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Caledonia Inv PLC (CLDN)

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Tuesday 04 April, 2000

Caledonia Inv PLC

Reclassification of 8m Ordinary Shares

Caledonia Investments PLC
3 April 2000


Caledonia Investments plc - Reclassification of 8,000,000 ordinary shares and
notification of major interest in shares.

Caledonia Investments plc ('Caledonia') announces that, following completion of
the compulsory acquisition procedures under section 428 to 430E of the Companies
Act 1985 in relation to its offer for Sterling Industries plc ('Sterling'),
Caledonia now owns 100% of the issued ordinary share capital of Sterling. 
Sterling has now confirmed that it consents to the terms of the extraordinary
resolution no.5 passed at the extraordinary general meeting of Caledonia, held
on 21 December 1999, and consequently the 8,000,000 Caledonia ordinary 5p shares
held by Sterling have been reclassified as non-voting deferred ordinary 5p
shares with effect from 31 March 2000.  Caledonia's issued ordinary share
capital has therefore been reduced to 79,587,673 shares.

The Cayzer Trust Company Limited has today notified Caledonia that, as a
consequence of the reclassification, its holding of 27,228,167 Caledonia
ordinary shares now represents 34.21% of Caledonia's total issued ordinary share
capital.

Enquiries: G P Denison
           Company Secretary
           Caledonia Investments plc
           020 7481 4343