Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email in the first instance.

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Caledonia Inv PLC (CLDN)

  Print      Mail a friend       Annual reports

Wednesday 07 January, 2009

Caledonia Inv PLC

Interim Management Statement

RNS Number : 2814L
Caledonia Investments PLC
07 January 2009
Caledonia Investments plc
Interim Management Statement for the quarter ended 31 December 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 31 December 2008 and up to the date of publication.
Material events
The very sad death of the Company’s Chairman, Peter Buckley, on 2 December 2008 after a short illness. James Loudon, Deputy Chairman, was appointed as Acting Chairman on the same date and as Chairman on 17 December 2008.
Investments during the period, totalling £12.0m, included a further £5.2m in Oval, the unquoted UK provider of insurance and financial services.
Realisations during the period, totalling £46.0m, included £24.9m of subsidiaries’ loan repayments and share buy-backs and £13.4m from the redemption of investments in Ermitage and Polar Capital funds.
Realisation of FTSE 250 index put options and put spreads, costing £4.0m, for £13.1m, and investment of £6.3m in FTSE 100 put options by Caledonia and its hedging subsidiary.
10.3p interim dividend, totalling £5.9m, declared on 25 November 2008 in respect of the year ending 31 March 2009. The ex-dividend date was 10 December 2008 and the dividend will be paid on 8 January 2009 to holders of shares on the register on 12 December 2008.


Financial position and performance summary
At 31 Dec 2008 
At 30 Sep 2008 
Net assets
Diluted NAV per share
Share price
FTSE All-Share index
NAVs per share are calculated on a cum-income basis.
31 December 2008 was the latest date on which an NAV per share was prepared.
In view of volatility in the equity markets and the fact that the Company revalues unquoted investments less frequently than the quoted portfolio, the net assets at 31 December 2008 included an overall valuation adjustment, comprising the movement in the FTSE All Share Index since 30 September 2008 to the unquoted portion of the portfolio for which market prices are not readily available.
At 31 December 2008, the Company had £63.6m of net liquidity, compared with £17.1m at 30 September 2008. The Company also has £100m of committed term bank facilities through two bilateral agreements for £50m five year revolving credit facilities with ING and The Royal Bank of Scotland, arranged in July 2008, together with an overdraft facility of £10m. None of the facilities are presently drawn.
Investment portfolio
Ten largest holdings as at 31 December 2008
Net assets 
Close Brothers
Merchant banking
British Empire Securities
Investment trust
Insurance broking
Investment company
Bristow Group
Helicopter services
Rathbone Brothers
Fund management
FTSE index options
FTSE index hedging
Eddington Capital funds
Funds of hedge funds
Satellite Information Services
Betting information
Polar Capital funds
Hedge and long only funds
Other investments
Valuation adjustment[1]
Cash and other net assets
Net assets
The valuation adjustment comprised the 11.0% decline in the FTSE All-Share index since 30 September 2008, being the date of the Company’s last formal review, applied to the valuation of unquoted investments in aggregate, for which market prices are not readily available
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
7 January 2009
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