Last checked at 
6 Jul 2018 10:34
Caledonia Investments plc
Report for the quarter ended 30 June 2018
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 2018 and up to the date of publication.
Material events
o | NAV per share total return for the quarter was 4.9%. Unquoted investments are revalued in March and September. Consequently, the NAV at 30 June 2018 did not include any unrealised valuation adjustments to unquoted investments in the past three months. NAV increased by 4.0% to £1,911m from £1,837m at 31 March 2018. |
o | Investments during the period totalled £111.5m, including a further £14.0m in Gala Bingo, to enable the company to launch an online presence and to rebrand as Buzz Bingo, £31.5m in fund subscriptions and commitment drawdowns and £65.1m in quoted investments in the Quoted and Income pools. |
o | Realisations during the period totalled £93.1m, including £40.7m from the redemption of shares in the Macquarie Asia New Stars Fund and £15.4m from fund distributions. |
o | A final dividend of 41.5p per share was proposed on 24 May 2018, an increase of 4.0% over the previous year. Subject to approval by shareholders at the annual general meeting to be held on 19 July 2018, the dividend, totalling £22.8m, will be paid on 9 August 2018 to holders of ordinary shares on the register on 29 June 2018. The ex-dividend date was 28 June 2018. |
Financial position and performance summary
At 30 Jun 2018 | At 31 Mar 2018 | ||
Net assets | £1,911m | £1,837m | |
NAV per share | 3405p | 3285p | |
Discount | 17.5% | 19.3% | |
1. | NAVs per share are calculated on a diluted, cum-income basis. | ||
2. | 30 June 2018 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 2018, the company had cash of £191.2m, compared with £207.8m of cash at 31 March 2018.
Investment portfolio
Ten largest holdings as at 30 June 2018
30 Jun 2018 | 31 Mar 2018 | ||
Name | Business | £m | £m |
Cobehold | Investment company | 94.3 | 93.5 |
Seven Investment Management | Investment management | 91.5 | 91.5 |
Gala Bingo | Bingo operator | 88.5 | 74.5 |
Choice Care Group | Care homes provider | 81.9 | 81.9 |
Liberation Group | Pubs and restaurants | 73.7 | 72.9 |
Aberdeen US PE funds | Funds of PE funds | 64.9 | 58.7 |
Arlington AVM Ranger fund | Quoted market fund | 49.1 | 42.0 |
NTAsset funds | Quoted market funds | 44.9 | 44.3 |
Polar Capital | Fund manager | 40.8 | 31.3 |
Microsoft | Infrastructure technology | 39.3 | 37.3 |
|
| 668.9 | 627.9 |
Other pool investments |
| 1,022.1 | 953.0 |
Cash and other items |
| 219.8 | 255.7 |
Net assets |
| 1,910.8 | 1,836.6 |
Pool distribution
30 Jun 2018 | 31 Mar 2018 | |
Quoted pool | 24% | 25% |
Income pool | 13% | 11% |
Unquoted pool | 27% | 25% |
Funds pool | 25% | 25% |
Cash and other | 11% | 14% |
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 2018
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.