Last checked at 
6 Jul 2017 15:11
Caledonia Investments plc
Report for the quarter ended 30 June 2017
Caledonia is a self-managed investment trust company with net assets of £1.9bn. It aims to deliver growth in shareholder capital measured over the long term and in annual dividends. It invests in businesses and funds, both listed and private, in a range of sectors and regions.
Caledonia presents a report of its activities for the quarter ended 30 June 2017 and up to the date of publication.
Material events
o | Over the quarter, NAV decreased marginally to £1,897m from £1,899m. The NAV per share total return for the quarter was 0.2%. Unquoted investments are revalued in March and September. Consequently, the NAV at 30 June 2017 did not include any valuation adjustments to unquoted investments in the past three months. |
o | Investments during the period totalled £49.7m, including £30.7m in fund commitment drawdowns. |
o | Realisations during the period totalled £73.9m, including £50.6m from the sale of part of the shareholding in Cobehold (the holding company of Cobepa, the private Belgian investment company) and £13.8m from fund distributions. |
o | A final dividend of 39.9p per share was proposed on 25 May 2017, an increase in annual dividend of 4.2% over the previous year. Subject to approval by shareholders at the annual general meeting to be held on 20 July 2017, the dividend, totalling £21.9m, will be paid on 3 August 2017 to holders of ordinary shares on the register on 7 July 2017. The ex-dividend date is 6 July 2017. |
o | A special dividend of 100.0p per share was also proposed on 25 May 2017. Subject to approval by shareholders at the forthcoming annual general meeting, the dividend, totalling £54.9m, will be paid in conjunction with the final dividend. |
o | At the beginning of July 2017, Caledonia increased its committed bank facilities from £175m to £250m, to provide greater flexibility in managing its short term liquidity. Committed bank facilities were undrawn. |
Financial position and performance summary
At 30 Jun 2017 | At 31 Mar 2017 | ||
Net assets | £1,897m | £1,899m | |
NAV per share | 3403p | 3395p | |
Discount | 13.2% | 19.0% | |
1. | NAVs per share are calculated on a diluted, cum-income basis. | ||
2. | 30 June 2017 was the latest date on which an NAV per share was prepared. | ||
3. | Caledonia reviews the valuation of its unquoted investments in March and September. | ||
At 30 June 2017, the company had cash of £231.8m, compared with £207.3m of cash at 31 March 2017.
Investment portfolio
Ten largest holdings as at 30 June 2017
30 Jun 2017 | 31 Mar 2017 | ||
Name | Business | £m | £m |
Gala Bingo | Bingo operator | 104.2 | 104.2 |
Cobehold | Investment company | 81.8 | 130.6 |
Seven Investment Management | Investment management | 81.3 | 81.3 |
The Liberation Group | Pubs and restaurants | 75.4 | 74.4 |
The Sloane Club | Residential club | 61.4 | 61.4 |
Choice Care Group | Care homes provider | 54.6 | 54.6 |
British American Tobacco | Tobacco | 46.8 | 47.3 |
AG Barr | Soft drinks | 46.1 | 47.4 |
NTAsset funds | Quoted market funds | 43.4 | 42.3 |
Aberdeen US PE funds | Private equity funds | 43.0 | 41.8 |
|
| 638.0 | 685.3 |
Other investments |
| 989.3 | 970.6 |
Cash and other items |
| 270.1 | 242.9 |
Net assets |
| 1,897.4 | 1,898.8 |
Pool distribution
30 Jun 2017 | 31 Mar 2017 | |
Quoted pool | 24% | 25% |
Income pool | 12% | 11% |
Unquoted pool | 28% | 30% |
Funds pool | 22% | 21% |
Cash and other | 14% | 13% |
Enquiries
Caledonia Investments plc
Will Wyatt (Chief Executive)
Stephen King (Finance Director)
Tel: +44 20 7802 8080
Tulchan Communications
Peter Hewer
Jessica Reid
Tel: +44 20 7353 4200
6 July 2017
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.
Caledonia publishes a quarterly report as a supplement to its monthly fact sheets. The quarterly report presents the financial position of the company at the quarter end, together with highlights of material transactions or other events that occurred during the quarter. Caledonia believes that publication of a quarterly report is a valuable communication to investors.