23 Jul 2012 17:26
CHELVERTON GROWTH TRUST PLC
INTERIM MANAGEMENT STATEMENT
For the period 1 March 2012 to 30 June 2012
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.
* The Board are proposing to use a different index, the MSCI UK Small Cap. Shareholders will be asked to formally approve the adoption of the index at the Company's AGM in December 2012.
KEY FACTS
Net asset value (NAV) per Ordinary 35.11p share* Ordinary share price 27.00p Discount 23.10% PERFORMANCE - TOTAL RETURN
For the period 1 March 2012 to 30 June 2012
NAV* 4.71% Share Price 3.85% MSCI UK Small Cap Index (5.90%)
*Based on NAV including current period revenue
MATERIAL DEVELOPMENTSANDTRANSACTIONS
On 31 May 2012 the Company purchased 100,000 Ordinary 1p shares for treasury at a price of 26p per share. Following this transaction the number of Ordinary shares in issue remains 11,884,283 of which 100,000 are now held in treasury. The number of Ordinary shares for the purpose of total voting rights is 11,784,283.
There were no other material developments or transactions during the period.
DISTRIBUTION OF ASSETS AND LIABILITIES
As at 30 June 2012 As at As at 30 June 29 February 2012 2012 £'000 £'000 Listed and AIM traded investments - Ordinary Shares 2,893 3,437 Delisted and unquoted 557 557 Current assets/(liabilities) 3,450 3,994 688 (9) Net assets 4,138 3,985 Net asset value per Ordinary share 35.11p 33.53p PORTFOLIO HOLDINGS Name of company % of portfolio 1 IDOX 32.36 2 Parmenion 11.53 3 Belgravium Technologies 9.78 4 CEPS 7.10 5 Alliance Pharma 5.67 6 PSG Solutions 3.98 7 Northbridge Industrial Services 3.94 8 Sanderson Group 3.39 9 LPA Group 3.31 10 Metalrax Group 3.25 11 Tristel 3.25 12 Titan Europe 3.04 13 Transflex Vehicle Rental 2.90 14 One Horizon Group 1.72 15 Datong 1.56 16 Richoux Group 1.29 17 MTI Wireless Edge 1.11 18 Petards 0.43 19 Universe Group 0.39 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
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