Chelverton UK Dividend Trust plc : Full year -20-

Each holder on a show of hands will have one vote and on a poll will have one vote for each Ordinary share held. SDV 2025 ZDP PLC ('SDVP') Ordinary shares of 100p each ('ordinary shares') - 50,000 in issue (partly paid up as to 25p each)

The ordinary shares in the subsidiary are owned by the Company. References to Ordinary shares within this Annual Report are to the Ordinary shares of Chelverton UK Dividend Trust PLC.

Capital

Following payment of any liabilities and the capital entitlement to the Zero Dividend Preference shareholders, ordinary shareholders are entitled to any surplus assets of SDVP.

Voting

Each holder on a show of hands will have one vote and on a poll will have one vote for each ordinary share held. Zero Dividend Preference shares of 100p each - 14,500,000 in issue as at 30 April 2021

Share Capital Events

No Zero Dividend Preference shares were issued during the year.

Dividends

Holders of Zero Dividend Preference shares are not entitled to dividends.

Capital

On a winding up of SDVP, after the satisfaction of prior ranking creditors and subject to suf?cient assets being available, Zero Dividend Preference shareholders are entitled to an amount equal to 100p share (increased daily from 8 January 2019 at such compound rate, equivalent to 4%, as will give an entitlement to 133.18p per share at 30 April 2025).

Voting

Each holder of Zero Dividend Preference shares on a show of hands will have one vote at meetings where Zero Dividend Preference shareholders are entitled to vote and on a poll will have one vote for every Zero Dividend Preference share held.

Holders of Zero Dividend Preference shares are not entitled to attend, speak or vote at General Meetings unless the business of the meeting includes a resolution to vary, modify or abrogate the rights attached to the Zero Dividend Preference shares. Glossary of Terms Net asset value ('NAV')

The NAV is shareholders' funds expressed as an amount per individual share. Shareholders' funds are the total value of all the Company's assets, at current market value, having deducted all prior charges at their par value (or at their asset value). Discount

If the share price of an investment trust is lower than the NAV per share, the shares are said to be trading at a discount. The size of the discount is calculated by subtracting the share price from the NAV per share and is usually expressed as a percentage of the NAV per share. If the share price is higher than the NAV per share, the shares are said to be trading at a premium. Gearing

Gearing is the process whereby changes in the total assets of a company have an exaggerated effect on the net assets of that company's ordinary shares due to the presence of borrowing or share classes with a prior ranking entitlement to capital. Ongoing charges

The total expenses incurred by a company, including those charged to capital (excluding performance fee and ?nance costs and exceptional costs) as a percentage of average quarterly net assets. Total return

The combined effect of any dividends paid, together with the rise or fall in the share price or NAV. Total return statistics enable the investor to make performance comparisons between trusts with different dividend policies. Any dividends (after tax) received by a shareholder are assumed to have been reinvested in either additional shares of the trust at the time the shares go ex-dividend (the share price total return) or in the assets of the trust at its NAV per share (the NAV total return). Directors and Advisers

Directors Lord Lamont of Lerwick (Chairman) William van Heesewijk

Howard Myles Andrew Watkins

Investment Manager Chelverton Asset Management Limited

11 Laura Place Bath BA2 4BL

Tel: [phone]

Secretary and Maitland Administration Services Limited

Registered Of?ce Hamilton Centre

Rodney Way, Chelmsford Essex CM1 3BY

Tel: [phone]

Registrar and Share Registrars Limited

Transfer Of?ce The Courtyard 17 West Street Farnham

Surrey GU9 7DR Tel: [phone]

www.shareregistrars.uk.com

Auditors Hazlewoods LLP Staverton Court Staverton

Cheltenham, GL51 0UX

Brokers Shore Capital

57 St James's Street London SW1A 1LD

Custodian Jarvis Investment Management Limited 78 Mount Ephraim

Tunbridge Wells Kent TN4 8BS Chelverton UK Dividend Trust PLC Notice of Annual General Meeting

This document is important and requires your immediate attention. If you are in any doubt as to what action you should take, you are recommended to seek your own ?nancial advice from your stockbroker or other independent adviser authorised under the Financial Services and Markets Act 2000 immediately.

If you have sold or otherwise transferred all of your shares in Chelverton UK Dividend Trust PLC, please forward this document as soon as possible to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.

