Caledonia Investments PLC Interim Management Statement 31 December 2016 (5717T)

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: [phone]

Tulchan Communications

Peter Hewer

Jessica Reid

Tel: [phone]

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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January 06, 2017 09:05 ET (14:05 GMT)