Last checked at 
8 Jan 2014 13:20
Caledonia Investments plc
Interim Management Statement for the quarter ended 31 December 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 31 December 2013 and up to the date of publication.
Material events
o | Investments during the period totalled £115.6m, including £88.1m to acquire 100% of the equity in Park Holidays UK as part of a transaction valuing the business at £172m, with the balance financed by bank debt. Park Holidays owns and operates 23 caravan parks in the south of England. The Company also invested £8.4m for additional part-paid shares in Cobehold, the Belgium-based investment company, of which half was called in October. |
o | Realisations during the period totalled £38.2m, including £6.6m for our 10.7% stake in Kingdom Holdings, the China‐based linen yarn manufacturer, and £13.7m of fund distributions and redemptions. |
o | An interim dividend of 13.4p per share was declared on 26 November 2013, an increase of 3.9% over last year. The dividend, totalling £7.4m, will be paid on 9 January 2014 to holders of ordinary shares on the register on 13 December 2013. The ex-dividend date was 11 December 2013. |
o | In November 2013, the Company increased its bank facilities. It now has committed facilities of £125.0m in place through two bilateral agreements for £62.5m revolving credit facilities with ING and The Royal Bank of Scotland, expiring in April 2018. £25.0m of these facilities were drawn at 31 December 2013. |
Financial position and performance summary
At 31 Dec 2013 | At 30 Sep 2013 | ||
Net asset value | £1,336m | £1,288m | |
NAV per share | 2397p | 2311p | |
Discount | 20.7% | 22.6% | |
1. | NAVs per share are calculated on a diluted, cum-income basis. | ||
2. | 31 December 2013 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 31 December 2013, the Company had £17.3m of net debt (including £25.0m drawn against its facilities), compared with £56.6m of net cash at 30 September 2013.
Investment portfolio
Ten largest holdings as at 31 Dec 2013
Name | Business | £m | % |
Cobehold | Investment company | 98.9 | 7.4 |
Park Holidays | Caravan parks operator | 88.1 | 6.6 |
Close Brothers | Financial services | 78.6 | 5.9 |
Bristow Group | Helicopter services | 74.4 | 5.6 |
AG Barr | Soft drinks | 53.4 | 4.0 |
Choice Care | Care homes provider | 50.2 | 3.8 |
Oval | Insurance broking | 42.7 | 3.2 |
Polar Capital | Fund management | 39.3 | 2.9 |
Sterling Industries | Engineering | 39.0 | 2.9 |
Quintain Estates | Property services | 38.3 | 2.9 |
602.9 | 45.2 | ||
Other investments | 752.8 | 56.3 | |
Cash and other items | (19.6) | (1.5) | |
Net assets | 1,336.1 | 100.0 |
Pool distribution
At 31 Dec 2013 | At 30 Sep 2013 | |
Quoted pool | 35% | 34% |
Unquoted pool | 38% | 33% |
Funds pool | 13% | 14% |
Income & Growth pool | 14% | 14% |
Cash and other | - | 5% |
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
8 January 2014
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.