Result of Tender Offer

RNS Number : 6347G

Chelverton Growth Trust PLC

05 March 2015

 

5 March 2015

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 11 February 2015 concerning the tender offer by Sanlam Securities UK Limited ("Sanlam Securities") 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 11 December 2014.

The tender price (which is calculated as being equal to 92.5 per cent. of the net asset value per share on 27 February 2015; 51.03 pence per ordinary share) is 47.20 pence per ordinary share.

Valid applications were received from eligible shareholders, being shareholders on the register at close of business on 27 February 2015, by the closing date in respect of a total of 3,419,061 ordinary shares (representing approximately 36.19 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 of 12.51 per cent.

Pursuant to the Tender Offer, 944,624 ordinary shares being 10 per cent of the issued ordinary shares will be repurchased for cancelation with settlement on 20 March 2015.

As a result of the above, there will be 8,501,650 ordinary shares of 1p each in issue. The above figure may be used from 20 March 2015, 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 FCA's Disclosure and Transparency Rules.

Enquires:

William van Heesewijk

Chelverton Asset Management Limited

Tel: [phone]

www.chelvertonam.com

Virginia Bull

Sanlam Securities UK Limited

Tel: [phone]

www.sanlamsecuritiesuk.com

 

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