Ann: QUARTER: CDN: Interim Management Statement

• Release Date: 08/01/13 10:30
• Summary: QUARTER: CDN: Interim Management Statement
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CDN
08/01/2013 08:30
QUARTER

REL: 0830 HRS Caledonia Investments Plc

QUARTER: CDN: Interim Management Statement

Caledonia Investments plc

INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 31 DECEMBER 2012

Caledonia Investments plc ("Caledonia" or the "Company") is a self-managed
investment trust with net assets of over GBP1bn. It aims to be a core
investment for those seeking capital growth coupled to an increasing income
stream over the long term.

Caledonia presents its interim management statement for the quarter ended 31
December 2012 and up to the date of publication.

MATERIAL EVENTS

- Investments during the period totalled GBP24.8m, including a further
GBP14.6m of new investment and GBP6.1m of reinvested sale proceeds in the
Income & Growth pool, which had a total value of GBP133.0m at 31 December
2012.

- Realisations during the period totalled GBP96.6m, including the sale of the
Company's equity stake in Celerant Consulting Investments, the global
operations management consultancy, together with the repayment of debt, for a
cash amount of GBP43.4m, including GBP10.7m of accrued loan interest, and a
further GBP4.3m placed in escrow. The company also realised GBP33.3m from the
sale of part of its holding in Close Brothers, the UK listed financial
services company.

- During the quarter ended 31 December 2012, the Company acquired 201,478 of
its own shares for cancellation at a total cost of GBP3.1m. These purchases
were at a significant discount to the Company's NAV per share, which was
25.5% at 31 December 2012.

- An interim dividend of 12.9p per share was declared on 27 November 2012, an
increase of 10.3% over last year. The dividend, totalling GBP7.3m, will be
paid on 10 January 2013 to holders of ordinary shares on the register on 14
December 2012. The ex-dividend date was 12 December 2012.

- On 31 December 2012, Mark Davies retired as a director and, on 1 January
2013, Stuart Bridges, Chief Financial Officer of Hiscox, joined the board as
an independent non-executive director. On 4 December 2012, The Hon Charles
Cayzer moved from an executive to non-executive director, on assumption of
the role of Chairman of The Cayzer Trust Company, Caledonia's largest
shareholder.

FINANCIAL POSITION AND PERFORMANCE SUMMARY

At 31 Dec 2012 (30 Sep 2012)
Net asset value:  GBP1,174m (GBP1,153m)
NAV per share: 2063p (2019p)
Net cash:  GBP84m (GBP7m)
Share price: 1536p (1476p)
Discount : 25.5% (26.9%)

1. NAVs per share are calculated on a diluted, cum-income basis.
2. 31 December 2012 was the latest date on which an NAV per share was
prepared.

At 31 December 2012, the Company had GBP83.9m of cash, compared with GBP6.8m
at 30 September 2012. The Company has GBP100m of committed term bank
facilities through two bilateral agreements for GBP50m revolving credit
facilities with ING and The Royal Bank of Scotland, expiring in July 2013,
and also has an overdraft facility of GBP10m, all of which were undrawn.

INVESTMENT PORTFOLIO

Ten largest holdings as at 31 December 2012

Name: Business - Value - % of net assets
Close Brothers: Financial services - GBP115.8m - 9.9%
Cobehold: Investment company - GBP83.5m - 7.1%
Bristow Group: Helicopter services - GBP80.5m - 6.9%
AG Barr: Soft drinks - GBP46.4m - 3.9%
Avanti Communications: Satellite communications - GBP38.3m - 3.3%
London & Stamford Property: Property investment - GBP36.1m - 3.1%
Oval: Insurance broking - GBP35.7m - 3.0%
Satellite Information Services: Broadcasting services - GBP29.8m - 2.5%
Quintain Estates: Property services - GBP29.5m - 2.5%
Sterling Industries: Engineering - GBP29.1m - 2.5%
Total value of ten largest holdings: GBP524.7m- 44.7%

Other investments: GBP584.5m - 49.8%
Cash and other items: GBP64.4m - 5.5%
Net assets: GBP1,173.6m - 100.0%

7 January 2013

END

Caledonia publishes monthly fact sheets, which give further details of the
investment and other activities during each month. These fact sheets and
other information are available on the Company's website at
www.caledonia.com. Neither the contents of the Company's website nor the
contents of any website accessible from hyperlinks on the Company's website
(or any other website) is incorporated into, or forms part of, this
announcement.
End CA:00231852 For:CDN    Type:QUARTER    Time:2013-01-08 08:30:03