27th Apr 2016 11:47
LONDON (Alliance News) - Chelverton Growth Trust PLC, which invests in AIM companies with a market value of up to GBP50 million at the time of investment, on Wednesday said it made progress in the first half of its financial year.
The trust's net asset value per share rose by 4.1% to 57.21 pence in the six months ended February 29, comparing favourably against its benchmark indices. The AIM All-Share index and the MSCI Small Cap UK fell by 5.1% and 2.7% in the same period.
The trust's share price increased by more than 16% during the period to 49.5p.
Since the end of the first half, the trust increased the value of two of its unquoted investments, Transflex Vehicle Rental and Anaxsys Technology. Consequently, its NAV per share increased further to 61.73p at the end of March. The share price has increased to 62p, "very close" to the underlying NAV.
"Looking forward to the remainder of the financial year, the economic environment is going to be dominated by the EU Referendum in Britain," Chairman Kevin Allen said in a statement. The UK will vote on whether to remain a member of the EU or leave in a referendum scheduled for June 23.
"However, notwithstanding the uncertainty this will cause, the board believes that the investment portfolio will continue to make good progress."
Shares in the trust, which is managed by Chelverton Asset Management Ltd, were down 4.1% at 63.75p Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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