Report for the quarter ended 31 Dec 2017

RNS Number : 1269B

Caledonia Investments PLC

05 January 2018

 

 

Caledonia Investments plc

Report for the quarter ended 31 December 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 31 December 2017 and up to the date of publication.

Material events

o	Over the quarter, NAV increased by 1.6% to £1,878m from £1,848m. The NAV per share total return for the quarter was 2.2%. Unquoted investments are revalued in March and September. Consequently, the NAV at 31 December 2017 did not include any valuation adjustments to unquoted investments in the past three months.
o	Investments during the period totalled £74.2m, including £22.7m in fund commitment drawdowns.
o	Realisations during the period totalled £140.3m, including £80.2m from the sale of The Sloane Club, the London private members club, of which £3.5m was accounted for as a pre-sale distribution of trading profit.
o	An interim dividend of 15.5p per share was declared on 23 November 2017, an increase in interim dividend of 4.0% over the previous year. The dividend, totalling £8.5m, will be paid on 11 January 2018 to holders of ordinary shares on the register on 1 December 2017. The ex-dividend date was 30 November 2017.
o	Guy Davison, a founding partner of Cinven, the leading international private equity firm, joined the board as an additional independent non-executive director with effect from 1 January 2018.

Financial position and performance summary

		At 31 Dec 2017	At 30 Sep 2017
Net assets		£1,878m	£1,848m
NAV per share		3356p	3298p
Discount		16.0%	17.8%
1.	NAVs per share are calculated on a diluted, cum-income basis.
2.	31 December 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 31 December 2017, the company had cash of £209.9m, compared with £142.7m of cash at 30 September 2017.

Investment portfolio

Ten largest holdings as at 31 December 2017

		31 Dec 2017	30 Sep 2017
Name	Business	£m	£m
Gala Bingo	Bingo operator	98.3	92.3
Seven Investment Management	Investment management	96.4	96.4
Liberation Group	Pubs and restaurants	88.0	77.3
Cobehold	Investment company	87.4	86.7
Aberdeen US PE funds	Funds of PE funds	53.9	50.1
Choice Care Group	Care homes provider	51.6	51.6
NTAsset funds	Quoted market funds	47.4	43.5
British American Tobacco	Tobacco	44.8	41.8
Arlington AVM Ranger fund	Quoted market fund	42.7	38.8
Microsoft	Infrastructure technology	42.6	37.3
		653.1	615.8
Other pool investments		976.3	1,047.3
Cash and other items		248.6	184.8
Net assets		1,878.0	1,847.9

Pool distribution

	31 Dec 2017	30 Sep 2017
Quoted pool	23%	24%
Income pool	12%	12%
Unquoted pool	27%	30%
Funds pool	25%	24%
Cash and other	13%	10%

Enquiries

Caledonia Investments plc

Will Wyatt (Chief Executive)

Stephen King (Finance Director)

Tel: [phone]

Tulchan Communications

Peter Hewer

Jessica Reid

Tel: [phone]

5 January 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.

 

END

 

 

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