Company Announcements

Half-year Report

Source: RNS
RNS Number : 7649X
Chelverton Growth Trust PLC
01 May 2019
 

Chelverton Growth Trust PLC

 

LEI: 213800I86P8BAE6UVI83

 

Half Yearly Report

For the six months ended 28 February 2019

 

The Directors announce the unaudited Half Yearly Report for the period 1 September 2018 to 28 February 2019.

 

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 £50 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).

 

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

Your Company has seen a decline in the net asset value per share for the first six months of the current year.  The net asset value per share fell from 60.48p to 49.59p, a decrease of 18.0%.  Whilst in general the performance of the underlying investments has been as expected the sentiment towards UK publicly quoted equites, and in particular small companies and micro-cap companies, has been very negative.

 

Over the same period, the AIM All-share index has fallen by 17.6% whilst the Company's comparative index, the MSCI Small Cap UK index has fallen by some 9.9%.  Reflecting this decline, the Company's share price has decreased from 56.5p to 48.5p and the shares were therefore trading at a discount of some 2.2% at the period end.  

 

Since the period end the net asset value per share has recovered strongly to 55.81p per share whilst the share price has remained static.  

 

The entire country, and apparently the whole of Europe, have become exasperated and exhausted by the Brexit process.  As I write nothing is resolved and the whole process, which has been ongoing for almost three years has been delayed for either one month, three months or until the end of October.  It is very difficult, to say anything positive about the current position. 

 

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 current position is resolved, as it will be, then the removal of the current 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 not sink into recession, then our investments should prosper.

 

There are 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 and the ending of Quantitative Easing by the ECB followed by its possible reintroduction to try and ease the plight of some European countries, particularly Italy. In addition, the ongoing conflicts in Syria and Libya and the actions of Russia around the World continue to cause great concern. 

 

CEPS is the largest investment held by the Company and just to remind Shareholders this is a diversified AIM traded holding company that owns majority shareholdings in five UK subsidiary businesses.  Your Investment Manager, my fellow Board member, David Horner is chairman of CEPS and has a similar sized shareholding as that of this Company.  CEPS is being built up by the growth of its underlying investee companies and by strategic "bolt-on" acquisitions.  The results have, in common with any developing company, been difficult for shareholders to interpret, however we are confident that there is significant value that in time will become clearer. 

   

Much the same could be said for Touchstar, Petards and Universe which are all making progress and appear to be undervalued at this time since the share prices have not risen to reflect this progress.  Plutus Powergen has seen a significant reduction in its share price largely because of unexpected changes in the regulated markets in which it operates.  Once the government has got its head out of the Brexit morass then hopefully some attention will be directed towards Britain's energy policy and how sufficient electricity is going to be produced to keep the lights on in the 2020's.  Plutus Powergen has a number of small gas sites that are ready to be built once the regulatory structure becomes clear.      

 

On the unquoted side, Chelverton Asset Management, the manager contracted by the Company, has had a solid six months growing funds under management and paying a maiden dividend.

 

Main Dental Partners was conditionally purchased by Spa Dental and it is expected that once some outstanding issues are resolved then the cash proceeds will be received.

 

A further investment was made in La Salle Education, a business involved in supplying schools with the modern mathematics syllabus via the internet.  We had previously written this holding down to nil value and have been pleasantly surprised by the quiet progress that has been made over the past year.  This is a good example of the need for patience in the development of young companies.  

 

The members voluntary liquidation of Security Research has been completed and a final sum was received in cash.  This was a very successful investment for the Company; the scale and price of the share buy-backs and the ultimate realisation of all of the assets for cash was unconventional but was conducted in a highly responsible manner by the directors. 

 

Given the decline in the size of the Company (resulting from the program of tender offers and the recent decline in asset values) and the inevitable impact which this has had on the expense ratio, the Board has decided to formally pursue a strategy for winding up the Company and maximising the value for Shareholders from the remaining assets.

 

As and when value and liquidity are restored to the AIM traded shares these will be realised, with the cash proceeds being used firstly to settle all outstanding liabilities at that time and secondly to return value to Shareholders via a further tender offer or buybacks.

 

Subject to the valuation of any remaining illiquid assets at that time, the Board will examine the most tax efficient manner of returning value to Shareholders. 

 

We expect this final process to take up to two years, but this estimate will of course be determined by the speed of recovery in the principal investments and their liquidity. It is unlikely that there will be a continuation vote in 2020.

 

Kevin Allen

Chairman

1 May 2019

 

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 2018 on pages 12 and 13 and pages 50 and 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 28 February 2019, has been prepared in accordance with FRS 104 "Interim Financial Reporting", gives a fair view of the assets, liabilities, financial position and loss 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 1 May 2019 and the above responsibility statement was signed on its behalf by Kevin Allen, Chairman.

