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CDN
14/02/2012 08:30
GENERAL
REL: 0830 HRS Caledonia Investments Plc
GENERAL: CDN: Disposal
Caledonia Investments plc
Reallocation of investment capital through reduction of holding in British
Empire Securities
In accordance with Listing Rule 10, Caledonia Investments plc ("Caledonia" or
the "Company") announces that, since the beginning of the year, it has sold
through the market 8,545,000 ordinary shares in British Empire Securities and
General Trust plc ("British Empire Securities"), the UK listed investment
trust company managed by Asset Value Investors Ltd ("AVI"), realising net
cash proceeds of GBP38.2m. The sales have been undertaken in line with the
strategy set out in the Company's 2011 annual report and will initially be
used to reduce bank borrowing pending reallocation to the recently
established Income and Growth pool.
As a consequence of these disposals, Caledonia's holding in British Empire
Securities has reduced from 12.99% to 7.65%. Further sales may be undertaken,
however Caledonia continues to hold John Pennink and his team at AVI in high
regard and intends that British Empire Securities will remain a core holding
within the Funds pool.
The shares sold were held in Caledonia's condensed group statement of
financial position at 30 September 2011 at a value of GBP36.1m and dividend
income from them of GBP0.6m was included in the Company's group statement of
comprehensive income for the year ended 31 March 2011.
13 February 2012
Enquiries
Caledonia Investments plc
Will Wyatt, Chief Executive
Stephen King, Finance Director
Tel: +44 20 7802 8080
College Hill
Tony Friend / Antonia Coad
Tel: +44 20 7457 2020
END
End CA:00219482 For:CDN Type:GENERAL Time:2012-02-14 08:30:21
