Disposal

RNS Number : 6265J

Caledonia Investments PLC

29 June 2017

 

 

 

CALEDONIA INVESTMENTS PLC

REDUCTION OF HOLDING IN COBEHOLD SA

Caledonia Investments plc ("Caledonia") announces that it has today reduced its holding in Cobehold SA ("Cobehold"), the holding company of Cobepa SA, the Belgian unquoted investment company, from 8.7% to 5.4%, realising €58.2m. As a result of a forward foreign exchange contract previously put in place to hedge the proceeds from the anticipated sale, Caledonia will receive £50.6m.

The sale was effected through an annual internal trading round operated by Cobehold and all of the shares sold were therefore taken up by other Cobehold shareholders. Caledonia's remaining 5.4% stake in Cobehold is valued at €93.2m (£81.8m). The sale price was based on the same local currency valuation of Cobehold as used for Caledonia's reported net asset value as at 31 March 2017.

Commenting on the sale, Will Wyatt, Caledonia's Chief Executive, said:

"Caledonia has been a shareholder in Cobehold since 2004. Its success over the past thirteen years has contributed to Cobehold now being our largest investment and today's sale has been undertaken to adjust its balance within Caledonia's unquoted portfolio. We remain a supportive shareholder in the company and are confident that its strong management team and distinctive investment approach, which is focused on long term value creation and very much complements our own business model, will continue to deliver rewards for Caledonia."

 29 June 2017

For further information contact:

Caledonia Investments plc
Will Wyatt, Chief Executive Stephen King Finance Director	[phone]
Duncan Johnson, Head of Unquoted Investments
Media contact:
Tulchan Communications
Peter Hewer	[phone]

END

Notes for editors:

Caledonia Investments plc

Caledonia is a self-managed investment trust company listed on the London Stock Exchange with net assets of approximately £1.9bn as at 31 May 2017. The company maintains a concentrated portfolio of international quoted, unquoted and fund investments and has paid an increasing annual dividend for 50 years.

In the unquoted arena, Caledonia seeks to invest £25m to £100m in private companies either on a majority or minority basis, providing a meaningful presence and growth capital supporting double-digit operating margins. Its current unquoted portfolio includes Cobehold (a European unquoted investment house), Gala Bingo (the UK market leading retail bingo operator), Seven Investment Management (a provider of discretionary fund management, asset management and self-invest platform services), Liberation Group (the market leading Channel Islands pub, restaurants and drinks business), The Sloane Club (a London residential club) and Choice Care Group (a UK learning disability care homes provider).

For additional information on Caledonia, please visit www.caledonia.com.

Cobehold

Cobehold is the holding company of Cobepa SA, an independent, privately-held investment company with a net worth of approximately €2bn. Cobepa started its investment activities in Belgium in 1957 as a dedicated subsidiary of Banque Paribas, but has operated as an independent investment company since 2004, investing in the private equity arena throughout Europe. It now has offices in Brussels and New York.

Cobepa's investment approach is centred on two main types of investment:

·     Growth capital investments, in which Cobepa takes significant minority stakes;

·     Buy-out transactions, in which Cobepa acquires control or co-control of the company alongside the management and other investors.

Cobepa aims to contribute actively to the development of each of its portfolio companies, leveraging upon its know-how, experience and business network in order to facilitate and support value-creating strategies through close working relationships with management.

For additional information on Cobepa, please visit www.cobepa.com. 

Neither the contents of Caledonia's or Cobepa's websites, nor the contents of any website accessible from hyperlinks on such websites (or any other website) is incorporated into, or forms part of, this announcement.

 

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