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 [email protected] in the first instance.

 Information  X 
Enter a valid email address
  Print      Mail a friend       More announcements

Friday 05 September, 2003

Caledonia & Cayzer

Restructuring Prpsls-Pt1-Rplt

Caledonia Realisation & Cayzer Cont
5 September 2003

The 'Restructuring Proposals - Pt.1' announcement for Caledonia Realisation &
Cayzer Cont released today at 07:00 under RNS No 4313P has been re-released to
facilitate onward transmission by third party vendors.

The announcement is unchanged and is reproduced in full below.

Embargoed until 7:00am                                        5 September 2003

   Not for release, publication or distribution in or into the United States,
                           Canada, Australia or Japan

                       Proposals for the restructuring of

Caledonia Investments plc ('Caledonia') and The Cayzer Trust Company Limited ('

Set out in this announcement are details of the proposals (the 'Proposals') for
the restructuring of Caledonia and CTC (the 'Caledonia Group') which the boards
of Cayzer Continuation Limited ('CC') and Caledonia Realisation Limited ('CR')
believe to be in the best interests of shareholders of both Caledonia and CTC.
The Proposals have the support of certain shareholders of Caledonia who together
hold 19.7% of the issued ordinary share capital, representing approximately
37.6% of the Free Float, including the two largest institutional shareholders,
Hermes and Schroders.  These shareholders believe that to continue the status
quo of the Caledonia Group is not an option and accordingly support the
Proposals in the absence of suitable alternative proposals from the board of
Caledonia.  For these purposes, Free Float means the total number of issued
ordinary shares in Caledonia not owned by CTC or members of the Cayzer family
and related entities (other than the Cayzer-Rotherwick Group, as defined under '
Shareholder support' below).

The boards of CC and CR had hoped to engage in a constructive dialogue with the
boards of Caledonia and CTC, but on 7 July 2003, the board of Caledonia publicly
rejected the Proposals whilst at the same time the board of CTC wrote to
shareholders indicating that it too had rejected the Proposals.  The boards of
CC and CR believe it is important to ensure that the shareholders of both
Caledonia and CTC are made aware of the details of the Proposals and the
benefits they believe these would bring, so that the ultimate beneficial owners
of the relevant companies may have an opportunity to consider the Proposals


•         The Proposals put to the boards of Caledonia and CTC would, if
          implemented, provide Caledonia and CTC shareholders with choice, 
          flexibility and the opportunity for diversification of investments and  
•         The Proposals would result in the realisation of Caledonia's assets
          over a period of time.
•         In due course, shareholders in both Caledonia and CTC could either:
                 -   exit for cash in the medium term at a value which would 
                     reflect, to the fullest extent possible, the underlying net 
                     asset value ('NAV') of Caledonia; or
                 -   retain their realisation proceeds without incurring tax in 
                     a vehicle allowing shareholders to tailor their investment 
                     policy to their individual needs.
•         The principal objectives of the Proposals are to:
                 -   realise to the fullest extent possible the underlying NAV 
                     of Caledonia and eliminate the discount reflected in its 
                     share price;
                 -   deliver maximum cash proceeds to shareholders;
                 -   provide the opportunity to reinvest the realisation 
                     proceeds in a new investment company providing a better 
                     spread of investments to reduce the concentration of risk;
                 -   offer maximum value and flexibility for all shareholders of 
                     CTC and Caledonia;
                 -   give each reinvesting shareholder a direct say in the 
                     investment of his or her own assets; and
                 -   provide a corporate governance structure that is likely to 
                     comply with new mandatory rules for investment trust 
•         In addition, CTC shareholders would benefit further from:
                -    the preservation of the Cayzer family business, with an 
                     updated structure,  which can meet the needs of the current 
                     family and future generations;
                -    increased liquidity; and
                -    elimination of the charge to tax that would otherwise be 
                     incurred on disposal by CTC of its holding in Caledonia and 
                     which effectively represents a further discount suffered by 
                     CTC shareholders on disposal of their shares in CTC.

The Proposals outlined in this announcement require the support of the boards of
Caledonia and CTC in order to be implemented in their current form.  The boards
of CC and CR stand ready to discuss the Proposals with the boards of Caledonia
and CTC with a view to the Proposals being put to shareholders, and believe that
these discussions are in the best interests of shareholders of both Caledonia
and CTC.  The directors of CC and CR believe that the boards of Caledonia and
CTC have a duty to their shareholders to re-engage with them.

Sir John Craven, Chairman of CC and CR, commenting on the Proposals, said:

'The proposed restructuring represents, in our view, the best opportunity for
shareholders in both Caledonia and CTC to maximise value.  For the first time,
shareholders would have the choice and flexibility to realise full value from
their investment or continue with a new modern investment vehicle.  Tax is not a
barrier to completing the proposals.'

'The full benefits of the proposals would accrue to existing shareholders in
direct proportion to their respective existing interests in Caledonia and CTC.
Shareholders who elect to receive shares in Caledonia Realisation would receive
cash proceeds which we believe would reflect more closely the underlying net
asset value of their existing investment.  Shareholders who elect to receive
shares in Cayzer Continuation and continue with this investment company would
gain all the advantages obtained by pooling assets in a large economic unit
while retaining the choice and flexibility open to individual investors.'

'These proposals are supported by institutional and other shareholders
representing 19.7% of the issued share capital of Caledonia and 37.6% of the
free float.  By underlying value, the proposals are supported by 29.1% of the
shareholders of Caledonia and CTC.  The status quo is not an option.  The board
of Caledonia should re-engage with us to enable these proposals to be put to
shareholders for their consideration.'


Sir John Craven                   Caledonia Realisation Limited    020 7409 5649
                                  Cayzer Continuation Limited

Anthony Cardew                    CardewChancery                   020 7930 0777

Phil Brown, Corporate Advisory    Deutsche Bank                    020 7545 8000
James Agnew, Corporate Broking
Nigel Szembel, Press Office

Deutsche Bank AG London ('Deutsche Bank'), which is regulated by the Financial
Services Authority for the conduct of designated investment business in the UK,
is acting for CC and CR and no one else in connection with the Proposals and
will not be responsible to anyone other than CC and CR for providing the
protections afforded to clients of Deutsche Bank nor for providing advice in
connection with the Proposals or any other transaction or arrangement referred
to herein.

Deloitte & Touche LLP is acting for CC and CR and no one else in connection with
the Proposals and will not be responsible to anyone other than CC and CR for
providing advice in connection with the Proposals or any other transaction or
arrangement referred to herein.

Mercer Investment Consulting ('Mercer'), a division of Mercer Human Resource
Consulting Limited, is acting for CC and CR and no one else in connection with
the Proposals and will not be liable to anyone other than CC and CR for
providing the protections afforded to clients of Mercer, nor be responsible for
providing advice in connection with the Proposals or any other transaction or
arrangement referred to herein.

This announcement does not constitute a firm intention to make an offer under
The City Code on Takeovers And Mergers ('The City Code') or an invitation to
purchase any securities.

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


a d v e r t i s e m e n t