Interim Management Statement

RNS Number : 1922X

Caledonia Investments PLC

08 January 2014

 



 

Caledonia Investments plc

Interim Management Statement for the quarter ended 31 December 2013

Caledonia Investments plc ("Caledonia" or the "Company") is a self-managed investment trust with net assets of £1.3bn. It aims to be a core investment for those seeking capital growth coupled to an increasing income stream over the long term.

Caledonia presents its interim management statement for the quarter ended 31 December 2013 and up to the date of publication.

Material events

o	Investments during the period totalled £115.6m, including £88.1m to acquire 100% of the equity in Park Holidays UK as part of a transaction valuing the business at £172m, with the balance financed by bank debt. Park Holidays owns and operates 23 caravan parks in the south of England. The Company also invested £8.4m for additional part-paid shares in Cobehold, the Belgium-based investment company, of which half was called in October.
o	Realisations during the period totalled £38.2m, including £6.6m for our 10.7% stake in Kingdom Holdings, the China‐based linen yarn manufacturer, and £13.7m of fund distributions and redemptions.
o	An interim dividend of 13.4p per share was declared on 26 November 2013, an increase of 3.9% over last year. The dividend, totalling £7.4m, will be paid on 9 January 2014 to holders of ordinary shares on the register on 13 December 2013. The ex-dividend date was 11 December 2013.
o	In November 2013, the Company increased its bank facilities. It now has committed facilities of £125.0m in place through two bilateral agreements for £62.5m revolving credit facilities with ING and The Royal Bank of Scotland, expiring in April 2018. £25.0m of these facilities were drawn at 31 December 2013.

Financial position and performance summary

		At 31 Dec 2013	At 30 Sep 2013
Net asset value		£1,336m	£1,288m
NAV per share		2397p	2311p
Discount		20.7%	22.6%
1.	NAVs per share are calculated on a diluted, cum-income basis.
2.	31 December 2013 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 31 December 2013, the Company had £17.3m of net debt (including £25.0m drawn against its facilities), compared with £56.6m of net cash at 30 September 2013.

Investment portfolio

Ten largest holdings as at 31 Dec 2013

Name	Business	£m	%
Cobehold	Investment company	98.9	7.4
Park Holidays	Caravan parks operator	88.1	6.6
Close Brothers	Financial services	78.6	5.9
Bristow Group	Helicopter services	74.4	5.6
AG Barr	Soft drinks	53.4	4.0
Choice Care	Care homes provider	50.2	3.8
Oval	Insurance broking	42.7	3.2
Polar Capital	Fund management	39.3	2.9
Sterling Industries	Engineering	39.0	2.9
Quintain Estates	Property services	38.3	2.9
		602.9	45.2
Other investments		752.8	56.3
Cash and other items		(19.6)	(1.5)
Net assets		1,336.1	100.0

Pool distribution

	At 31 Dec 2013	At 30 Sep 2013
Quoted pool	35%	34%
Unquoted pool	38%	33%
Funds pool	13%	14%
Income & Growth pool	14%	14%
Cash and other	-	5%

Enquiries

Caledonia Investments plc

Will Wyatt (Chief Executive)

Stephen King (Finance Director)

Tel: [phone]

Tulchan Communications

Peter Hewer

Tel: [phone]

8 January 2014

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.

 

END

 

 

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