Interim Management Statement

RNS Number : 4403Y

Caledonia Investments PLC

07 July 2008

 



Caledonia Investments plc

Interim Management Statement for the quarter ended 30 June 2008

Caledonia Investments plc ('Caledonia' or the 'Company') is one of the UK's largest investment trusts and is self-managed. The ability to identify opportunities through an extensive network, invest in significant stakes and become involved with the managements of investee companies underpins its investment approach, through which it seeks to deliver both a long term shareholder return in excess of the FTSE All-Share Total Return and a positive total return over rolling five year periods, whilst maintaining a progressive annual dividend.

Caledonia presents its interim management statement for the quarter ended 30 June 2008 and up to the date of publication.

Material events

o	TGE Marine, a German-based leader in the provision of engineering services for the design and construction of marine gas handling and storage systems, was listed on the AIM market on 15 May 2008, valuing our investment at £89.0m, compared with an original cost of £19.2m. Caledonia realised £8.7m as part of the flotation and received repayment of £19.1m of loans on 1 July 2008.
o	Investment of a further $13.2m (£6.7m) in Bristow Group, the US listed provider of helicopter transportation services, through a private placement, the proceeds of which, combined with $322m raised from public offerings of shares and convertible notes, are planned for the purchase of additional aircraft and for general corporate purposes.
o	Realisation of two FTSE 250 index put options, costing £4.0m, for £9.3m, and investment of £5.0m of the proceeds in FTSE 250 put spreads.
o	22.6p final dividend, totalling £13.0m, was proposed in respect of the year ended 31 March 2008. The ex-dividend date was 25 June 2008 and the dividend will be paid on 14 August 2008 to holders of shares on the register on 27 June 2008, subject to approval by shareholders at the annual general meeting on 29 July 2008.
o	£19.9m of net liquidity at 30 June 2008, compared with £23.5m at 31 March 2008.

  Performance summary

	At 30 Jun 2008	At 31 Mar 2008
Net assets	£1,232m	£1,252m
Diluted NAV per share	2109p	2155p
Share price	1812p	2050p
Discount	14.1%	4.9%
FTSE All-Share index	2856	2927

NAVs per share are calculated on a cum-income basis.    

30 June 2008 was the latest date on which an NAV per share was prepared.

Investment portfolio

Ten largest holdings as at 30 June 2008

			Net assets
Name	Business	£m	%
British Empire Securities	Investment trust	127.2	10.3
Close Brothers	Merchant banking	108.5	8.8
TGE Marine	Gas engineering	76.6	6.2
Oval	Insurance broking	65.9	5.4
Bristow Group	Helicopter services	57.9	4.7
Cobepa	Investment company	50.5	4.1
Melrose Resources	Oil and gas E&P	45.5	3.7
Rathbone Brothers	Fund management	42.3	3.4
Eddington Capital funds	Funds of hedge funds	39.5	3.2
Polar Capital funds	Hedge and long only funds	34.0	2.8
		647.9	52.6
Other investments		582.7	47.3
Cash and other net assets		1.7	0.1
Net assets		1,232.3	100.0

Further information

Caledonia publishes monthly fact sheets, which give further details of the investment and other activities during each month. These fact sheets and other information can be found on the Company's website at www.caledonia.com.

7 July 2008

Enquiries

Caledonia Investments plc	College Hill Associates
Tim Ingram, Chief Executive	Tony Friend
Jonathan Cartwright, Finance Director	Roddy Watt
Tel: [phone]	Tel: [phone]

 

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