Information  X 
Enter a valid email address

Caledonia Inv PLC (CLDN)

  Print      Mail a friend       Annual reports

Thursday 07 January, 2010

Caledonia Inv PLC

Interim Management Statement

RNS Number : 1955F
Caledonia Investments PLC
07 January 2010
 





Caledonia Investments plc

Interim Management Statement for the quarter ended 31 December 2009


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 2009 and up to the date of publication.



Material events


o

Investments during the period, totalling £33.5m, included a further £20.3m in a rights issue by Quintain Estates, the UK listed property company, and £6.7m in TGE Marine, the formerly AIM quoted, Germany based engineer of liquefied gas handling systems, as part of a joint tender offer with Gas Fin Investments SA.



Realisations during the period totalled £17.4m, included £6.5m from the sale of our entire holding in Novera Energy, the AIM quoted renewable energy company.



o

10.6p interim dividend, totalling £6.1m, declared on 25 November 2009 in respect of the year ending 31 March 2010. The ex-dividend date was 2 December 2009 and the dividend will be paid on 7 January 2010 to holders of shares on the register on 4 December 2009.



o

On 9 December 2009, Stephen King joined the board as Finance Director, succeeding Jonathan Cartwright.



Financial position and performance summary



At 31 Dec 2009 

At 30 Sep 2009 

Net assets

£1,109

£1,132m 

Diluted NAV per share

1901

1945p 

Share price

1598

1667p 

Discount

15.9

14.3

FTSE All-Share index

2761 

2635 

1.

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

2.

31 December 2009 was the latest date on which an NAV per share was prepared.


  At 31 December 2009, the Company had £8.1m of net liquidity, compared with £7.3m at 30 September 2009. The Company also has £100m of committed term bank facilities through two bilateral agreements for £50m revolving credit facilities with ING and The Royal Bank of Scotlandexpiring in 2013, together with an overdraft facility of £10m. None of the facilities are presently drawn.



Investment portfolio


Ten largest holdings as at 31 December 2009




Net assets 

Name

Business

£m 

% 

Close Brothers

Merchant banking

135.5 

12.2 

British Empire Securities

Investment trust

117.9 

10.6 

Cobepa

Investment company

66.6 

6.0 

Bristow Group

Helicopter services

57.3 

5.2 

Avanti Communications

Satellite communications

56.8 

5.1 

Oval

Insurance broking

49.4 

4.4 

London & Stamford Property

Property investment

37.2 

3.4 

Eddington Capital funds

Funds of hedge funds

36.2 

3.3 

Quintain Estates

Property company

32.8 

3.0 

Melrose Resources

Oil and gas E&P

32.1 

2.9 

 

 

621.8 

56.1 

Other investments


501.2 

45.2 

Cash and other net liabilities


(14.4)

(1.3)

Net assets

 

1,108.6 

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 January 2010



Enquiries

Caledonia Investments plc

College Hill Associates

Tim Ingram, Chief Executive

Tony Friend

Stephen King, 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
 
END
 
 
IMSLDLFBBFFLBBZ