Chelverton UK Dividend Trust (SDV) has announced that the proposed placing of new zero dividend preference shares (ZDPs) in 2031 ZDPCo will not proceed due to insufficient demand amid continued market volatility. As a result, the previously proposed Scheme of Reconstruction has also been cancelled.
Despite some investor support, the challenging market backdrop has led the directors to conclude that conditions are not currently suitable for a successful placing. Consequently, 2031 ZDP shares will not be admitted to trading, and existing ZDP shareholders who had elected to roll over into the new structure will instead receive a cash payment based on their final capital entitlement.
The liquidation of SDV 2025 ZDP PLC will…
