Information  X 
Enter a valid email address

Caledonia Inv PLC (CLDN)

  Print      Mail a friend       Annual reports

Tuesday 05 September, 2006

Caledonia Inv PLC

Sale of shareholding

Caledonia Investments PLC
05 September 2006

Caledonia Investments plc


Sale of shareholding in Kerzner International Ltd


Caledonia Investments plc ('Caledonia') announces that, following the completion
of the acquisition of Kerzner International Limited ('KI'), the international
developer and operator of destination resorts, casinos and luxury hotels, by the
investor group led by KI's senior management, Caledonia has sold its entire
holding of 2,922,293 shares in KI for $236.7m in cash. As a result of the
forward foreign exchange contracts put in place to hedge this transaction,
Caledonia will receive £131.0m from the sale.


Part of the proceeds from the sale will be used to repay Caledonia's short term
bank borrowings, and the balance will be placed on deposit. The KI shares sold
were held in Caledonia's balance sheet at 31 March 2006 at a value of £131.1m.


Tim Ingram, Chief Executive of Caledonia, commented:


'Kerzner International has been a very successful investment for Caledonia. We
have backed its management team since the company's foundation in 1994 and our
original investment of some £43m has delivered total sale proceeds, including
£84.5m from earlier part disposals, of £215.5m.'



                                                              5 September 2006


Enquiries:

Caledonia Investments
    Tim Ingram, Chief Executive               020 7802 8080
    Jonathan Cartwright, Finance Director

College Hill
    Tony Friend                               020 7457 2020
    Roddy Watt






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