CDN
08/07/2013 08:30
QUARTER
REL: 0830 HRS Caledonia Investments Plc
QUARTER: CDN: Interim Management Statement
Caledonia Investments plc
Interim Management Statement for the quarter ended 30 June 2013
Caledonia Investments plc ("Caledonia" or the "Company") is a self-managed
investment trust with net assets of GBP1.3bn. 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 30
June 2013 and up to the date of publication.
MATERIAL EVENTS
- Investments during the period totalled GBP51.5m. The company invested
GBP10.0m through the Funds pool in Polar Capital Global Financials Trust, a
newly-launched UK listed investment trust, investing primarily in a global
portfolio of quoted securities issued by banking, insurance, property and
other financial sector companies. A further GBP10.5m was invested in fund
drawdowns. The Income & Growth pool, comprising holdings in global blue chip
companies, invested GBP27.4m, including proceeds of GBP23.0m from its
realisations.
- Realisations during the period totalled GBP50.1m, including GBP16.6m from
the sale of part of the company's holding in Close Brothers, the UK listed
financial services company. GBP23.0m was realised and reinvested through the
Income & Growth pool of holdings in global blue chip companies.
- During the quarter ended 30 June 2013, the Company acquired 311,011 of its
own shares for cancellation at a total cost of GBP5.7m. The discount between
the Company's NAV per share and the share price at 30 June 2013 was 20.3%.
- A final dividend of 34.3p per share was proposed on 30 May 2013, an
increase of 10.0% over the previous year. Subject to approval by shareholders
at the annual general meeting to be held on 24 July 2013, the dividend,
totalling GBP19.1m, will be paid on 8 August 2013 to holders of ordinary
shares on the register on 12 July 2013. The ex-dividend date is 10 July 2013.
- In April 2013, the company renewed its bank facilities. It now has
committed facilities of GBP75.0m in place through two bilateral agreements
for GBP37.5m revolving credit facilities with ING and The Royal Bank of
Scotland, expiring in April 2018. These facilities were undrawn at 30 June
2013.
FINANCIAL POSITION AND PERFORMANCE SUMMARY
At 30 Jun 2013 (31 Mar 2013)
Net asset value: GBP1,282m (GBP 1,299m)
NAV per share: 2270p (2299p)
Discount: 20.3% (20.0%)
1. NAVs per share are calculated on a diluted, cum-income basis.
2. 30 June 2013 was the latest date on which an NAV per share was prepared.
At 30 June 2013, the Company had GBP102.0m of cash, compared with GBP96.5m at
31 March 2013.
INVESTMENT PORTFOLIO
Ten largest holdings as at 30 June 2013
Name: Business - Value - % of net assets
Bristow Group: Helicopter services - GBP98.9m - 7.7%
Cobehold: Investment company - GBP92.8m - 7.2%
Close Brothers: Financial services - GBP65.3m - 5.1%
AG Barr: Soft drinks - GBP47.8m - 3.7%
Quintain Estates: Property services - GBP42.9m - 3.4%
Avanti Communications: Satellite communications - GBP40.1m - 3.1%
Oval: Insurance broking - GBP37.8m - 3.0%
LondonMetric Property: Property investment - GBP34.7m - 2.7%
Polar Capital: Fund management - GBP30.9m - 2.4%
Sterling Industries: Engineering - GBP30.7m - 2.4%
Total value of ten largest holdings: GBP521.9m - 40.7%
Other investments: GBP655.0m - 51.1%
Cash and other items: GBP105.1m - 8.2%
Net assets: GBP1,282.0m - 100.0%
POOL DISTRIBUTION
At 30 Jun 2013 - (31 Mar 2013)
Quoted pool: 38% - (40%)
Unquoted pool: 27% - (27%)
Funds pool: 14% - (13%)
Income & Growth pool: 13% - (12%)
Cash and other: 8% - (8%)
Caledonia reviews the valuation of its unquoted investments semi-annually, in
March and September.
5 July 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:00238289 For:CDN Type:QUARTER Time:2013-07-08 08:30:11
