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Thursday 02 October, 2003

Caledonia & Cayzer

Response to EGM Statement

Caledonia Realisation & Cayzer Cont
02 October 2003


                                                                  2 October 2003


   Not for release, publication or distribution in or into the United States,
                           Canada, Australia or Japan


      Statement by the boards of Caledonia Continuation Limited ('CC') and
   Caledonia Realisation Limited ('CR') on the Extraordinary General Meeting
   ('EGM')of the Cayzer Trust Company Limited ('CTC')held earlier today


The boards of Cayzer Continuation Limited and Caledonia Realisation Limited note
the results of the EGM that was held earlier today. The handful of individuals
that control CTC have achieved a hollow victory which has resolved nothing. The
legitimate interests of a significant group of CTC shareholders and a
significant proportion of Caledonia's institutional shareholders (who together
represent approximately 29% of the underlying value) have been ignored. The
board of CTC should not be satisfied with this situation, nor should the board
of Caledonia Investments plc ('Caledonia') when approximately 38% of the Free
Float(1) have stated they believe the status quo is not an option.

CC and CR remain convinced that the Proposals, or alternative proposals which
have as their primary purpose the same objectives, would have provided the best
opportunity for shareholders in both Caledonia and CTC to maximise value. We
have continually said that we are happy to work with CTC and Caledonia to draw
up alternative proposals to satisfy all parties, including the institutional
shareholders. The handful of individuals that control CTC should recognise their
responsibilities and duties to all shareholders.

Accordingly, whilst mindful of the guidelines set out in the agreed announcement
made by the Panel on Takeovers and Mergers on 1 October 2003, CC and CR intend
to continue assisting the Cayzer Rotherwick Group (and those other shareholders
of Caledonia who share their views) in exercising all of their rights as
shareholders to seek to persuade the remaining shareholders of CTC and Caledonia
that change is inevitable.


Enquiries


Sir John Craven                  CaledoniaRealisation Limited      020 7409 5649
                                 Cayzer Continuation Limited

Anthony Cardew                   CardewChancery                    020 7930 0777

Phil Brown, Corporate Advisory   Deutsche Bank                     020 7545 8000
James Agnew, Corporate Broking
Elaine Bartleet, Press Office


Deutsche Bank AG London ('Deutsche Bank'), which is regulated by the Financial
Services Authority for the conduct of designated investment business in the UK,
is acting for CC and CR and no one else in connection with the Proposals and
will not be responsible to anyone other than CC and CR for providing the
protections afforded to clients of Deutsche Bank nor for providing advice in
connection with the Proposals or any other transaction or arrangement referred
to herein.

Expressions defined in the announcement by CC and CR made on 5 September 2003
bear the same meaning when used in this announcement.

This announcement does not constitute a firm intention to make an offer under
The City Code on Takeovers and Mergers ('The City Code') or an invitation to
purchase any securities.

--------------------------

(1) Defined as the total number of issued ordinary shares in Caledonia not owned
by CTC or members of the Cayzer family and related entities (other than the
Cayzer-Rotherwick Group)




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