time.
There remains of course a whole range of other real concerns in the World. These include: the ongoing trade disputes and introduction of tariffs by the United States and any subsequent retaliatory actions by China and the European Union; the severe financial issues within the European Union concerning the funding of member states, in particular Italy and Spain; and the recently publicised differences between Germany and the European Central Bank.
Investments
CEPS is the largest investment in the portfolio, and I would remind Shareholders that this is a diversified AIM traded holding company that owns majority shareholdings in four UK subsidiary businesses. Your Investment Manager, and my fellow Board member, David Horner is chairman of the company and has a similar sized shareholding to that of Chelverton Growth Trust. CEPS is being built up by the growth of the underlying companies and by strategic "bolt-on" acquisitions. During the period, one of the subsidiaries was unfortunately placed into administration when the board of CEPS decided that it was unable to justify continuing to support it.
The remaining companies all made progress and it was expected that 2020 was going to be a year in which their underlying positive trading results would become evident. However, it now looks like this will be delayed until 2021.
Touchstar, Petards and Universe are all making progress, and appear, on a one-year view, to be undervalued, particularly with the general market reduction in all share prices.
MTI Wireless Edge has seen a strong recovery over the past two years and the shares were recently sold, post the period end, with the proceeds used to partly repay debt.
We took a proactive position on Plutus Powergen where we, and the market, had become very concerned by the actions, or more precisely inaction of its board. With others we put forward resolutions to replace the board and we had a clear plan as to how to put the company on a stable footing. Unfortunately, the incumbent board and its supporters narrowly won the day and has subsequently, effectively closed the company down. After the period end, Chelverton Growth Trust has sold its holding for a nominal sum.
Looking at the unquoted holdings, Chelverton Asset Management, the Investment Managers of the Company, had a solid six months growing funds under management and paying an increased dividend. Following the precipitous decline across the stock market in mid-March, funds under management have declined. However, as the position has become generally clearer, there has been a strong recovery.
Last year we announced that Main Dental Partners had been conditionally purchased by Spa Dental pending the resolution of a court case brought by the previous managing director. This case was duly won by the company; however, the appellant has now lodged an appeal. It is not known at this time whether this right to appeal will be granted. In the meantime, given the nature of the business, all of the surgeries have been closed down and staff furloughed. Nevertheless, going forward, there will still be demand for dental treatment.
On a brighter point, La Salle Education, a business involved in supplying schools with the modern mathematics syllabus via the internet, has been deeply involved in providing services to many schools. Also, Pedalling Forth (trading as Velovixen) an internet retailer of women's cycling clothing has enjoyed a big uplift in sales; it is to be hoped that this will be sustained once the Country gets through the current situation.
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 new settled outcome. This new situation will resemble what the position was before the arrival of Covid 19, but almost certainly will not be the same.
Every day, as businesses adapt to and resolve the constraints placed upon them by the virus, more and more people are going back to work. We believe that there will initially be a sharp upturn followed, over time, by a slower growth in economic activity, as the economy strives to recover losses caused by the reaction to Covid-19.
It is undoubtedly the case that unemployment will rise, partly as a result of the severe economic jolt caused by the lockdown, but also as a result of a change in working patterns and a drive to greater efficiencies. Given the UK economy had been operating at effectively full employment for the past few years this is not surprising and in some cases is to be welcomed.
It is the Board's ongoing intention to return funds to Shareholders by way of annual tender offers. These can only be carried out in a meaningful and cost-effective manner when the Company has significant cash resources. At the moment the Company is largely fully invested and therefore 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 holdings. Further sales of existing investments will take place once the Board's perception of the real value is restored.
The Board is actively considering the future of the Company and how best to return value to Shareholders in the most effective and tax-efficient manner.
Kevin Allen
Chairman
26 May 2020
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, other than as set out below, remain the same as those disclosed in the Annual Report for the year ended 31 August 2019 on pages 12 and 13 and pages 49 and 50. These risks include, but are not limited to, market risk, discount volatility risk, regulatory risk, financial risk and liquidity risk.
