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Chelverton 
This week, UK-listed Chelverton UK Dividend Trust (“SDV”) announced terms of a “rollover offer” for existing ZDP shareholders.

The existing 14.5 million 2025 ZDP share issue is being redeemed at £19.3 million ($24.4 million), which equates to a 4 per cent compounded return, this news service understands. 

Some shareholders will take cash and others will roll over into the new 2031 ZDP. 

Because Chelverton is only issuing £15 million of the new issue, it is gently cutting its gearing.

“The SDV portfolio is selected from small and mid-cap fully listed and AIM-traded companies and is therefore differentiated from every other UK equity income fund,” David Horner, director of investment trusts at Chelverton Asset Management, SDV’s investment manager, said. “The asset diversification and the pick-up on the yield as compared to the other equity income funds has meant that the shares have traded at, or above, the net asset value for a number of years.”