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
Caledonia presents its interim management statement for the quarter ended 31
December 2007 and up to the date of publication.
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.
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.
Ten largest holdings
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
Other investments 668.8 49.5
Cash and other net assets 3.9 0.3
Net assets 1,351.4 100.0
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 www.caledonia.com.
9 January 2008
Caledonia Investments plc Tel: 020 7802 8080
College Hill Associates Tel: 020 7457 2020
This information is provided by RNS
The company news service from the London Stock Exchange