Result of Tender Offer

Caledonia Investments PLC
26 March 2002


English & Scottish Investors p.l.c. - result of tender offer


Caledonia Investments plc ('Caledonia') refers to its announcement of 29 January
2002 and announces that its wholly-owned subsidiary, Caledonia Investment Funds
Limited ('CIFL'), has sold its entire holding in English & Scottish Investors
p.l.c. ('English & Scottish) following completion of the tender offer by English
& Scottish to repurchase up to two-thirds of its issued ordinary shares.

CIFL will receive cash proceeds, net of anticipated transaction costs, of
£88.2m, which will be utilised in part in repaying Caledonia's borrowings, with
the balance to be held on deposit pending reinvestment.

The transaction will enhance Caledonia's net asset value per share, as adjusted
to reflect the market value of its associates, by approximately 4.5p, but will
reduce its net asset value per share as reported on a UK GAAP basis by
approximately 16.7p. Caledonia will recognise its share of the costs of the
tender offer and associated debenture stock redemptions, net of a goodwill
credit arising on the disposal, through an exceptional charge before tax of some
£6.6m, which will be reflected in Caledonia's results for its year ending 31
March 2002.



Enquiries:

Peter Buckley

Chairman and Chief Executive

Caledonia Investments plc

[phone]



Bill Trelawny/Charles Vivian

Citigate Dewe Rogerson

[phone]


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