Last checked at 
6 Jul 2015 15:08
Caledonia Investments plc
Interim Management Statement for the quarter ended 30 June 2015
Caledonia is a self-managed investment trust company with net assets of £1.6bn. It aims to deliver growth in shareholder capital, measured over the long term, and in annual dividends. It invests in well-managed businesses and funds, both listed and private, in a range of sectors and regions.
Caledonia presents its interim management statement for the quarter ended 30 June 2015 and up to the date of publication.
Material events
o | Over the quarter, NAV decreased by 1.8%, from £1,627m to £1,597m, and the NAV per share total return was -2.3%. Unquoted investments are revalued in March and September. Consequently, the NAV at 30 June 2015 did not include any valuation adjustments to unquoted investments in the past three months. |
o | Investments during the period totalled £127.6m, including £34.2m in Flowserve, the US listed manufacturer and aftermarket service provider of flow control products and services, £19.4m in Union Pacific, the US listed railway operator, and £18.0m in British American Tobacco, the UK listed international tobacco company. |
o | Agreement to acquire approximately 94% of Seven Investment Management, the provider of discretionary fund management, retail investment fund and platform services to UK investors, for up to £77m. This transaction is subject to the approval of the Financial Conduct Authority. |
o | Realisations during the period totalled £173.4m, including £15.1m for part of our holding in Avanti Communications, the UK listed satellite communications company, and £13.0m for our holding in Weir Group, the UK listed engineering group. |
o | A final dividend of 36.8p per share was proposed on 27 May 2015, an increase in annual dividend of 3.1% over the previous year. Subject to approval by shareholders at the annual general meeting to be held on 16 July 2015, the dividend, totalling £20.3m, will be paid on 6 August 2015 to holders of ordinary shares on the register on 10 July 2015. The ex-dividend date is 9 July 2015. |
o | Shonaid Jemmett-Page joined the board as an additional independent non-executive director on 1 July 2015. |
Financial position and performance summary
At 30 Jun 2015 | At 31 Mar 2015 | ||
Net asset value | £1,597m | £1,627m | |
NAV per share | 2840p | 2906p | |
Discount | 14.6% | 21.5% | |
1. | NAVs per share are calculated on a diluted, cum-income basis. | ||
2. | 30 June 2015 was the latest date on which an NAV per share was prepared. | ||
3. | Caledonia reviews the valuation of its unquoted investments biannually, in March and September. | ||
At 30 June 2015, the company held net cash of £99.9m, compared with £131.0m at 31 March 2015.
Investment portfolio
Ten largest holdings as at 30 June 2015
30 Jun 2015 | 31 Mar 2015 | ||
Name | Business | £m | £m |
Capital Today China | Private equity fund | 102.7 | 103.6 |
Park Holidays | Caravan parks operator | 101.1 | 101.1 |
Cobehold | Investment company | 90.3 | 92.2 |
TGE Marine | LNG engineering | 63.5 | 64.9 |
AG Barr | Soft drinks | 58.1 | 57.6 |
Bristow Group | Helicopter services | 56.2 | 60.8 |
The Sloane Club | Residential club | 55.0 | 55.0 |
Choice Care Group | Care homes provider | 51.5 | 51.5 |
Close Brothers | Financial services | 50.0 | 56.1 |
Polar Capital | Fund manager | 36.1 | 29.3 |
664.5 | 672.1 | ||
Other investments | 822.3 | 815.7 | |
Cash and other items | 110.6 | 139.1 | |
Net assets | 1,597.4 | 1,626.9 |
Pool distribution
30 Jun 2015 | 31 Mar 2015 | |
Quoted pool | 30% | 28% |
Unquoted pool | 32% | 31% |
Funds pool | 20% | 20% |
Income & Growth pool | 12% | 13% |
Cash and other | 6% | 8% |
Enquiries
Caledonia Investments plc
Will Wyatt (Chief Executive)
Stephen King (Finance Director)
Tel: +44 20 7802 8080
Tulchan Communications
Peter Hewer
Tel: +44 20 7353 4200
6 July 2015
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.