Interim Management Statement

Interim Management Statement

RNS Number : 2938S
Caledonia Investments PLC
06 July 2015
 


 

 

 

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.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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