Chelverton Growth Trust PLC Tender Offer (9815N)
04 February 2016 - 1:49AM
UK Regulatory
TIDMCGW
RNS Number : 9815N
Chelverton Growth Trust PLC
03 February 2016
3 February 2016
CHELVERTON GROWTH TRUST PLC (the "Company")
Proposed Tender Offer
The Company is pleased to announce a tender offer by Sanlam
Securities UK Limited ("Sanlam Securities") to purchase up to 24.99
per cent. of the Company's issued share capital (the "Tender
Offer"). The authority to effect the Tender Offer was taken at the
AGM of the Company on 15 December 2015 and was announced to the
London Stock Exchange on 16 December 2015. The tender price per
ordinary share will be 92.5 per cent. of the net asset value per
ordinary share at the close of business on 29 February 2016.
Pursuant to an agreement between the Company and Sanlam
Securities, details of which are set out in the circular, the
Company will purchase from Sanlam Securities all those ordinary
shares purchased by it under the Tender Offer at the tender
price.
The Directors believe that all relevant information relating to
the Company has been released to the London Stock Exchange up to
and inclusive of the date of this announcement.
Expected Timetable of Events
Closing Date: latest time
and date for 3.00p.m. on 29 February
receipt of Tender Forms 2016
Record Date for the Tender close of business on
Offer 29 February 2016
Calculation Date close of business on
29 February 2016
Result of Tender Offer 3 March 2016
announced
Tender Price announced 3 March 2016
Cheques despatched and
assured 18 March 2016
payments made through CREST
by
Balancing Ordinary Shares
despatched 18 March 2016
through CREST by
Balancing Ordinary Share 18 March 2016
certificates despatched
by
If any of the above times and/or dates change, the revised
time(s) and/ or date(s) will be notified to shareholders by
announcement through a Regulatory Information Service.
Sanlam Securities is authorised and regulated by the Financial
Conduct Authority of the United Kingdom.
The Tender Offer is for up to 24.99 per cent. of the Company's
issued share capital and shareholders will be able to decide
whether to tender some or all of their ordinary shares within the
overall limits of the Tender Offer (but tenders in excess of a
shareholder's basic entitlement (being 24.99 per cent. of his or
her shareholding) will only be accepted to the extent that other
shareholders tender less than their basic entitlement).
The tender price will be the price per ordinary share which
represents 92.5 per cent. of the net asset value per ordinary share
on the Calculation Date, which will include a revaluation of any of
the Company's unquoted shareholdings. Assuming a Calculation Date
as at the close of business on 31 December 2015 (being the latest
practicable date prior to this announcement) the net asset value
per ordinary share was 57.38p and the tender price would have been
53.08p compared to the mid-market ordinary share price at the close
of business on that day of 48.50p.
The Tender Offer is conditional, inter alia, on valid tenders
being received in respect of at least one per cent. of the
Company's issued share capital by the Closing Date.
Shareholders can choose to continue to hold in full their
investment in the Company. Assuming that the full 24.99 per cent.
of ordinary shares are tendered, accepted and cancelled pursuant to
the Tender Offer, the effect on net asset value per ordinary share
is marginally positive. Alternatively, shareholders can choose to
tender some or all of their ordinary shares for purchase and to
receive cash in consideration of such purchase (subject to the
scaling back of tenders in excess of the basic entitlement).
Shareholders on the Register on the Record Date will be invited
to tender some or all of their ordinary shares to Sanlam Securities
who will, as principal, purchase at the tender price the ordinary
shares validly tendered (subject to the overall limits of the
Tender Offer) and, following the completion of all those purchases,
sell the relevant ordinary shares on to the Company at the tender
price by way of an on-market transaction. All transactions will be
carried out on the London Stock Exchange and will be subject to the
rules of the London Stock Exchange.
The Tender Offer is subject to certain conditions, and may be
terminated in certain circumstances. Full details of the Tender
Offer are set out in the circular being posted to shareholders
today.
Overseas shareholders
The Tender Offer is not being made to certain overseas
shareholders.
General
The Directors believe that all relevant information relating to
the Company has been released to the London Stock Exchange up to
and inclusive of the date of this announcement.
Enquires:
William van Heesewijk
Chelverton Asset Management Limited
Tel: 020 7222 8989
www.chelvertonam.com
Virginia Bull
Sanlam Securities UK Limited
Tel: 020 7628 2200
www.sanlamsecuritiesuk.com
This information is provided by RNS
The company news service from the London Stock Exchange
This information is provided by RNS
The company news service from the London Stock Exchange
END
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