9 Jan 2012 11:34
CHELVERTON GROWTH TRUST PLC
INTERIM MANAGEMENT STATEMENT
For the period ended 30 November 2011
INVESTMENT OBJECTIVE
The investment objective of the Company 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 are believed to be at a `point of change'. Its investment objective is to increase net asset value per share at a higher rate than other quoted smaller company trusts and the FTSE All-Share Index.
INVESTMENT POLICY
The Company invests principally in securities of publicly quoted UK companies, though it may invest in unquoted securities. The concentrated UK portfolio comprises between 20 to 35 securities. The performance of the Company's investments is compared to the FTSE All-Share Index. The Company will also 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. The Company will not invest in any listed investment companies or listed investment trusts.
It is intended from time to time, when deemed appropriate, that the Company will borrow for investment purposes, it currently has no borrowings.
The investment objective and policy stated above are intended to distinguish the Company from other investment vehicles which have relatively narrow investment objectives and which are constrained in their decision making and asset allocation. The objective and policy allow the Company to be constrained in its investment selection only by valuation and to be pragmatic in portfolio construction by only investing in securities which the Investment Manager considers to be undervalued on an absolute basis.
KEY FACTS
Net asset value (NAV) per Ordinary 31.40p share* Ordinary share price 24.00p Discount 23.57% PERFORMANCE - TOTAL RETURN
For the period ended 30 November 2011
NAV* 2.61% Share Price 9.09% FTSE All Share Index 2.11% FTSE Small-Cap Index (8.12%)
*Based on NAV including current period revenue
MATERIAL DEVELOPMENTSANDTRANSACTIONS
On 21 December 2011 Shareholders passed all resolutions at the Company's Annual General Meeting and accordingly approved the resolution pertaining to the proposed Tender Offer and Buyback.
As announced on 28 December 2011 and pursuant to the Tender Offer, 1,323,334Ordinary shares and to the buyback offer, 25,727 Ordinaryshares will be repurchased for cancellation with settlement on 23 January 2012.
As a result of the above, there will be 11,884,283 Ordinary shares of 1p each in issue. The above figure may be used from 23 January 2012, by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.
DISTRIBUTION OF ASSETS AND LIABILITIES
30 November 2011 31 August 2011 £'000 £'000 AIM traded investments - Ordinary 3,660 3,576 shares Delisted and unquoted 457 479 4,117 4,055 Current assets/(liabilities) 38 (6) Net assets 4,155 4,049 Net asset value per Ordinary share 31.40p 30.60p Name of company % of portfolio 1 IDOX 33.47 2 AI Claims Solutions 13.27 3 Parmenion Capital Partners LLP 9.66 4 Belgravium Technologies 7.29 5 Alliance Pharma 6.63 6 CEPS 4.85 7 Tristel 3.69 8 PSG Solutions 3.67 9 Pennant International Group 2.94 10 Northbridge Industrial Services 2.71 11 LPA Group 2.60 12 Titan Europe 2.26 13 Sanderson Group 1.89 14 One Horizon Group 1.44 15 Datong Electronics 1.16 16 MTI Wireless Edge 1.10 17 Richoux Group 0.88 18 Petards Group 0.28 19 Universe Group 0.21 Balance held in 3 holdings 0.00 100.00
Note: The Directors are not aware of any significant events or transactions which have occurred between the date of the financial information and the date of publication, which would have a material impact on the financial position of the Company.
The net asset value is published on a monthly basis and other useful background information on the Company including downloads of published documentation such as previous Annual Reports and Monthly Fact Sheets can be found at www.chelvertonam.com .
COMPANY INFORMATIONLaunch date: 12 May 1999Year end: 31 AugustResults announced:Half-year - AprilFinal - NovemberAGM - December
Price information is published in the Financial Times under 'Investment Companies'.
This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency rules. It should not be relied upon by any other party or for any other purposes. In addition, the views, information and data in this publication should not be deemed as a financial promotion or recommendation.
Contact:
William van Heesewijk
Chelverton Asset Management Limited
Tel: 0207 222 8989
XLON