Global Pandemic
Given recent events, Covid 19 has emerged as a significant risk which has impacted global commercial activities. The Board has been monitoring the development of the pandemic and has considered the impact it has had to date and assessed the impact it may have in the future. The Chairman's Statement covers this in more detail and the Board is actively liaising with the Investment Manager to obtain a full understanding of its effect on the investee companies.
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 2020, 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 26 May 2020 and the above responsibility statement was signed on its behalf by:
Kevin Allen
Chairman
Hot Features
Premium
Portfolio review
as at 29 February 2020
The Company's portfolio is set out below.
Investment Sector Valuation % of
GBP'000 total
portfolio
AIM Traded
CEPS Support Services 1,518 51.2
Trading holding company for a number of
companies supplying services and products
Technology Hardware &
MTI Wireless Edge Equipment 240 8.1
Developer and manufacturer of sophisticated
antennas and antenna systems
Petards Group Support Services 160 5.4
Development, provision and maintenance
of advance security systems and related
services
Plutus Powergen Flexible Energy Supply 23 0.8
Providers of management infrastructure
and expertise to operate power plants and
provide flexible electricity generation
Technology Hardware &
Touchstar Equipment 332 11.2
Software systems for warehousing and distribution
Universe Group Support Services 33 1.1
Provision of credit fraud prevention, loyalty
and retail systems
Fully Listed
Zenith Energy Oil & Gas Producers 21 0.7
International energy production and exploration
company
Nasdaq Traded
Touchpoint Group Support Services
Holdings - -
(formerly One Horizon Group)
Provider of mobile satellite communications
equipment and airtime
---------- ----------
2,327 78.5
Unquoted
Chelverton Asset
Management Holdings Support Services 220 7.4
Investment management, including providing
services to Chelverton Growth Trust Plc
La Salle Education Support Services 260 8.7
A UK based company dedicated to improving
mathematics education
P edalling Forth General Retailers 160 5.4
Internet retailer of cycling clothing for
women
Redecol* Healthcare Equipment
& Services - -
A medical device company focused on the
development of asthma monitoring
Portfolio valuation 2,967 100.0
---------- ----------
* Shares received from the purchase of Anaxsys Technology by Redecol Limited
Portfolio holdings
as at 29 February 2020
29 February 31 August 2019
2020
Valuation % of Valuation % of
total total
Investment GBP'000 portfolio GBP'000 portfolio
CEPS 1,518 51.2 1,214 43.3
Touchstar 332 11.2 298 10.6
La Salle Education 260 8.7 130 4.6
MTI Wireless Edge 240 8.1 176 6.3
Chelverton Asset Management
Holdings 220 7.4 220 7.9
Pedalling Forth 160 5.4 200 7.1
Petards Group 160 5.4 380 13.5
Universe Group 33 1.1 34 1.2
Plutus Powergen 23 0.8 93 3.3
Zenith Energy 21 0.7 63 2.2
Touchpoint Group Holdings
(formerly One Horizon
Group) - - - -
Redecol* - - - -
Total 2,967 100.0 2,808 100.0
---------- ---------- ---------- ----------
* Shares received from the purchase of Anaxsys Technology by Redecol Limited
Portfolio breakdown by sector and by index as at 29 February 2020 Sector distribution % of total Support Services 73.8 Technology Hardware & Equipment 19.3 General Retailers 5.4 Flexible Energy Supply 0.8 Oil & Gas Producers 0.7 Index distribution % of total AIM 77.8 Unquoted 21.5 Fully listed 0.7 Income statement (unaudited)
for the six months to 29 February 2020
Six months to Year to Six months to
29 February 2020 31 August 2019 28 February 2019
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) - 159 159 - (682) (682) - (505) (505)
Income (note
2) 24 - 24 22 - 22 10 - 10
Investment
management
fee* (3) (8) (11) (9) (26) (35) (4) (13) (17)
Other expenses (71) (12) (83) (138) (24) (162) (71) (12) (83)
--------- -------- -------- --------- ---------- ---------- --------- ---------- ----------
Net (loss)/
return on
ordinary
activities
before taxation (50) 139 89 (125) (732) (857) (65) (530) (595)
Taxation
on ordinary
activities - - - - - - - - -
--------- -------- -------- --------- ---------- ---------- --------- ---------- ----------
Net
(loss)/return
on ordinary
activities
after taxation (50) 139 89 (125) (732) (857) (65) (530) (595)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
pence pence pence pence pence pence pence pence pence
(Loss)/return
per Ordinary
share** (0.91) 2.54 1.63 (2.29) (13.41) (15.70) (1.18) (9.71) (10.89)
The total column of this statement is the statement of 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.
