CDN
09/07/2012 08:30
QUARTER
REL: 0830 HRS Caledonia Investments Plc
QUARTER: CDN: Interim Management Statement
Caledonia Investments plc
INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 30 JUNE 2012
Caledonia Investments plc ("Caledonia" or the "Company") is one of the UK's
largest investment trusts and is self-managed. It aims to be a core
investment for those seeking a store of increasing value and an increasing
dividend, by investing for the longer term in a range of assets.
Caledonia presents its interim management statement for the quarter ended 30
June 2012 and up to the date of publication.
MATERIAL EVENTS
- Investments during the period totalled GBP20.9m, including a further
GBP5.5m through the Quoted pool in Spirax-Sarco Engineering, a UK listed
steam engineering company.
- Realisations during the period totalled GBP52.0m, including GBP10.7m from
the sale of part of the Company's holding in British Empire Securities, the
UK listed investment trust, GBP8.3m from the sale of the Company's holding in
Tribal Group, the UK listed provider of technology and other services to the
education sector, and GBP6.9m from the sale of the Company's holding in
Bioquell, the UK listed supplier of medical equipment.
- Investments and realisations included GBP6.7m and GBP11.2m respectively for
rebalancing of the Income & Growth pool. The total value of the Company's
investments in global large and mid-cap equity securities through this pool
at 30 June 2012 was GBP103.8m. This pool will continue to be dynamically
managed to maximise returns.
- During the quarter ended 30 June 2012, the Company acquired 132,500 of its
own shares for cancellation at a cost of GBP1.8m. Since that date, the
Company has purchased a further 30,000 of its own shares for cancellation at
a cost of GBP0.4m. These shares were bought at an average discount to NAV of
28.1%, thus benefitting NAV per share.
- A final dividend of 31.2p per share was proposed on 24 May 2012, an
increase of 20.0% over last year. Subject to approval by shareholders at the
annual general meeting to be held on 25 July 2012, the dividend, totalling
GBP17.8m, will be paid on 9 August 2012 to holders of ordinary shares on the
register on 6 July 2012. The ex-dividend date was 4 July 2012.
FINANCIAL POSITION AND PERFORMANCE SUMMARY
At 30 Jun 2012 (31 Mar 2012)
Net assets: GBP1,102m (GBP1,134m)
NAV per share: 1918p (1977p)
Share price: 1422p (1486p)
Discount: 25.9% (24.8%)
FTSE All-Share index: 2891 (3003)
1. NAVs per share are calculated on a diluted, cum-income basis.
2. 30 June 2012 was the latest date on which an NAV per share was prepared.
At 30 June 2012, the Company had GBP24.0m of cash and GBP25.0m of debt,
compared with GBP8.4m of cash and GBP45.0m of debt at 31 March 2012. The debt
was drawn on the Company's 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. The company also has an
overdraft facility of GBP10m, which was undrawn.
INVESTMENT PORTFOLIO
Ten largest holdings as at 30 June 2012
Name: Business - Value - % of net assets
Close Brothers: Financial services - GBP142.2m - 12.6%
Cobehold: Investment company - GBP84.9m - 7.5%
Bristow Group: Helicopter services - GBP63.5m - 5.6%
Avanti Communications: Satellite communications - GBP49.4m - 4.4%
AG Barr: Soft drinks - GBP40.9m - 3.6%
British Empire Securities: Investment trust - GBP37.4m - 3.3%
London & Stamford Property : Property investment - GBP37.4m - 3.3%
Oval: Insurance broking - GBP32.2m - 2.9%
Satellite Information Services: Broadcasting services - GBP29.8m - 2.7%
Capital Today China: Private equity funds - GBP29.5m - 2.6%
Total value of ten largest holdings: GBP547.2m - 48.5%
Other investments: GBP568.7m - 50.5%
Cash and other items: GBP11.1m - 1.0%
Total assets: GBP1,127.0m - 100.0%
Borrowings:(GBP25.0m)
Net assets: GBP1,102.0m
Sources: Caledonia Investments plc and FTSE International Limited ('FTSE')(c)
FTSE 2012. 'FTSE(r)' is a trade mark of the London Stock Exchange Group
companies and is used by FTSE International Limited under licence. All rights
in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors.
Neither FTSE nor its licensors accept any liability for any errors or
omissions in the FTSE indices and/or FTSE ratings or underlying data. No
further distribution of FTSE Data is permitted without FTSE's express written
consent.
6 July 2012
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:00224753 For:CDN Type:QUARTER Time:2012-07-09 08:30:19
