9th Nov 2015 15:10
LONDON (Alliance News) - Chelverton Growth Trust PLC on Monday said its net asset value per share rose in its recently-ended financial year, although it missed its benchmark, and said it remains positive about the next 12 months.
The trust said its NAV per share rose by 7% in the year ended August 31 to 54.95 pence from 51.38p the year before, while its benchmark the MSCI Small Cap UK Index rose by 9.8%.
Chelverton added that it will benefit from a "significant inflow of cash" after agreeing to sell its largest investment Permenion Capital Partners LLP, which provides services to investment advisers, to Aberdeen Asset Management PLC.
"The success of Parmenion, and its sale to Aberdeen Asset Management PLC, means that the fund will, until the tender offer is completed have a higher than normal level of cash which may affect short-term performance. In the first instance the inflow of cash will be used to pay off debt. Surplus funds will be invested selectively in current portfolio companies or additional investments if felt appropriate," the company said in a statement.
"We expect to see further development in the portfolio over the next twelve months and remain positive about prospects and expect continued progress," Chelverton added.
Shares in Chelverton were trading up 6.4% at 50.00 pence Monday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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