 

Portfolio review

as at 28 February 2019

The Company's portfolio is set out below.

 

Investment

Sector

Valuation

% of

 

 

£'000

total

 

 

 

portfolio

AIM Traded

 

 

 

 

 

 

 

CEPS

Support Services

1,164

37.9

Trading holding company for a number of companies supplying services and products

 

 

 

 

 

 

MTI Wireless Edge

Technology Hardware & Equipment

152

4.9

Developer and manufacturer of sophisticated antennas and antenna systems

 

 

 

 

 

 

Petards Group

Support Services

500

16.3

Development, provision and maintenance of advance security systems and related services

 

 

 

 

 

 

Plutus Powergen

Flexible Energy Supply

133

4.3

Providers of management infrastructure and expertise to operate power plants and provide flexible electricity generation

 

 

 

 

 

 

Touchstar

Technology Hardware & Equipment

298

9.7

Software systems for warehousing and distribution

 

 

 

 

 

 

Universe Group

Support Services

30

1.0

Provision of credit fraud prevention, loyalty and retail systems

 

 

 

 

 

 

Fully Listed

 

 

 

 

 

 

 

Zenith Energy

Oil & Gas Producers

68

2.2

International energy production and exploration company

 

 

 

 

 

Nasdaq Traded

 

 

 

 

 

 

 

One Horizon Group

Support Services

-

-

Provider of mobile satellite communications equipment and airtime

 

 

 

 

 

 

Unquoted

 

 

 

 

 

 

 

Airways Engineering

Support Services

 

 

Ordinary B Shares

 

-

-

Loan Stock

 

-

-

Commercial aviation maintenance

 

 

 

 

 

 

Anaxsys Technology

Healthcare Equipment & Services

-

-

A medical device company for patient monitoring and screening

 

 

 

 

 

Chelverton Asset Management Holdings

Support Services

210

6.8

Investment management, including providing services to Chelverton Growth Trust Plc

 

 

 

 

 

 

La Salle Education

Support Services

130

4.2

A UK based company dedicated to improving mathematics education

 

 

 

 

 

 

Main Dental Partners

Support Services

138

4.5

Operator of dental surgeries

 

 

 

 

 

 

Pedalling Forth

General Retailers

250

8.2

Internet retailer of cycling clothing for women

 

 

 

 

 

 

Portfolio valuation

 

3,073

100.0

 

 

Portfolio holdings

 

28 February 2019

31 August 2018

 

 

Valuation

% of

 total

Valuation

% of total

Investment

£'000

portfolio

£'000

portfolio

 

 

 

 

 

CEPS

1,164

37.9

1,417

40.6

Petards Group

500

16.3

460

13.2

Touchstar

298

9.7

374

10.7

Pedalling Forth

250

8.2

250

7.2

Chelverton Asset Management Holdings

210

6.8

210

6.0

MTI Wireless Edge

152

4.9

171

4.9

Main Dental Partners

138

4.5

138

4.0

Plutus Powergen

133

4.3

317

9.1

La Salle Education

130

4.2

80

2.3

Zenith Energy

68

2.2

37

1.1

Universe Group

30

1.0

31

0.9

One Horizon Group

-

-

-

-

Anaxsys Technology

-

-

-

-

Airways Engineering

-

-

-

-

 

 

 

 

 

 

Total

 

3,073

 

100.0

 

3,485

 

100.0

 

 

 

 

 

 

 

Portfolio breakdown by sector and by index

Sector distribution

% of total

Support Services

70.7

Technology Hardware & Equipment

14.6

General Retailers

8.2

Flexible Energy Supply

4.3

Oil & Gas Producers

2.2

 

 

Index distribution

% of total

AIM

74.1

Unquoted

23.7

Fully listed

2.2

 

Income statement (unaudited) for the six months to 28 February 2019

 

Six months to

Year to

Six months to

 

28 February 2019

31 August 2018

28 February 2018

 

Revenue

Capital

Total

Revenue

Capital

Total

Revenue

Capital

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Losses on investments at fair value (note 4)

-

(505)

(505)

- 

(1,263)

(1,263)

-

(228)

(228)

Income (note 2)

10

-

10 

9

-

9 

-

-

-

Investment management fee

(4)

(13)

(17)

(11)

(33)

(44)

(6)

(17)

(23)

Other expenses

(71)

(12)

(83)

(134)

(6)

(140)

(70)

(1)

(71)

Net return on ordinary activities before taxation

(65)

(530)

(595)

(136)

(1,302)

(1,438)

(76)

(246)

(322)

Taxation on ordinary activities

-

-

-

-

-

-

-

-

-

Net return on ordinary activities after taxation

(65)

(530)

(595)

(136)

(1,302)

(1,438)

(76)

(246)

(322)

 

 

 

 

 

 

 

 

 

 

 

Revenue

Capital

Total

Revenue

Capital

Total

Revenue

Capital

Total

 

pence

pence

pence

pence

pence

pence

pence

pence

pence

Return per Ordinary share*

 

(1.18)

 

(9.71)

 

(10.89)

 

(2.45)

 

(23.40)

 

(25.85)

 

(1.34)

 

(4.34)

 

(5.68)

 

The total column of this statement is the profit and loss account 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 and updated in February 2018 with consequential amendments by the Association of Investment Companies ("AIC SORP").