The Directors currently anticipate that this year's Annual General Meeting will be open to shareholders, but reserve the right to change arrangements for the meeting at short notice. Therefore shareholders are strongly encouraged to vote by proxy and to appoint the Chairman as their proxy.

NOTICE IS HEREBY GIVEN that the ANNUAL GENERAL MEETING of the Company will be held at

11.00 am on Thursday 9 September 2021 at the of?ces of Chelverton Asset Management, 3rd Floor, 20 Ironmonger Lane, London EC2V 8EP for the following purposes: Ordinary Business - Resolutions 1 to 6 will be proposed as Ordinary Resolutions 1. To receive the Strategic Report, Directors' Report and the audited ?nancial statements for the year ended 30 April

2021. 2. To receive and approve the Directors' Remuneration Report for the year ended 30 April 2021. 3. To re-elect Lord Lamont as a Director. 4. To re-elect Mr van Heesewijk as a Director. 5. To re-elect Mr Myles as a Director. 6. To re-elect Mr Watkins as a Director. 7. To re-appoint Hazlewoods as the Company's Auditor. 8. To authorise the Directors to determine the remuneration of the Company's Auditor. Special Business

To consider and, if thought ?t, to pass the following Resolutions of which Resolution 9 will be proposed as an Ordinary Resolution and Resolutions 10 to 12 will be proposed as Special Resolutions: 9. THAT the Directors be and are hereby generally and unconditionally authorised pursuant to Section 551 of the

Companies Act 2006 ('the Act') (in substitution for any existing allotment authorities, provided that such

substitution shall not have retrospective effect) to exercise all the powers of the Company to allot shares and to

grant rights to subscribe for, or to convert any security into, shares in the Company ('the Rights') up to an

aggregate nominal value equal to GBP781,875, being 15% of the issued Ordinary share capital as at 22 June 2021,

during the period commencing on the date of the passing of this Resolution and expiring (unless previously renewed,

varied or revoked by the Company in general meeting) at the conclusion of the Annual General Meeting of the Company

to be held in 2022, or 15 months from the passing of this Resolution, whichever is earlier (the 'Period of

Authority'), but so that the Directors may, at any time prior to the expiry of the Period of Authority, make offers

or agreements which would or might require shares to be allotted and/or Rights to be granted after the expiry of

the Period of Authority and the Directors may allot shares or grant Rights in pursuance of such offers or

agreements as if the authority had not expired. 10. THAT, subject to the passing of Resolution 9 above, the Directors of the Company be and they are hereby empowered

pursuant to Section 570 and Section 573 of the Act to allot equity securities (within the meaning of Section 560 of

the Act) or sell shares held in Treasury (within the meaning of Section 560(3) of the Act) for cash pursuant to the

authority conferred by Resolution 9 above as if Section 561(1) of the Act did not apply to any such allotment,

provided that this power shall be limited to:

a. the allotment of equity securities in connection with a rights issue, open offer or any other offer in favour

of Ordinary shareholders where the equity securities respectively attributable to the interests of all Ordinary

shareholders are proportionate (as nearly as may be) to the respective number of Ordinary shares held by them

subject to such exclusions or other arrangements as the Directors may deem ?t to deal with fractional

entitlements, record dates, legal, regulatory or practical problems arising under the laws of any overseas

territory or the requirements of any regulatory authority or any stock exchange; and

b. to the allotment (otherwise than pursuant to paragraph (a) above) of equity securities up to 10% of the issued

Ordinary share capital, representing 2,085,000 Ordinary shares as at 22 June 2021.

and shall expire at the conclusion of the Annual General Meeting of the Company to be held in 2022, or 15 months from the passing of this Resolution, whichever is earlier, save that the Company may before such expiry make offers, agreements or arrangements which would or might require equity securities to be allotted after such expiry and so that the Directors of the Company may allot equity securities in pursuance of such offers, agreements or arrangements as if the power conferred hereby had not expired. 11. THAT the Company is hereby generally and unconditionally authorised in accordance with Section 701 of the Act to

make market purchases (within the meaning of Section 693(4) of the Act) of Ordinary shares of 25p each in the

capital of the Company ('Ordinary shares') for cancellation or for placing into Treasury provided that:

a. the maximum aggregate number of Ordinary shares authorised to be acquired is 3,125,415, or if less, 14.99% of

(MORE TO FOLLOW) Dow Jones Newswires

June 24, 2021 02:04 ET (06:04 GMT)