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Report for quarter ended 30 June 2017

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RNS Number : 3624K
Caledonia Investments PLC
06 July 2017
 

 

 

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.


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