Special dividend result

Caledonia Investments PLC
25 June 2004


                    Result of the special dividend elections

The Board of Caledonia Investments plc ('Caledonia') announces that as at 11.00
a.m. on 24 June 2004, being the latest time for receipt of forms of election
under the terms of the elective special dividend proposals, valid elections have
been submitted to receive the special dividend on 8,407,676 Caledonia ordinary
shares, representing 11.58% of the issued ordinary share capital. The total
number of ordinary shares remaining in issue after the payment of the special
dividend and reduction of capital will therefore be 64,205,796 shares.

The net asset value per ordinary share at the certification date of 5.00 p.m. on
25 June 2004 and the amount of the special dividend per ordinary share will be
announced on Tuesday 29 June 2004.

The implementation of the special dividend proposals remains conditional on the
Court's approval of (i) the reduction of capital by Caledonia and (ii) the
scheme of arrangement of The Cayzer Trust Company Limited, the hearings for
which are scheduled for Tuesday 29 June 2004. An announcement of the results of
the Court hearings will also be made once known.


                                                                    25 June 2004
ENQUIRIES:

  Caledonia
  Tim Ingram, Chief Executive                          Tel: [phone]

College Hill                                           Tel: [phone]
  Tony Friend
  Richard Pearson



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