 

All revenue and capital items in the above statement derive from continuing operations.

 

A separate Statement of Other Comprehensive Income has not been prepared as all such gains and losses are included in the Income statement.

 

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.

 

* The return per Ordinary share is based on 5,460,301 (31 August 2018: 5,563,242; 28 February 2018: 5,667,890) 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 2019

 

Called up share capital

£'000

 

Specialreserve*

£'000

 

Capitalreserve

£'000

Capital redemption reserve

£'000

 

Revenue reserve

£'000

 

 

Total

£'000

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 

 

 

 

 

 

 

 

Year to 31 August 2018

1 September 2017

64 

1,506 

3,145 

125 

620  

5,460  

Cost of shares purchased for cancellation under tender offer and buybacks

 

(9)

(719)

-

9

-

(719)

Net loss after taxation for the year

- 

 - 

(1,302)

- 

(136)

(1,438)

31 August 2018

55

787 

1,843 

134

484 

3,303 

 

 

 

 

 

 

 

Six months to 28 February 2018

1 September 2017

64 

1,506 

3,145

125 

620

5,460 

Cost of shares purchased for cancellation under tender offer and buybacks

 

(9)

(725)

-

9

-

(725)

Net loss after taxation for the period

- 

- 

(246)

- 

(76)

(322)

28 February 2018

55

781

2,899

134

544

4,413

               

 

*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 28 February 2019

 

As at 28 February 2019

£'000

 

 

As at 31 August 2018

£'000

 

 

As at 28 February 2018

£'000

Fixed assets

Investments at fair value (note 4)

3,073

 

 

3,485

 

 

3,900

Current assets

Debtors

2

 

 

9

 

 

3

Cash at bank

255

 

 

439

 

 

538

 

257

 

 

448

 

 

541

 

Creditors - amounts falling due within one year

Creditors

(22)

 

 

(30)

 

 

(28)

Short-term loans (note 5)

(600)   

 

 

(600)

 

 

-

 

(622)

 

 

(630)

 

 

(28)

Net current (liabilities)/assets

 

(365)

 

 

(182)

 

 

 

513

Net assets

2,708 

 

 

3,303

 

 

4,413

 

 

Share capital and reserves

Called up share capital

55 

 

 

55 

 

 

55 

Special reserve

787 

 

 

787 

 

 

781 

Capital reserve

1,313 

 

 

1,843 

 

 

2,899 

Capital redemption reserve

134 

 

 

134 

 

 

134 

Revenue reserve

419 

 

 

484 

 

 

544 

Equity shareholders' funds

2,708 

 

 

3,303 

 

 

4,413 

 

 

Net asset value per Ordinary share (note 6)

 

 

49.59p

 

 

 

 

60.48p

 

 

 

 

80.82p

 

 

Statement of cash flows (unaudited)

for the six months to 28 February 2019

 

Six months to

 28 February

2019

 

Year to 31

 August

2018

 

Six months to

 28 February

 2018

 

£'000

 

£'000

 

£'000

Cash flows from operating activities

Net loss on ordinary activities

(595)

 

(1,438) 

 

(322)

Adjustment for:

 

 

 

 

 

Net capital loss

530 

 

1,302 

 

246 

Expenses charged to capital

(25)

 

(39)

 

(18)

Interest paid

16 

 

10 

 

3 

Decrease in creditors

(8)

 

(3)

 

(11)

Decrease in debtors

7 

 

674 

 

680 

Cash (used in)/from operations

(75) 

 

506 

 

578 

 

Cash flows from investing activities

Purchase of investments

(96)

 

(1,271)

 

(486)

Proceeds from sale of investments

3  

 

736 

 

571 

Net cash (used in)/from investing activities

(93) 

 

(535)

 

85 

 

Cash flows from financing activities

Cost of shares purchased for cancellation under tender offer and buybacks

 

-

 

(719)

 

 

(719)

New loan advanced

-

600 

- 

Capital repayment of loan

-

(250)

(250)

Interest paid

(16)

 

(10)

 

(3)

 

Net cash used in financing activities

 

(16)

 

 

(379)

 

 

(972)

 

 

 

 

 

 

 

Net decrease in cash

(184)

 

(408) 

 

(309)

Cash at the beginning of the period

439 

 

847 

 

847 

Cash at the end of the period

 

255 

 

 

439 

 

 

538 

 

 

1 Accounting Policies

 

a) Statement of compliance

The Company's Financial Statements for the period ended 28 February 2019 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' issued in November 2014 and updated in February 2018 with consequential amendments ('the SORP') issued 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 2018.

