Caledonia Share News (CLDN)

Self-managed investment trust Caledonia Investments saw a decline in its diluted net asset value (NAV) per share in the second quarter though it comfortably outperformed the FTSE All Share.Diluted NAV per share at the end of June fell 8.84% to 1854p, down from 2034p at the end of March. Over the same period the FTSE All Share index fell 12.6%, a level of decline which the company applied to its unquoted investments in the absence of any genuine market price for those assets.The value of net assets dipped to £1,078m at the end of June from £1,182m at the end of the first quarter.Investments and realisations during the second quarter totalled £14.4m and £9.8m respectively.The company, which seeks to deliver both a long term shareholder return in excess of the FTSE All-Share Total Return and a positive total return over rolling five year periods, had £3.8m of net liquidity at the end of the second quarter, compared to £8.3m at 31 March 2010. The company also has £100m of committed term bank facilities through two bilateral agreements for £50m revolving credit facilities with ING and The Royal Bank of Scotland, expiring in 2013, together with an overdraft facility of £10m. None of the facilities are presently drawn.