Interim Management Statement for the quarter ended 31 December 2014
Caledonia is a self-managed investment trust company with net assets of £1.5bn. It aims to deliver growth in shareholder capital, measured over the long term, and in annual dividends. It invests in well-managed businesses with good long term prospects and via funds, both listed and private, across a range of sectors and regions. Caledonia presents its interim management statement for the quarter ended 31 December 2014 and up to the date of publication. Material events
o
Over the quarter, NAV increased by 2.2%, from £1,493m to £1,526m, and the NAV per share total return was 2.6%. Unquoted investments are revalued in March and September. Consequently, the NAV at 31 December 2014 did not include any valuation adjustments to unquoted investments in the past three months.
o
Significant contributors to the performance in the quarter were Avanti Communications, the satellite communications provider, and Latshaw Group, the group of US manufacturing businesses, resulting from the sale of one of its subsidiaries.
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Investments during the period totalled £61.3m, including £19.1m in the Macquarie Asia New Stars public equity fund.
o
Realisations during the period totalled £76.5m, including £29.0m for our holding in Dewan Housing Finance, the Indian housing finance provider, a £15.1m distribution from the unquoted Latshaw Group, relating to the sale of one of its subsidiaries, and £9.6m from the sale of our ordinary share holding in the Polar Capital Global Financials Trust.
o
An interim dividend of 13.8p per share was declared on 25 November 2014, an increase in interim dividend of 3.0% over the previous year. The dividend, totalling £7.6m, will be paid on 8 January 2015 to holders of ordinary shares on the register on 12 December 2014. The ex-dividend date was 11 December 2014.
Financial position and performance summary
At 31 Dec 2014
At 30 Sep 2014
Net asset value
£1,526m
£1,493m
NAV per share
2725p
2675p
Discount
14.9%
19.3%
1.
NAVs per share are calculated on a diluted, cum-income basis.
2.
31 December 2014 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 2014, the company held net cash of £75.5m, compared with £49.1m at 30 September 2014.
Investment portfolio Ten largest holdings as at 31 December 2014
31 Dec 2014
30 Sep 2014
Name
Business
£m
£m
Cobehold
Investment company
95.8
96.2
Capital Today China
Private equity fund
89.1
92.3
Park Holidays
Caravan parks operator
81.1
81.1
Bristow Group
Helicopter services
69.6
68.3
Close Brothers
Financial services
65.4
65.5
AG Barr
Soft drinks
55.3
58.4
Choice Care Group
Care homes provider
51.2
50.2
The Sloane Club
Residential club
45.7
45.7
TGE Maine
LNG engineering
45.1
45.3
Sterling Industries
Engineering
39.2
39.2
637.5
642.2
Other investments
802.0
785.7
Cash and other items
86.3
65.5
Net assets
1,525.8
1,493.4
Pool distribution
31 Dec 2014
30 Sep 2014
Quoted pool
31%
32%
Unquoted pool
31%
32%
Funds pool
19%
19%
Income & Growth pool
13%
13%
Cash and other
6%
4%
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 8 January 2015ENDCaledonia 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
Caledonia Investments plc is a United Kingdom-based self-managed investment trust company. The Company holds investments in both listed and private markets, covering a range of sectors and particularly through its fund investments. It invests in managed businesses that combine long-term growth characteristics with, in many cases, an ability to deliver increasing levels of income. It manages assets of circa £2.9 billion across an international, multi-asset portfolio, with a focus on companies that have the potential to generate long-term shareholder value. The Companyâs fund types include private equity funds, funds of private equity (PE) funds, and quoted market funds. It invests in a range of sectors, such as information technology, industrials, consumer staples, materials, healthcare, financials, communication services, utilities, real estate and consumer discretionary. It invests in various regions, such as the United Kingdom, Asia, Europe, and North America.