Report for the quarter ended 31 Dec 2017

RNS Number : 1269B
Caledonia Investments PLC
05 January 2018
 

 

 

 

Caledonia Investments plc

Report for the quarter ended 31 December 2017

 

Caledonia is a self-managed investment trust company with net assets of £1.9bn. It aims to deliver growth in shareholder capital measured over the long term and in annual dividends. It invests in businesses and funds, both listed and private, in a range of sectors and regions.

 

Caledonia presents a report of its activities for the quarter ended 31 December 2017 and up to the date of publication.

 

Material events

o

Over the quarter, NAV increased by 1.6% to £1,878m from £1,848m. The NAV per share total return for the quarter was 2.2%. Unquoted investments are revalued in March and September. Consequently, the NAV at 31 December 2017 did not include any valuation adjustments to unquoted investments in the past three months.



o

Investments during the period totalled £74.2m, including £22.7m in fund commitment drawdowns.



o

Realisations during the period totalled £140.3m, including £80.2m from the sale of The Sloane Club, the London private members club, of which £3.5m was accounted for as a pre-sale distribution of trading profit.



o

An interim dividend of 15.5p per share was declared on 23 November 2017, an increase in interim dividend of 4.0% over the previous year. The dividend, totalling £8.5m, will be paid on 11 January 2018 to holders of ordinary shares on the register on 1 December 2017. The ex-dividend date was 30 November 2017.



o

Guy Davison, a founding partner of Cinven, the leading international private equity firm, joined the board as an additional independent non-executive director with effect from 1 January 2018.

 

Financial position and performance summary


At 31 Dec 2017 

At 30 Sep 2017 

Net assets

£1,878m 

£1,848m 

NAV per share

3356p 

3298p 

Discount

16.0% 

17.8% 

1.

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

2.

31 December 2017 was the latest date on which an NAV per share was prepared.

3.

Caledonia reviews the valuation of its unquoted investments in March and September.

 

At 31 December 2017, the company had cash of £209.9m, compared with £142.7m of cash at 30 September 2017.

 



Investment portfolio

Ten largest holdings as at 31 December 2017



31 Dec 2017 

30 Sep 2017 

Name

Business

£m 

£m 

Gala Bingo

Bingo operator

98.3 

92.3 

Seven Investment Management

Investment management

96.4 

96.4 

Liberation Group

Pubs and restaurants

88.0 

77.3 

Cobehold

Investment company

87.4 

86.7 

Aberdeen US PE funds

Funds of PE funds

53.9 

50.1 

Choice Care Group

Care homes provider

51.6 

51.6 

NTAsset funds

Quoted market funds

47.4 

43.5 

British American Tobacco

Tobacco

44.8 

41.8 

Arlington AVM Ranger fund

Quoted market fund

42.7 

38.8 

Microsoft

Infrastructure technology

42.6 

37.3 

 

 

653.1 

615.8 

Other pool investments

 

976.3 

1,047.3 

Cash and other items

 

248.6 

184.8 

Net assets

 

1,878.0 

1,847.9 

 

Pool distribution


31 Dec 2017 

30 Sep 2017 

Quoted pool

23% 

24% 

Income pool

12% 

12% 

Unquoted pool

27% 

30% 

Funds pool

25% 

24% 

Cash and other

13% 

10% 

 

 

Enquiries

Caledonia Investments plc

Will Wyatt (Chief Executive)

Stephen King (Finance Director)

Tel: +44 20 7802 8080

 

Tulchan Communications

Peter Hewer

Jessica Reid

Tel: +44 20 7353 4200

 

5 January 2018

 

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.

 

Caledonia publishes a quarterly report as a supplement to its monthly fact sheets. The quarterly report presents the financial position of the company at the quarter end, together with highlights of material transactions or other events that occurred during the quarter. Caledonia believes that publication of a quarterly report is a valuable communication to investors.


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