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5 Jul 2013 10:31
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 £1.3bn. 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
o | Investments during the period totalled £51.5m. The company invested £10.0m 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 £10.5m was invested in fund drawdowns. The Income & Growth pool, comprising holdings in global blue chip companies, invested £27.4m, including proceeds of £23.0m from its realisations. |
o | Realisations during the period totalled £50.1m, including £16.6m from the sale of part of the company's holding in Close Brothers, the UK listed financial services company. £23.0m was realised and reinvested through the Income & Growth pool of holdings in global blue chip companies. |
o | During the quarter ended 30 June 2013, the Company acquired 311,011 of its own shares for cancellation at a total cost of £5.7m. The discount between the Company's NAV per share and the share price at 30 June 2013 was 20.3%. |
o | 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 £19.1m, 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. |
o | In April 2013, the company renewed its bank facilities. It now has committed facilities of £75.0m in place through two bilateral agreements for £37.5m 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 | At 31 Mar 2013 | ||
Net asset value | £1,282m | £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 £102.0m of cash, compared with £96.5m at 31 March 2013.
Investment portfolio
Ten largest holdings as at 30 June 2013
Name | Business | £m | % |
Bristow Group | Helicopter services | 98.9 | 7.7 |
Cobehold | Investment company | 92.8 | 7.2 |
Close Brothers | Financial services | 65.3 | 5.1 |
AG Barr | Soft drinks | 47.8 | 3.7 |
Quintain Estates | Property services | 42.9 | 3.4 |
Avanti Communications | Satellite communications | 40.1 | 3.1 |
Oval | Insurance broking | 37.8 | 3.0 |
LondonMetric Property | Property investment | 34.7 | 2.7 |
Polar Capital | Fund management | 30.9 | 2.4 |
Sterling Industries | Engineering | 30.7 | 2.4 |
521.9 | 40.7 | ||
Other investments | 655.0 | 51.1 | |
Cash and other items | 105.1 | 8.2 | |
Net assets | 1,282.0 | 100.0 |
Pool distribution
At 30 Jun 2013 | At 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.
Enquiries
Caledonia Investments plc
Will Wyatt (Chief Executive)
Stephen King (Finance Director)
Tel: +44 20 7802 8080
Tulchan Communications
Peter Hewer
Michelle Clarke
Tel: +44 20 7353 4200
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.
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