CALEDONIA INVESTMENTS PLC 
By RNS Number : 9987U
Caledonia Investments PLC
07 January 2013
Caledonia Investments plc
Interim Management Statement for the quarter ended 31 December 2012
Caledonia Investments plc ("Caledonia" or the "Company") is a self-managed investment trust with net assets of over GBP1bn. It aims to be a core investment for those seeking capital growth coupled to an increasing income stream over the long term.
Caledonia presents its interim management statement for the quarter ended 31 December 2012 and up to the date of publication.
Material events
o Investments during the period totalled GBP24.8m, including
a further GBP14.6m of new investment and GBP6.1m of reinvested
sale proceeds in the Income & Growth pool, which had
a total value of GBP133.0m at 31 December 2012.
o Realisations during the period totalled GBP96.6m, including
the sale of the Company's equity stake in Celerant Consulting
Investments, the global operations management consultancy,
together with the repayment of debt, for a cash amount
of GBP43.4m, including GBP10.7m of accrued loan interest,
and a further GBP4.3m placed in escrow. The company also
realised GBP33.3m from the sale of part of its holding
in Close Brothers, the UK listed financial services company.
o During the quarter ended 31 December 2012, the Company
acquired 201,478 of its own shares for cancellation at
a total cost of GBP3.1m. These purchases were at a significant
discount to the Company's NAV per share, which was 25.5%
at 31 December 2012.
o An interim dividend of 12.9p per share was declared on
27 November 2012, an increase of 10.3% over last year.
The dividend, totalling GBP7.3m, will be paid on 10 January
2013 to holders of ordinary shares on the register on
14 December 2012. The ex-dividend date was 12 December
2012.
o On 31 December 2012, Mark Davies retired as a director
and, on 1 January 2013, Stuart Bridges, Chief Financial
Officer of Hiscox, joined the board as an independent
non-executive director. On 4 December 2012, The Hon Charles
Cayzer moved from an executive to non-executive director,
on assumption of the role of Chairman of The Cayzer Trust
Company, Caledonia's largest shareholder.
Financial position and performance summary
At 31 Dec 2012 At 30 Sep 2012
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Net asset value GBP1,174m GBP1,153m
NAV per share 2063p 2019p
Net cash GBP84m GBP7m
Share price 1536p 1476p
Discount 25.5% 26.9%
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1. NAVs per share are calculated on a diluted, cum-income
basis.
2. 31 December 2012 was the latest date on which an NAV
per share was prepared.
At 31 December 2012, the Company had GBP83.9m of cash, compared with GBP6.8m at 30 September 2012. The Company has GBP100m of committed term bank facilities through two bilateral agreements for GBP50m revolving credit facilities with ING and The Royal Bank of Scotland, expiring in July 2013, and also has an overdraft facility of GBP10m, all of which were undrawn.
Investment portfolio
Ten largest holdings as at 31 December 2012
Name Business GBPm %
--------------------------- ------------------------- ------- -----
Close Brothers Financial services 115.8 9.9
Cobehold Investment company 83.5 7.1
Bristow Group Helicopter services 80.5 6.9
AG Barr Soft drinks 46.4 3.9
Avanti Communications Satellite communications 38.3 3.3
London & Stamford Property Property investment 36.1 3.1
Oval Insurance broking 35.7 3.0
Satellite Information
Services Broadcasting services 29.8 2.5
Quintain Estates Property services 29.5 2.5
Sterling Industries Engineering 29.1 2.5
524.7 44.7
Other investments 584.5 49.8
Cash and other items 64.4 5.5
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Net assets 1,173.6 100.0
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Enquiries
Caledonia Investments plc
Will Wyatt (Chief Executive)
Stephen King (Finance Director)
Tel: +44 20 7802 8080
College Hill
Tony Friend
Antonia Coad
Tel: +44 20 7457 2020
7 January 2013
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
IMSQDLFBXFFXBBE
(END) Dow Jones Newswires
January 07, 2013 11:37 ET (16:37 GMT)
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