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Caledonia Inv PLC (CLDN)

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Monday 22 December, 2003

Caledonia Inv PLC

Sale of stake in Bateman Chap

Caledonia Investments PLC
22 December 2003

                           CALEDONIA INVESTMENTS PLC

                Sale of stake in Bateman Chapman (Holdings) Ltd

Caledonia Investments plc ('Caledonia') is pleased to announce the sale, subject
to finalisation of the purchaser's financing arrangements, of its stake in
Bateman Chapman (Holdings) Ltd ('Bateman Chapman'), an unquoted loss adjuster
specialising in the oil and gas sector, to Charles Taylor Consulting plc ('
Charles Taylor').

The holding in Bateman Chapman, which was acquired in 1997, was held in
Caledonia's unaudited balance sheet as at 30 September 2003 in the industrial
and services portfolio at a value of £5.7m in accordance with internal valuation
guidelines. On completion, Caledonia will receive £6.3m in cash with up to a
further £0.6m being paid conditional on certain key contracts being signed and
debts due to Bateman Chapman being received. A maximum of a further £2.0m
becomes payable if certain targets are achieved by Bateman Chapman over the next
12 months.

Dudley Chapman, Managing Director of Bateman Chapman whom it is anticipated will
be invited to join the Board of Charles Taylor, commented:

'We have been delighted to have the support of Caledonia over the past 6 years
as we have grown the company and now look forward to being part of a business
where we can further leverage our skill set'.

Commenting on the sale, Tim Ingram, Chief Executive of Caledonia said:

'We are very pleased to have been involved with Bateman Chapman and see this as
another example of Caledonia's supportive, longer term investment outlook. We
have been pleased to have backed a talented management team who have fulfilled
our expectations.'

                                                                22 December 2003

Caledonia Investments plc                            Tel: 020 7802 8080
Tim Ingram
Will Wyatt
College Hill                                         Tel: 020 7457 2020
Tony Friend                                          Email: [email protected]



Caledonia is a long established investment company with international scope
listed on the London Stock Exchange.  Since April 2003 Caledonia has been
classified in the AITC Global Growth sector of investment trusts where its
investment performance puts it in the top quartile over 1, 3, 5 and 10 years (to
30 November 2003 - the most recent date for which AITC data is available).
Caledonia's strategy has delivered outperformance against its benchmark FTSE
All-Share Total Return index of 75% over the five year period to 30 November
2003 and 50% over the ten year period to 30 November 2003.  Its total
shareholder return outperformance for the 12 months to 30 November 2003 was 27%.
  Caledonia has a policy of delivering progressive annual dividends with a
36-year record of unbroken annual dividend increases.  Through holding a
diversified portfolio, Caledonia aims to maintain a medium overall risk

At 30 November 2003, Caledonia had an unaudited Net Asset Value of 1186p per
ordinary share, before accruing for the interim dividend.  Based on the share
price as at the end of November 2003 the discount to its Net Asset Value per
share was 18.7%.

Caledonia's strategy is to focus on a portfolio of around 30 to 40 principal
investments, where it has significant and influential stakes with a policy that
at least 50% of the total portfolio should be in quoted securities or other
liquid assets.  New investments will typically be in the range £10 million to
£25 million.  Careful control is exercised over costs, notwithstanding
Caledonia's active and participative management style.  The Board believes that
Caledonia has a long established and valuable reputation for being a supportive
long term investor, which brings a strong deal flow of opportunities not always
available to others.

Caledonia's investments are focused on a selected range of sectors where it has
good in-house knowledge that can add value to management of investee companies.
Where particular expertise is not held in-house, investments may be made through
third party managed funds where Caledonia will often seek a significant stake in
the management company.

Caledonia's selected sectors are: Financial: comprising 30% of total assets,
including holdings in Close Brothers, Rathbone Brothers and ISIS Asset
Management; Leisure and Media: comprising 20% of the total assets, including
holdings in Kerzner International and The Sloane Club; Managed General Funds:
comprising 19% of the total assets including holdings in British Empire
Securities and a fund managed by Aberforth Partners; Industrial and Services:
comprising 14% of the total assets, including investments in Offshore Logistics
and Paladin Resources; Property: comprising 10% of the total assets, including a
holding in Quintain Estates; and Other: comprising 7% of the total assets.   The
percentages of the total assets quoted are as at 30 November 2003.

As an investment trust Caledonia is not subject in the future to liability for
corporation tax on chargeable gains.  As a result, Caledonia believes it will be
able to build greater value for shareholders and be more appealing to retail
shareholders which ultimately should contribute towards a lower discount of
Caledonia share price to Net Asset Value per share.

Shown below is a table # illustrating how the value of £100 invested in
Caledonia over a period of 1 year, 3 years, 5 years and 10 years to 30 November
2003 (the latest date for which all comparative data is available) compares with
an equivalent theoretical investment in:

(i)                  The Association of Investment Trust Companies ('AITC')
Global Growth weighted average index

(ii)                The FTSE All-Share Total Return Index, and

(iii)               UK Savings 25,000*

Period invested to 30 November 2003

                                                           1yr           3yr           5yr          10yr

                                                            £             £             £             £
Caledonia                                                   137.8         116.0         168.8         241.0

AITC Global Growth                                          114.9          75.7         100.9         161.4

FTSE All-Share Index                                        111.2          79.9       93.8            190.7

UK Savings 25,000*                                          102.0       107.6           115.9         145.1

As can be seen in the table above, £100 invested in Caledonia shares would have
generated a significantly higher return over 1 year, 3 years, 5 years and 10
years than alternative investments in either the overall AITC Global Growth
Investment Trust sector, the FTSE All-Share Index or an index representative of
the building society industry.

# Source data prepared by Fundamental Data Limited on behalf of AITC Services

* UK Savings 25,000 is an index compiled from an aggregate of 20 bank building
society rates to represent the industry, for a deposit of £25,000 up to 90-day
notice accounts.

Caledonia is a member of the Association of Investment Trust Companies (AITC).

For further information please visit

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

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