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Caledonia Inv PLC (CLDN)

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Tuesday 06 July, 2010

Caledonia Inv PLC

Interim Management Statement

RNS Number : 9210O
Caledonia Investments PLC
06 July 2010
 



 

 

Caledonia Investments plc

Interim Management Statement for the quarter ended 30 June 2010

 

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 2010 and up to the date of publication.

 

 

Material events

 

  •  

Investments and realisations during the period totalled £14.4m and £9.8m respectively.



  •  

Due to the significant decline in the FTSE All-Share index since Caledonia's latest review of unquoted investment valuations at 31 March 2010, net assets were reduced by £47.8m. This adjustment was calculated by applying the 12.6% decline in the FTSE All-Share index between 31 March and 30 June 2010 to the aggregate valuation of unquoted investments for which market prices were not readily available.

 

 

Financial position and performance summary

 


At 30 Jun 2010 

At 31 Mar 2010 

Net assets

£1,078m 

£1,182m 

Diluted NAV per share

1854p 

2034p 

Share price

1583p 

1625p 

Discount

14.6% 

20.1% 

FTSE All-Share index

2544 

2910 

1.

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

2.

30 June 2010 was the latest date on which an NAV per share was prepared.

 

At 30 June 2010, the Company had £3.8m of net liquidity, compared with £8.3m at 31 March 2010. 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 Scotland, expiring in 2013, together with an overdraft facility of £10m. None of the facilities are presently drawn.

 

 



Investment portfolio

 

Ten largest holdings as at 30 June 2010




Net assets 

Name

Business

£m 

% 

Close Brothers

Merchant banking

135.6 

12.6 

British Empire Securities

Investment trust

113.0 

10.5 

Cobepa

Investment company

67.2 

6.2 

Avanti Communications

Satellite communications

57.7 

5.4 

Bristow Group

Helicopter services

48.2 

4.5 

Oval

Insurance broking

43.9 

4.1 

London & Stamford Property

Property investment

36.7 

3.4 

A G Barr

Soft drinks

35.9 

3.3 

Eddington Capital funds

Funds of hedge funds

35.8 

3.3 

Dewan Housing Finance

Housing finance

33.6 

3.1 



607.6 

56.4 

Other investments


522.7 

48.4 

Valuation adjustment


(47.8)

(4.4)

Cash and other net liabilities


(4.1)

(0.4)

Net assets


1,078.4 

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 www.caledonia.com.

 

 

6 July 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
 
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