** The return per Ordinary share is based on 5,460,301 (31 August 2019: 5,460,301; 28 February 2019: 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 29 February 2020
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 29 February 2020
1 September 2018 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
---------- ----------- ---------- ------------ ---------- ----------
Year to 31 August 2019
1 September 2018 55 787 1,843 134 484 3,303
Net loss after taxation
for the year - - (732) - (125) (857)
---------- ----------- ---------- ------------ ---------- ----------
31 August 2019 55 787 1,111 134 359 2,446
---------- ----------- ---------- ------------ ---------- ----------
Six months to 28 February 2019
1 September 2018 55 787 1,843 134 484 3,303
Net loss after taxation
for the period - - (530) - (65) (595)
---------- ----------- ---------- ------------ ---------- ----------
28 February 2019 55 787 1,313 134 419 2,708
---------- ----------- ---------- ------------ ---------- ----------
*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 purchase of the Company ' s Ordinary shares.
Statement of financial position (unaudited)
as at 29 February 2020
As at 29 As at 31 As at 28
February August February
2020 2019 2019
GBP'000 GBP'000 GBP'000
Fixed assets
Investments at fair
value
(note 4) 2,967 2,808 3,073
Current assets
Debtors 150 145 2
Cash at bank 42 125 255
-------------------------- -------------------------- --------------------------
192 270 257
-------------------------- -------------------------- --------------------------
Creditors - amounts falling due within one year
Creditors (24) (32) (22)
Short-term loans (note
5) (600) (600) (600)
-------------------------- -------------------------- --------------------------
(624) (632) (622)
-------------------------- -------------------------- --------------------------
Net current
(liabilities)/assets (432) (362) (365)
-------------------------- -------------------------- --------------------------
Net assets 2,535 2,446 2,708
-------------------------- -------------------------- --------------------------
Share capital and reserves
Called up share
capital 55 55 55
Special reserve 787 787 787
Capital reserve 1,250 1,111 1,313
Capital redemption
reserve 134 134 134
Revenue reserve 309 359 419
-------------------------- -------------------------- --------------------------
Equity shareholders'
funds 2,535 2,446 2,708
--------------------------
Net asset value per
Ordinary
share (note 6) 46.43p 44.79p 49.59p
-------------------------- -------------------------- --------------------------
Statement of cash flows (unaudited)
for the six months to 29 February 2020
Six months Six months
to Year to to
29 February 31 August 28 February
2020 2019 2019
GBP' 000 GBP' 000 GBP' 000
Cash flows from operating activities
Net return/(loss) on ordinary
activities 89 (857) (595)
Adjustment for:
Net capital (return)/loss (139) 732 530
Expenses charged to capital (20) (50) (25)
Interest paid 16 32 16
(Decrease)/increase in creditors (8) 2 (8)
(Increase)/decrease in debtors (5) (136) 7
Cash used in operations (67) (277) (75)
--------------- ---------------- ---------------
Cash flows from investing activities
Purchase of investments - (146) (96)
Proceeds from sale of investments - 141 3
--------------- ---------------- ---------------
Net cash used in investing
activities - (5) (93)
--------------- ---------------- ---------------
Cash flows from financing activities
Interest paid (16) (32) (16)
--------------- ---------------- ---------------
Net cash used in financing
activities (16) (32) (16)
--------------- ---------------- ---------------
Net decrease in cash (83) (314) (184)
--------------- ---------------- ---------------
Cash at the beginning of
the period 125 439 439
--------------- ---------------- ---------------
Cash at the end of the period 42 125 255
--------------- ---------------- ---------------
1 Accounting Policies
a) Statement of compliance
The Company's Financial Statements for the period ended 29 February 2020 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 2019.
