Caledonia Investments announces special dividend as hails performance

Caledonia Investments PLC on Tuesday announced a higher net asset value and interim dividend alongside a special dividend, as it hailed Hill & Smith PLC and Texas Instruments Inc's share price performances.

London-based Caledonia invests in public and private companies globally.

The company said net asset value per share climbed 4.6% to 594 pence as at September 30, from 568p at March 31.

NAV total return was 5.4% in the six months to September 30.

The company announced a 4.3% rise in interim dividend to 3.84p per share from 3.68p a year ago.

It declared a special dividend of 20p, which it did not announce a year prior.

Chief Executive Officer Mat Masters said: "As part of our capital allocation policy, we have periodically paid special dividends following significant realisations, balancing investment opportunities, liquidity requirements and returns to shareholders.

"In keeping with this approach, we are declaring a special dividend of 20p per share. This provides an increased dividend return to all shareholders and complements our progressive ordinary dividend and continued share buybacks, reflecting our commitment to delivering long-term shareholder value."

Caledonia highlighted that Solihull, England-based infrastructure firm Hill & Smith, and Dallas-based semiconductor company Texas Instruments were the strongest performers in terms of share price returns.

Hill & Smith benefitted from sustained growth in its US businesses, while Texas Instruments was boosted by increasing demand for its products as well as a delivery of results which beat market expectations, Caledonia said.

Meanwhile, the firm noted that Jamie Cayzer-Colvin will step down from his role as heads of Funds from January 1, while remaining an executive director and member of the board. The funds pool will be led by Eloise Fox and Min Ong who run the North America and Asia funds portfolios respectively, it added.

Caledonia shares rose 2.9% to 394.00 pence each on Tuesday afternoon in London.

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