Business
Interim Management Statement
Interim Management Statement.
About this update from Caledonia Investments Plc
[{"type":"text","content":"\n \nRNS Number : 4312D Caledonia Investments PLC 06 July 2016 \n\n \n \n \nCaledonia Investments plc\nInterim Management Statement for the quarter ended 30 June 2016\n \nCaledonia is a self-managed investment trust company with net assets of £1.6bn. 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.\n \nCaledonia presents its interim management statement for the quarter ended 30 June 2016 and up to the date of publication.\n \nMaterial events\n\n\n\n\no\n\n\nOver the quarter, NAV increased from £1,644m to £1,645m and the NAV per share total return grew by 1.5%. Unquoted investments are revalued in March and September. Consequently, the NAV at 30 June 2016 did not include any valuation adjustments to unquoted investments in the past three months.\n\n\n\n\n\n\n\n\n\n\n\n\no\n\n\nInvestments during the period totalled £54.1m, including £42.0m in fund investments and commitment drawdowns.\n\n\n\n\n\n\n\n\n\n\n\n\no\n\n\nRealisations during the period totalled £100.3m, including £24.0m for Bowers & Wilkins, the UK audio equipment manufacturer, £21.8m for Union Pacific Corp, the US railroad operator, and £11.1m for the remaining holding in Real Estate Investors, the Midlands focused real estate investment trust.\n\n\n\n\n\n\n\n\n\n\n\n\no\n\n\nPark Holidays paid a special dividend to Caledonia of £26.7m and the carrying value of this investment was reduced accordingly.\n\n\n\n\n\n\n\n\n\n\n\n\no\n\n\nA second interim dividend of 38.3p per share was paid on 1 April 2016, in lieu of the final dividend for the year ended 31 March 2016, an increase in annual dividend of 4.0% over the previous year.\n\n\n\n\n\n\n\n\n\n\n\n\no\n\n\nDuring June the vote to leave the European Union by the United Kingdom led to considerable volatility in markets. Our portfolio is designed to give shareholders balanced exposure to the UK and overseas markets via holdings in large cap global businesses and funds specifically operating in Europe, the USA and Asia. The net effect was a positive NAV performance for the month of June and for the first quarter of this year. Our unquoted holdings will be revalued in September in accordance with our accounting...