Last checked at 
7 Jan 2011 15:31
Caledonia Investments plc
Interim Management Statement for the quarter ended 31 December 2010
Caledonia Investments plc ("Caledonia" or the "Company") is one of the UK's largest investment trusts and is self-managed. The ability to identify opportunities through an extensive network, invest in significant stakes and become involved with the managements of investee companies underpins its investment approach, through which it 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, whilst maintaining a progressive annual dividend.
Caledonia presents its interim management statement for the quarter ended 31 December 2010 and up to the date of publication.
Material events
o | Investments during the period, totalling £14.1m, principally comprised fund drawdowns. |
o | Realisations during the period totalled £89.4m, including the following: £27.5m from the redemption of part of the investment in the Eddington Capital funds; £18.2m from the sale of part of the holding in British Empire Securities, the UK quoted investment trust company; a £14.1m capital distribution from Penta Geronimo, a UK private equity fund, following its sale of Geronimo Inns; £11.3m from the sale of the entire holding in De La Rue, the UK quoted commercial security printer and papermaker; and £9.4m from the sale of the remaining holding in Rathbone Brothers. |
o | 11.1p interim dividend, totalling £6.4m, declared on 23 November 2010 in respect of the year ending 31 March 2011. The ex-dividend date was 1 December 2010 and the dividend was paid on 6 January 2011 to holders of shares on the register on 3 December 2010. |
Financial position and performance summary
At 31 Dec 2010 | At 30 Sep 2010 | ||
Net assets | £1,287m | £1,224m | |
Diluted NAV per share | 2209p | 2105p | |
Share price | 1900p | 1627p | |
Discount | 14.0% | 22.7% | |
FTSE All-Share index | 3063 | 2868 | |
1. | NAVs per share are calculated on a cum-income basis. | ||
2. | 31 December 2010 was the latest date on which an NAV per share was prepared. | ||
At 31 December 2010, the Company had £104.2m of net liquidity, compared with £19.3m at 30 September 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 July 2013, together with an overdraft facility of £10m. None of the facilities are presently drawn.
Investment portfolio
Ten largest holdings as at 31 December 2010
Net assets | |||
Name | Business | £m | % |
Close Brothers | Merchant banking | 166.7 | 12.9 |
British Empire Securities | Investment trust | 114.0 | 8.9 |
Avanti Communications | Satellite communications | 78.1 | 6.1 |
Cobepa | Investment company | 74.5 | 5.8 |
Bristow Group | Helicopter services | 73.6 | 5.7 |
Oval | Insurance broking | 42.4 | 3.3 |
Dewan Housing Finance | Housing finance | 42.4 | 3.3 |
London & Stamford Property | Property investment | 41.3 | 3.2 |
A G Barr | Soft drinks | 37.3 | 2.9 |
Alok Industries | Textiles manufacturer | 37.1 | 2.9 |
707.4 | 55.0 | ||
Other investments | 482.4 | 37.5 | |
Cash and other net assets | 96.7 | 7.5 | |
Net assets | 1,286.5 | 100.0 |
7 January 2011
Enquiries
Caledonia Investments plc | College Hill Associates |
Will Wyatt, Chief Executive | Tony Friend |
Stephen King, Finance Director | Roddy Watt |
Tel: 020 7802 8080 | Tel: 020 7457 2020 |
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.