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7 Jan 2013 16:37
Caledonia Investments plc
Interim Management Statement for the quarter ended 31 December 2012
Caledonia Investments plc ("Caledonia" or the "Company") is a self-managed investment trust with net assets of over £1bn. 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 31 December 2012 and up to the date of publication.
Material events
o | Investments during the period totalled £24.8m, including a further £14.6m of new investment and £6.1m of reinvested sale proceeds in the Income & Growth pool, which had a total value of £133.0m at 31 December 2012. |
o | Realisations during the period totalled £96.6m, including the sale of the Company's equity stake in Celerant Consulting Investments, the global operations management consultancy, together with the repayment of debt, for a cash amount of £43.4m, including £10.7m of accrued loan interest, and a further £4.3m placed in escrow. The company also realised £33.3m from the sale of part of its holding in Close Brothers, the UK listed financial services company. |
o | During the quarter ended 31 December 2012, the Company acquired 201,478 of its own shares for cancellation at a total cost of £3.1m. These purchases were at a significant discount to the Company's NAV per share, which was 25.5% at 31 December 2012. |
o | An interim dividend of 12.9p per share was declared on 27 November 2012, an increase of 10.3% over last year. The dividend, totalling £7.3m, will be paid on 10 January 2013 to holders of ordinary shares on the register on 14 December 2012. The ex-dividend date was 12 December 2012. |
o | On 31 December 2012, Mark Davies retired as a director and, on 1 January 2013, Stuart Bridges, Chief Financial Officer of Hiscox, joined the board as an independent non-executive director. On 4 December 2012, The Hon Charles Cayzer moved from an executive to non-executive director, on assumption of the role of Chairman of The Cayzer Trust Company, Caledonia's largest shareholder. |
Financial position and performance summary
At 31 Dec 2012 | At 30 Sep 2012 | ||
Net asset value | £1,174m | £1,153m | |
NAV per share | 2063p | 2019p | |
Net cash | £84m | £7m | |
Share price | 1536p | 1476p | |
Discount | 25.5% | 26.9% | |
1. | NAVs per share are calculated on a diluted, cum-income basis. | ||
2. | 31 December 2012 was the latest date on which an NAV per share was prepared. | ||
At 31 December 2012, the Company had £83.9m of cash, compared with £6.8m at 30 September 2012. The Company 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, and also has an overdraft facility of £10m, all of which were undrawn.
Investment portfolio
Ten largest holdings as at 31 December 2012
Name | Business | £m | % |
Close Brothers | Financial services | 115.8 | 9.9 |
Cobehold | Investment company | 83.5 | 7.1 |
Bristow Group | Helicopter services | 80.5 | 6.9 |
AG Barr | Soft drinks | 46.4 | 3.9 |
Avanti Communications | Satellite communications | 38.3 | 3.3 |
London & Stamford Property | Property investment | 36.1 | 3.1 |
Oval | Insurance broking | 35.7 | 3.0 |
Satellite Information Services | Broadcasting services | 29.8 | 2.5 |
Quintain Estates | Property services | 29.5 | 2.5 |
Sterling Industries | Engineering | 29.1 | 2.5 |
524.7 | 44.7 | ||
Other investments | 584.5 | 49.8 | |
Cash and other items | 64.4 | 5.5 | |
Net assets | 1,173.6 | 100.0 |
Enquiries
Caledonia Investments plc
Will Wyatt (Chief Executive)
Stephen King (Finance Director)
Tel: +44 20 7802 8080
College Hill
Tony Friend
Antonia Coad
Tel: +44 20 7457 2020
7 January 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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