Caledonia Investments PLC Interim Management Statement 31 December 2016 (5717T)
January 06 2017 - 8:05AM
UK Regulatory
TIDMCLDN
RNS Number : 5717T
Caledonia Investments PLC
06 January 2017
Caledonia Investments plc
Interim Management Statement for the quarter ended 31 December
2016
Caledonia is a self-managed investment trust company with net
assets of GBP1.8bn. 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 its interim management statement for the
quarter ended 31 December 2016 and up to the date of
publication.
Material events
o Over the quarter, NAV increased to GBP1,811m
from GBP1,726m. The NAV per share total
return for the quarter was 5.4%, bringing
the year to date return for the nine months
to 12.5%. Unquoted investments are revalued
in March and September. Consequently, the
NAV at 31 December 2016 did not include
any valuation adjustments to unquoted investments
in the past three months, except for Park
Holidays as noted below.
o Investments during the period totalled
GBP51.8m, including GBP22.8m in fund commitment
drawdowns.
o Realisations during the period totalled
GBP45.3m, including GBP23.9m from fund
redemptions and distributions.
o On 19 December 2016, Caledonia announced
that it had agreed terms for the sale of
Park Holidays, the UK's third largest holiday
park operator, at an enterprise value of
GBP362m. Caledonia will receive GBP197m
for the sale of its equity stake. Completion
of the transaction is conditional on the
approval of the Financial Conduct Authority,
which could take up to three months. The
NAV reflects the increase in valuation
of Park Holidays to the agreed sale price.
o An interim dividend of 14.9p per share
was declared on 24 November 2016, an increase
in interim dividend of 4.2% over the previous
year. The dividend, totalling GBP8.2m,
was paid on 5 January 2017 to holders of
ordinary shares on the register on 2 December
2016. The ex-dividend date was 1 December
2016.
Financial position and performance summary
At 31 Dec At 30 Sep
2016 2016
----------------- ------------------------ -----------------------
Net asset value GBP1,811m GBP1,726m
NAV per share 3235p 3083p
Discount 19.9% 20.7%
----------------- ------------------------ -----------------------
1. NAVs per share are calculated on a diluted,
cum-income basis.
2. 31 December 2016 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 2016, the company had cash of GBP16.8m, compared
with GBP29.4m of cash at 30 September 2016.
Investment portfolio
Ten largest holdings as at 31 December 2016
31 Dec 30 Sep
2016 2016
Name Business GBPm GBPm
------------------ ---------------------- ------- -------
Caravan parks
Park Holidays operator 197.0 134.2
Cobehold Investment company 121.3 122.9
Gala Bingo Bingo operator 92.3 92.3
Seven Investment
Management Investment management 76.7 76.7
The Liberation
Group Pubs and restaurant 73.1 71.0
Residential
The Sloane Club club 58.5 58.5
Choice Care Group Care homes provider 54.6 54.6
Bristow Group Helicopter services 48.2 31.9
AG Barr Soft drinks 41.3 41.8
British American
Tobacco Tobacco 40.6 44.1
803.6 728.0
Other investments 974.1 951.6
Cash and other
items 33.0 46.3
------------------------------------------ ------- -------
Net assets 1,810.7 1,725.9
------------------------------------------ ------- -------
Pool distribution
31 Dec 30 Sep
2016 2016
--------------------- ------ ------
Quoted pool 24% 25%
Income & Growth pool 12% 12%
Unquoted pool 41% 39%
Funds pool 21% 21%
Cash and other 2% 3%
--------------------- ------ ------
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 January 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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