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Caledonia Inv PLC (CLDN)

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Monday 07 July, 2008

Caledonia Inv PLC

Interim Management Statement

RNS Number : 4403Y
Caledonia Investments PLC
07 July 2008
 




Caledonia Investments plc

Interim Management Statement for the quarter ended 30 June 2008


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 30 June 2008 and up to the date of publication.



Material events


o

TGE Marine, a German-based leader in the provision of engineering services for the design and construction of marine gas handling and storage systems, was listed on the AIM market on 15 May 2008, valuing our investment at £89.0m, compared with an original cost of £19.2m. Caledonia realised £8.7m as part of the flotation and received repayment of £19.1m of loans on 1 July 2008



o

Investment of a further $13.2m (£6.7m) in Bristow Group, the US listed provider of helicopter transportation services, through a private placement, the proceeds of which, combined with $322m raised from public offerings of shares and convertible notes, are planned for the purchase of additional aircraft and for general corporate purposes.



o

Realisation of two FTSE 250 index put options, costing £4.0m, for £9.3m, and investment of £5.0m of the proceeds in FTSE 250 put spreads.



o

22.6p final dividend, totalling £13.0m, was proposed in respect of the year ended 31 March 2008. The ex-dividend date was 25 June 2008 and the dividend will be paid on 14 August 2008 to holders of shares on the register on 27 June 2008, subject to approval by shareholders at the annual general meeting on 29 July 2008.



o

£19.9m of net liquidity at 30 June 2008, compared with £23.5m at 31 March 2008.


  Performance summary



At 30 Jun 2008 

At 31 Mar 2008 

Net assets

£1,232m 

£1,252

Diluted NAV per share

2109p 

2155p 

Share price

1812p 

2050p 

Discount

14.1% 

4.9% 

FTSE All-Share index

2856 

2927 

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

30 June 2008 was the latest date on which an NAV per share was prepared.



Investment portfolio


Ten largest holdings as at 30 June 2008




Net assets 

Name

Business

£m 

% 

British Empire Securities

Investment trust

127.2 

10.3 

Close Brothers

Merchant banking

108.5 

8.8 

TGE Marine

Gas engineering

76.6 

6.2 

Oval

Insurance broking

65.9 

5.4 

Bristow Group

Helicopter services

57.9 

4.

Cobepa

Investment company

50.5 

4.1 

Melrose Resources

Oil and gas E&P

45.5 

3.7 

Rathbone Brothers

Fund management

42.3 

3.

Eddington Capital funds

Funds of hedge funds

39.5 

3.2 

Polar Capital funds

Hedge and long only funds

34.0 

2.8 

 

 

647.9 

52.6 

Other investments


582.7 

47.3 

Cash and other net assets


1.7 

0.

Net assets

 

1,232.3 

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 www.caledonia.com.



7 July 2008



Enquiries

Caledonia Investments plc

College Hill Associates

Tim Ingram, Chief Executive

Tony Friend

Jonathan Cartwright, Finance Director

Roddy Watt

Tel: 020 7802 8080

Tel: 020 7457 2020




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