 

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 2019 and 28 February 2018 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 2018 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 to

Year to

Six months to

 

28 February 2019

31 August 2018

28 February 2018

 

£'000

£'000

£'000

 

 

 

 

Income from investments

 

 

 

UK net dividend income

10

9

-

 

 

 

 

Total income

10

9

-

 

3 Taxation

The tax charge for the six months to 28 February 2019 is nil (year to 31 August 2018: nil; six months to 28 February 2018: nil).

 

The Company has an effective tax rate of 0% for the year ending 31 August 2019. 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 February

31 August

28 February

 

Fully 

AIM 

 

 

2019 

2018 

2018 

 

Listed 

quoted 

Unquoted

NASDAQ 

Total 

Total 

Total 

 

£'000 

£'000 

£'000 

£'000 

£'000 

£'000 

£'000 

Opening book cost

72 

4,236 

998 

166 

5,472

4,953 

4,953 

Opening investment holding losses

(35)

(1,466)

(320)

(166)

(1,987)

(740)

(740)

 

37 

2,770 

678 

3,485 

4,213 

4,213 

 

 

 

 

 

 

 

 

Movements in the period:

 

 

 

 

 

 

 

Purchases at cost

46 

50 

96 

1,271 

486 

Sales proceeds

(3)

(3)

(736)

(571)

Gains/(losses) on sales

(16) 

156 

Movement in investment holding losses

(15)

(493)

(508)

(1,247)

(384)

Closing valuation

68 

2,277 

728

3,073 

3,485 

3,900 

 

 

 

 

 

 

 

 

Closing book cost

118 

4,236

1,048

166 

5,568 

5,472 

5,024 

Closing investment holding losses

(50)

(1,959)

(320)

(166)

(2,495)

(1,987)

(1,124)

Closing valuation

68 

2,277 

728 

3,073 

3,485 

3,900 

 

 

 

 

 

 

 

 

Analysis of capital gains and losses

 

 

 

 

 

 

Realised gains/(losses) on sales

(16) 

156 

Movement in fair value of investments

(15)

(493)

(508)

(1,247)

(384)

 

(15)

(493)

(505)

(1,263)

(228)

                     

      

 

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

 

£'000

£'000

£'000

£'000

At 28 February 2019

 

 

 

 

Equity investments

2,345

-

728

3,073

Total

2,345

-

728

3,073

At 31 August 2018

 

 

 

 

Equity investments

2,807

-

678

3,485

Total

2,807

-

678

3,485

At 28 February 2018

 

 

 

 

Equity investments

3,191

-

709

3,900

Total

3,191

-

709

3,900

 

5 Short term loans

On 4 June 2018, the Company entered in to a £600,000 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 £600,000 was outstanding.

 

6 Net asset value

The basic net asset value per Ordinary share is based on net assets of £2,708,000 (31 August 2018: £3,303,000; 28 February 2018: £4,413,000) and on 5,460,301 Ordinary shares (31 August 2018: 5,460,301; 28 February 2018: 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 2019 there was £2,800 (31 August 2018: £3,300; 28 February 2018: £3,700) 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.

 

 

 

Ordinary shares held

Percentage of Ordinary shares held

 

 

£'000 

% 

K J Allen

1 

1 

D A Horner

56 

56 

I P Martin

2 

2 

 

 

 

 

 

 

Directors and Advisers

 

Directors

Auditors

Kevin Allen (Chairman)

Hazlewoods LLP

David Horner

Windsor House

Ian Martin

Bayshill Road

 

Cheltenham

Investment Manager

GL50 3AT

Chelverton Asset Management Limited

 

11 Laura Place

Custodians

Bath

Jarvis Investment Management Limited

BA2 4BL

78 Mount Ephraim

Tel: 01225 483 030

Royal Tunbridge Wells

 

TN4 8BS

Secretary and Registered Office

Tel: 01892 510 515

ISCA Administration Services Limited

 

Suite 8, Bridge House

Bankers

Courtenay Street

HSBC

Newton Abbot

46 Market Street

TQ12 2QS

Falmouth

Tel: 01392 487 056

TR11 3AA

Email: cgw@iscaadmin.co.uk

 

 

 

Registrar and Transfer Office

 

Share Registrars Limited

 

The Courtyard

 

17 West Street

 

Farnham

 

GU9 7DR

 

Tel: 01252 821 390

 

www.shareregistrars.uk.com

 

 

 

 

 

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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