The Lemon Fool

Itsallaguess wrote:

Dod101 wrote:
The massive discount should not worry anyone.

As has been said many times, it is caused by the large (very large) holding by the Cayzer family and the Cayzer Trust.

It should just be accepted as part of the deal.

On a 5-year view though, the current 36% discount for Caledonia (CLDN) is relatively high even by the long-term standards that you've highlighted -




Source - https://www.trustnet.com/factsheets/T/c621/caledonia-investments-plc/

Cheers,

Itsallaguess

Good entry point for Steveam then?

Dod

Caledonia up 4.4% today. Results due 21-November.

Any guesses? Despite the apparent solidarity of the concert party there have been a couple of attempts to dismantle it. The current discount is awkward for an IT with no possibility of a discount control mechanism.

Every year or so I add a few more as I like buying assets at a discount.

Best wishes,

Steve

Steveam wrote:Caledonia up 4.4% today. Results due 21-November.

Any guesses? Despite the apparent solidarity of the concert party there have been a couple of attempts to dismantle it. The current discount is awkward for an IT with no possibility of a discount control mechanism.

Every year or so I add a few more as I like buying assets at a discount.

Best wishes,

Steve

I have held these for about 30 years or so but I have heard of no real dissent amongst the concert party such as there was a few years ago. I think they are up simply because the shares have been well below their usual level for a long time. I think it was only a year ago that they were touching £40. I think they are as good a store of value as we are likely to get, especially given the perennial discount to NAV. The market is probably looking for a special dividend following the sale of 3M. I think that more likely at the time of the Annual Results next year.
Investors may also be taking account of the historically high discount shown in the earlier chart.

Dod

Half-yearly results are out. Dividend 18.93p (a 4.0% increase). NAV 5,203p as of 30th Sept 2023 (up 2.7% since 30th March 2023).

No mention of a special dividend, which some of us were speculating might happen using some of the proceeds of the sale of Seven Investment Management. The sale proceeds aren't due to be received until "early 2024" so I suppose that there might be a special dividend in the first half of next year.

https://www.investegate.co.uk/announcement/rns/caledonia-investments--cldn/half-year-report/7893079

The board has declared an interim dividend of 18.93p per share, an increase of 4.0% on last year's interim. This will be paid to shareholders on 4 January 2024.

Steady as she goes.

Best wishes,

Steve

https://otp.investis.com/clients/uk/cal ... id=1746572

Unaudited Results and Portfolio Update

Sale of 7IM proceeding with likely close January 2024. No update on the use of sale proceeds.

Full year results due in May.

Best wishes, Steve

Steveam wrote:https://otp.investis.com/clients/uk/caledonia/rns/regulatory-story.aspx?cid=2554&newsid=1746572

Unaudited Results and Portfolio Update

Sale of 7IM proceeding with likely close January 2024. No update on the use of sale proceeds.

Full year results due in May.

Best wishes, Steve

Unaudited Results? Don't think so. Merely an update of matters to 31 December which is of course the end of their third quarter. Nothing new in the report as far as I can see.

Dod

Dod101 wrote:

Steveam wrote:https://otp.investis.com/clients/uk/caledonia/rns/regulatory-story.aspx?cid=2554&newsid=1746572

Unaudited Results and Portfolio Update

Sale of 7IM proceeding with likely close January 2024. No update on the use of sale proceeds.

Full year results due in May.

Best wishes, Steve

Unaudited Results? Don't think so. Merely an update of matters to 31 December which is of course the end of their third quarter. Nothing new in the report as far as I can see.

Dod

Apologies. I meant Unaudited Net Asset Value and Portfolio Update.

Best wishes, Steve

Sale completes
https://otp.investis.com/clients/uk/cal ... id=1757490
Best wishes,
Steve

Unaudited net asset value and portfolio update

https://otp.investis.com/clients/uk/cal ... id=1807130

Unaudited NAV of £3.0 billion (5,369p per share) +7.4% NAV Total Return ("NAVTR") (31 March 2023: £2.8bn, 5,068p per share)

Nothing unexpected. All seems to be progressing well. They have a lot of cash at the moment.

Full year results in May.

Best wishes, Steve