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 2020 and 28 February 2019 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 2019 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 pandemic.
2 Income
Six months Year to Six months
to to
29 February 31 August 28 February
2020 2019 2019
GBP'000 GBP'000 GBP'000
Income from investments
UK net dividend income 16 17 10
Loan stock interest 8 5 -
Total income 24 22 10
------------ --------------- -----------------
3 Taxation
The tax charge for the six months to 29 February 2020 is nil (year to 31 August 2019: nil; six months to 28 February 2019: nil).
The Company has an effective tax rate of 0% for the year ending 31 August 2020. 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 28
February August February
Fully AIM 2020 2019 2019
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 4,236 773 166 5,293 5,472 5,472
Opening
investment
holding losses (55) (2,041) (223) (166) (2,485) (1,987) (1,987)
------------ ----------------------- -------------- ------------ -------------- ------------- --------------
63 2,195 550 - 2,808 3,485 3,485
Movements in
the period:
Purchases at
cost - - - - - 146 96
Sales proceeds - - - - - (141) (3)
(Losses)/gains
on sales - - - - - (184) 3
Movement in
investment
holding losses (42) 111 90 - 159 (498) (508)
------------ ----------------------- -------------- ------------ -------------- -------------
Closing
valuation 21 2,306 640 - 2,967 2,808 3,073
------------ ----------------------- -------------- ------------ -------------- ------------- --------------
Closing book
cost 118 4,236 773 166 5,293 5,293 5,568
Closing
investment
holding losses (97) (1,930) (133) (166) (2,326) (2,485) (2,495)
------------ --------------
Closing
valuation 21 2,306 640 - 2,967 2,808 3,073
------------ --------------
Analysis of capital gains
and losses
Realised
(losses)/gains
on sales - - - - - (184) 3
Movement in
fair value
of investments (42) 111 90 - 159 (498) (508)
------------ ----------------------- -------------- ------------ -------------- ------------- --------------
(42) 111 90 - 159 (682) (505)
------------ ----------------------- -------------- ------------ -------------- ------------- --------------
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 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 29 February
2020
Equity investments 2,327 - 640 2,967
-------- -------- -------- --------
Total 2,327 - 640 2,967
-------- -------- -------- --------
At 31 August 2019
Equity investments 2,258 - 550 2,808
-------- -------- -------- --------
Total 2,258 - 550 2,808
-------- -------- -------- --------
At 28 February
2019
Equity investments 2,345 - 728 3,073
-------- -------- -------- --------
Total 2,345 - 728 3,073
-------- -------- -------- --------
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.
The loan was drawn down on 4 June 2018 and at the period end GBP600,000 was outstanding.
6 Net asset value
The basic net asset value per Ordinary share is based on net assets of GBP2,535,000 (31 August 2019: GBP2,446,000; 28 February 2019: GBP2,708,000) and on 5,460,301 Ordinary shares (31 August 2019: 5,460,301; 28 February 2019: 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 29 February 2020, there was GBP1,300 (31 August 2019: GBP2,600; 28 February 2019: GBP2,800) 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 which the Company also has a direct holding. The Directors' holdings are detailed below.
Percentage of
Ordinary shares Ordinary shares
held held
GBP' 000 %
K J Allen 1 1
D A Horner* 56 56
I P Martin 2 2
* Director and connected persons
total holdings.
8 Post balance sheet events
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.
In recent months Covid 19 has emerged as a significant risk. Details of the impact on the Company are given in the Chairman's Report and in the Interim management report above.
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
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR BUGDUBSDDGGL
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May 26, 2020 11:47 ET (15:47 GMT)
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