Result of Tender Offer

RNS Number : 9061Q

Chelverton Growth Trust PLC

03 March 2016

 

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 28 January 2016 concerning the tender offer by Sanlam Securities UK Limited ("Sanlam Securities") to purchase up to 24.99 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 15 December 2015.

The tender price (which is calculated as being equal to 92.5 per cent of the net asset value per share on 29 February 2016; 57.21 pence per ordinary share) is 52.92 pence per ordinary share.

Valid applications were received from eligible shareholders, being shareholders on the register at close of business on 29 February 2016, by the closing date in respect of a total of 3,173,391 ordinary shares (representing approximately 37.33 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 24.99 per cent basic entitlement.  As certain shareholders did not take up their 24.99 per cent basic entitlement, the Company has also accepted, in part, those shareholders who applied for an amount in excess of their 24.99 per cent basic entitlement, scaled back on a pro rata basis.

Pursuant to the Tender Offer, 2,124,562 ordinary shares, being 24.99 per cent of the issued ordinary shares will be repurchased for cancellation with settlement on 18 March 2016.

As a result of the above, there will be 6,377,088 ordinary shares of 1p each in issue. The above figure may be used from 18 March 2016, 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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