Interim Management Statement

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 £1bn. 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 £24.8m, including a further £14.6m of new investment and £6.1m of reinvested sale proceeds in the Income & Growth pool, which had a total value of £133.0m at 31 December 2012.
o	Realisations during the period totalled £96.6m, 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 £43.4m, including £10.7m of accrued loan interest, and a further £4.3m placed in escrow. The company also realised £33.3m 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 £3.1m. 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 £7.3m, 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
Net asset value		£1,174m	£1,153m
NAV per share		2063p	2019p
Net cash		£84m	£7m
Share price		1536p	1476p
Discount		25.5%	26.9%
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 £83.9m of cash, compared with £6.8m at 30 September 2012. The Company 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, and also has an overdraft facility of £10m, all of which were undrawn.

Investment portfolio

Ten largest holdings as at 31 December 2012

Name	Business	£m	%
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
Net assets		1,173.6	100.0

Enquiries

Caledonia Investments plc

Will Wyatt (Chief Executive)

Stephen King (Finance Director)

Tel: [phone]

College Hill

Tony Friend

Antonia Coad

Tel: [phone]

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.

 

END

 

 

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