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You are here: Announcement

Friday 07 January, 2011


RNS Number : 1281Z
Caledonia Investments PLC
07 January 2011
 



Caledonia Investments plc

 

Interim Management Statement for the quarter ended 31 December 2010

 

Caledonia Investments plc ("Caledonia" or the "Company") is one of the UK's largest investment trusts and is self-managed. The ability to identify opportunities through an extensive network, invest in significant stakes and become involved with the managements of investee companies underpins its investment approach, through which it seeks to deliver both a long term shareholder return in excess of the FTSE All-Share Total Return and a positive total return over rolling five year periods, whilst maintaining a progressive annual dividend.

 

Caledonia presents its interim management statement for the quarter ended 31 December 2010 and up to the date of publication.

 

 

Material events

 

o

Investments during the period, totalling £14.1m, principally comprised fund drawdowns.



o

Realisations during the period totalled £89.4m, including the following: £27.5m from the redemption of part of the investment in the Eddington Capital funds; £18.2m from the sale of part of the holding in British Empire Securities, the UK quoted investment trust company; a £14.1m capital distribution from Penta Geronimo, a UK private equity fund, following its sale of Geronimo Inns; £11.3m from the sale of the entire holding in De La Rue, the UK quoted commercial security printer and papermaker; and £9.4m from the sale of the remaining holding in Rathbone Brothers.



o

11.1p interim dividend, totalling £6.4m, declared on 23 November 2010 in respect of the year ending 31 March 2011. The ex-dividend date was 1 December 2010 and the dividend was paid on 6 January 2011 to holders of shares on the register on 3 December 2010.

 

 

Financial position and performance summary

 


At 31 Dec 2010 

At 30 Sep 2010 

Net assets

£1,287m 

£1,224m 

Diluted NAV per share

2209p 

2105p 

Share price

1900p 

1627p 

Discount

14.0% 

22.7% 

FTSE All-Share index

3063 

2868 

1.

NAVs per share are calculated on a cum-income basis.

2.

31 December 2010 was the latest date on which an NAV per share was prepared.

 

At 31 December 2010, the Company had £104.2m of net liquidity, compared with £19.3m at 30 September 2010. The Company also has £100m of committed term bank facilities through two bilateral agreements for £50m revolving credit facilities with ING and The Royal Bank of Scotland, expiring in July 2013, together with an overdraft facility of £10m. None of the facilities are presently drawn.

 

 

Investment portfolio

 

Ten largest holdings as at 31 December 2010




Net assets 

Name

Business

£m 

% 

Close Brothers

Merchant banking

166.7 

12.9 

British Empire Securities

Investment trust

114.0 

8.9 

Avanti Communications

Satellite communications

78.1 

6.1 

Cobepa

Investment company

74.5 

5.8 

Bristow Group

Helicopter services

73.6 

5.7 

Oval

Insurance broking

42.4 

3.3 

Dewan Housing Finance

Housing finance

42.4 

3.3 

London & Stamford Property

Property investment

41.3 

3.2 

A G Barr

Soft drinks

37.3 

2.9 

Alok Industries

Textiles manufacturer

37.1 

2.9 



707.4 

55.0 

Other investments


482.4 

37.5 

Cash and other net assets


96.7 

7.5 

Net assets


1,286.5 

100.0 

 

 

7 January 2011

 

 

Enquiries

Caledonia Investments plc

College Hill Associates

Will Wyatt, Chief Executive

Tony Friend

Stephen King, Finance Director

Roddy Watt

Tel: 020 7802 8080

Tel: 020 7457 2020

 

END

 

Caledonia publishes monthly fact sheets, which give further details of the investment and other activities during each month. These fact sheets and other information are available on the Company's website at www.caledonia.com. Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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