Result of the Tender Offer

21 December 2010

 

                          CHELVERTON GROWTH TRUST PLC                          

                                (the "Company")                                

 

                          Result of the Tender Offer                           

 

This announcement is made further to the circular to shareholders issued by the
Company on 24 November 2010 concerning the tender offer by Merchant Securities
Limited to purchase up to 10 per cent. of the issued ordinary shares in the
Company (the "Tender Offer"), which was approved by shareholders at the annual
general meeting held on 16 December 2010.

 

The tender price (which is calculated as being equal to 92.5 per cent. of the
net asset value per share on 17 December 2010; 26.70 pence per ordinary share)
is 24.70 pence per ordinary share.

Valid applications were received from eligible shareholders, being shareholders
on the register at close of business on 17 December 2010, by the closing date
in respect of a total of 6,191,310 ordinary shares (representing approximately
41.65 per cent of the Company's issued ordinary share capital at the record
date). In accordance with the terms and conditions of the Tender Offer, the
Company has accepted in full all applications made by shareholders up to their
10 per cent basic entitlement.  As certain shareholders did not take up their
10 per cent basic entitlement, the Company has also accepted, in part, those
shareholders who applied for an amount in excess of their 10 per cent basic
entitlement, scaled back on a pro rata basis.

 

Pursuant to the Tender Offer, 1,486,483 ordinary shares being 10 per cent of
the current issued ordinary shares will be repurchased for cancellation on 4
January 2011 with settlement on 17 January 2011.

 

As a result of the above, there will be 13,378,344 ordinary shares of 1p each
in issue. As the Company does no longer hold any ordinary shares in Treasury,
its total number of voting rights equals the number of ordinary shares in
issue. The above figure may be used from 17 January 2011, 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.

 

Enquires:

 

William van Heesewijk

Chelverton Asset Management Limited

Tel: [phone]

www.chelvertonam.com

 

Lindsay Mair / Virginia Bull

Merchant Securities

Tel: [phone]

www.merchantsecurities.co.uk