27 November 2024
Declaration of Interim Dividend
The Company has today declared a second interim dividend in respect of the year 1 May 2024 to 30 April 2025 of 3.25p per Ordinary share (2024: 3.15p). This dividend represents an increase of 3.2% compared to the equivalent amount declared in the previous year.
The interim dividend of 3.25p per Ordinary share will be paid on 10 January 2025 to the holders of Ordinary shares on the register at 13 December 2024, with an ex-dividend date of 12 December 2024.
It is the Board's intention that this payment will be the second of four equal core dividend payments of 3.25p each, being a total of 13.00p, for the year ending 30 April 2025.
Enquiries:
Apex Fund Administration Services (UK) Limited
Email: cosec-uk@apexgroup.com |
Just to spell it out :-
Declaration of Interim Dividend
The Company has today declared a first interim dividend in respect of the year 1 May 2024 to 30 April 2025 of 3.25p per share (2024: 3.15p). This dividend represents an increase of 3.2% compared to the equivalent amount declared in the previous year.
The interim dividend of 3.25p per Ordinary share will be paid on 15 November 2024 to the holders of Ordinary shares on the register as at 25 October 2024, with an ex-dividend date of 24 October 2024.
It is the Board's intention that this payment will be the first of four equal core dividend payments of 3.25p each, being a total of 13.00p, for the year ending 30 April 2025. It is intended that the timing of the remaining three dividend payments will be in line with previous years, with the second interim dividend expected to be paid in January 2025. |
RNS OUT - DIVIDEND
Well now we know 3.25p quarter. (13p)
Looks like this one will be Nov and rest back to normal quarterly months. |
Still no dividend announcement. Hopefully early next week. |
Reckon we will see dividend announcement this afternoon |
Nifty edit Aleman :-)
From , it should be declared this month.
Year End 30 April
AGM September
Dividends (Declared) March, June, September, December |
Yes, it is late. Accumulated income looks to be running slightly higher than previous years, though, so that's promising. However I note Coral Products just announced a halved dividend so that might drag it back again. |
It's certainly late! |
Is there no dividend announced for this quarter? |
New ZDPSs will almmost certainly be issued to retire the old ones. The question is at what cost. 5-year Gilts yielded around 0.75% in the run up to the issue in 2018. They now yield 3.75%. On this basis, new ZDPSs would need an interest rate of around 7% to make them attractive to the market, assuming the market's attitude to risk is similar. It might not be, though. Also, the rates of capital gains tax and income tax on dividends might well rise in the coming budget, causing a slight change in their relative attraction.
Any increase in compensation for the ZDPSs will come from the ordinary shares. A 3% higher rate equates to about £600k per year. Ordinaries pay out about £3.2m in dividend. The dividend will continue to be paid out but the extra £600k per year (or whatever value) will act as a drag on NAV performance in future. Year end NAV was £33.5m so that's just under 2% per year more drag than current. This is only theoretical, though. Much could change in months ahead. |
No mention of how they are to fund the redemption of the ZDPs |
One of my long(er) term holdings from 2011 @99p. |
Yes, loaded up on these recently in anticipation of this. Now 10.5% of portfolio. Have made serious money with these over the years, going back to very early 2000's |
On a nice roll recently, anyone still hold this. |
Ken, thanks very much. I must do some research, clearly.
I'd never heard, for example, of 'hurdle rates'.
"Splits talk about ‘hurdle’ rates. This is the annual rate of growth required for the zeros to hit their target, or for ordinary shareholders to get back the original capital of 100p per share."
hxxps://citywire.com/investment-trust-insider/news/what-are-split-capital-investment-trusts/a1212113
So a with a share of this kind, once has at least two different lines of research! Firstly into the underlying folio, and secondly into the progress made towards the capital target.
Very happy to be educated. |
Brucie5.
Does this help?
Chelverton is not an ordinary Investment Trust. It’s a split capital Trust. Split Capital Trusts have two sets of shares. There are the ZDP shares AND the ordinary shares covered on this thread. The ZDP shares pay out a fixed amount at a specific date. Investors in the ZDPs do not get any dividends. The ordinary shares you are probably holding get all excess capital once Chelverton have got sufficient cash to pay out their ZDP shareholders. And if it can be afforded, the ordinary shares also pay a dividend.
I prefer the standard Investment Trust choices. |
I've certainly had worse days than -2%. But that combined with the premium to NAV, fairly average performance over recent years plus the high fees just lead me to believe it was a good time to look elsewhere. I have several other smaller company trusts that have performed worse, but they are all at a discount to NAV (-14%). Just felt that it was a good time to sell. |
Dr Biotech24 Apr '23 - 15:49 - 93 of 94
For those that haven't noticed - and in fairness I don't normally track the daily announcements- the NAV fell 5p as their 2nd largest holding Ienergiser has said its going to delist from AIM causing the shares to lose 90% of their value. I know that these things can't be predicted but its got me wondering about how much due diligence they do, and whether they are worth the higher than average 2% fee. Answer for me is "no".
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Dr Biotech, if I lost say, 2% of my folio on a situation like this, I would not be best pleased, it's true. But neither would I be too upset. That's diversification. I like a lot of these shares and like you, hold some. The trust is now yielding just over 7% I believe? |
Is anyone able to explain this provision to me in simple terms, please, and how plays out in term of risk to shareholders?
From the AIC website:
hxxps://www.theaic.co.uk/companydata/chelverton-uk-dividend-trust
Objectives:
To provide Ordinary shareholders with a high income and opportunity for capital growth, having provided a capital return sufficient to repay the full final capital entitlement of the Zero Dividend Preference shares issued by the wholly owned subsidiary company SDVP.
Wind-up provisions:
The Directors are required to convene a General Meeting of the Company to be held in April 2025 to align the vote with any timetable for a further issue of Zero Dividend Preference shares. They may save costs by proposing the Continuation Resolution at the Annual General Meeting or some other General Meeting of the Company, at which an Ordinary Resolution will be proposed to the effect that the Company continues in existence.
TiA. |
I've sold up here - last lot today (for some reason its not showing, a 5k sell around 3pm)
For those that haven't noticed - and in fairness I don't normally track the daily announcements- the NAV fell 5p as their 2nd largest holding Ienergiser has said its going to delist from AIM causing the shares to lose 90% of their value. I know that these things can't be predicted but its got me wondering about how much due diligence they do, and whether they are worth the higher than average 2% fee. Answer for me is "no".
With the shares at a decent premium to NAV for no obvious reason, and with me holding directly 4 of the top 10 anyway I have sold. Pretty much the same price as I bought many years ago, so I ended up the dividend payments. Had worse I guess. |
They raise about £90,000 for a fund with gross assets of about £50m, one of their companies raises some funds for an acquisition, and that makes you think they have inside information? |
Makes you wonder...sdv issues new shares and then 2 days later there largest holding dec announces a snap share placing no insider info of course |
NAV up 9% so far in 2023 from 169.87 to 185.22p. Would like to see these at a discount to nav before buying |
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