Information  X 
Enter a valid email address

Caledonia Inv PLC (CLDN)

  Print      Mail a friend       Annual reports

Wednesday 09 January, 2008

Caledonia Inv PLC

Interim Management Statement

Caledonia Investments PLC
09 January 2008

Caledonia Investments plc

Interim Management Statement for the quarter ended 31 December 2007

Caledonia Investments plc ('Caledonia' or the 'Company') is one of the UK's
largest investment trusts and is self-managed. The ability to identify
opportunities through an extensive network, invest in significant stakes and
become involved with the managements of investee companies underpins its
investment approach, through which it seeks to deliver both a long term
shareholder return in excess of the FTSE All-Share Total Return and a positive
total return over rolling five year periods, whilst maintaining a progressive
annual dividend.

Caledonia presents its interim management statement for the quarter ended 31
December 2007 and up to the date of publication.

Material events

o   £19.5m invested in London & Stamford Property, an AIM listed property fund.

o   £2.0m purchase of a fifth FTSE 250 index put option, making an aggregate investment at cost in such
    options of £10.0m.

o   £22.4m net increase in the quarter in the value of the investment in Oval, an unlisted insurance
    broker, as a result of a third party share transaction.

o   An agreement to sell the Company's interest in Marketform, an unlisted insurance business, which
    resulted in an increase of £4.5m in the value of this investment.

o   9.9p interim dividend declared, totalling £5.7m. The ex-dividend date was 5 December 2007 and the
    dividend was paid on 8 January 2008 to shareholders registered on 7 December 2007.

o   224,229 own shares purchased into treasury at an average price of 2004p. At 31 December 2007, the
    Company held 412,229 shares in treasury. There were no further purchases of own shares up to the date
    of this statement.

o   £27.9m of net liquidity at 31 December 2007, compared with £36.1m at 30 September 2007.

Performance summary

                                                                 At 31 Dec 2007         At 30 Sep 2007
Net assets                                                              £1,351m                £1,290m
NAV per share - undiluted                                                 2343p                  2237p
NAV per share - diluted                                                   2314p                  2212p
Share price                                                               2025p                  2135p
Discount                                                                  13.6%                   4.6%
FTSE All-Share index                                                       3287                   3317

NAVs per share are calculated on a cum-income basis.

Discount is calculated by reference to the undiluted NAV per share.

31 December 2007 was the latest date on which an NAV per share was prepared.

Investment portfolio

Ten largest holdings
                                                                                            Net assets
Name                                 Business                                         £m             %
Close Brothers                       Merchant banking                              170.4          12.6
British Empire Securities            Investment trust                              128.7           9.5
Quintain Estates                     Property investor/developer                    64.8           4.8
Bristow Group                        Helicopter services                            58.1           4.3
Oval                                 Insurance broking                              56.8           4.2
Rathbone Brothers                    Fund management                                47.9           3.5
Cobepa                               Investment company                             43.9           3.3
Polar Capital funds                  Hedge and long only funds                      41.9           3.1
Alok Industries                      Textiles manufacturer                          34.1           2.5
Incisive Media                       Business publisher                             32.1           2.4
                                                                                   678.7          50.2
Other investments                                                                  668.8          49.5
Cash and other net assets                                                            3.9           0.3
Net assets                                                                       1,351.4         100.0

Further information

Caledonia publishes monthly fact sheets, which give further details of the
investment and other activities during each month. These fact sheets and other
information can be found on the Company's website at

9 January 2008


Caledonia Investments plc                                  Tel: 020 7802 8080
Tim Ingram
Jonathan Cartwright

College Hill Associates                                    Tel: 020 7457 2020
Tony Friend
Roddy Watt

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