Caledonian Holdings assets up after raise, updates on portfolio shift

Caledonian Holdings PLC on Thursday issued a shareholder update for the first quarter, highlighting a successful fundraising, increased total assets, and an ongoing review of its investment portfolio.

The Edinburgh-based property investment and development company said its total assets increased by £91,000 to £2.8 million in the quarter ended March 31, recovering from a £385,000 decline in the previous quarter, when assets had fallen to £2.7 million.

The improvement came largely from a £1.2 million capital raise completed in March, which compensated for a decline in the value of Caledonian’s investment portfolio. The raise included a placing, subscription and broker option. The board contributed £230,000 to the raise.

As of the end of March, the company had £787,000 in cash, up sharply from £47,000 three months earlier. Cash on hand as of Thursday last week stood at just under £1 million.

The value of the investment portfolio, excluding cash, fell to £1.8 million from £2.6 million, reflecting unrealised losses of £277,000 and a £401,000 write-down of its stake in Aeristech Ltd, which entered insolvency proceedings.

Caledonian also invested £100,000 in a convertible loan note for Igraine PLC during the quarter, building on an earlier commitment, and continues to assess opportunities across its existing and prospective portfolio.

‘This is the first update from the company’s new board...and we will continue to work extensively to bring about a series of positive changes in the company’s performance over the coming months,’ Caledonian said.

Shares in Caledonian Holdings were down 6.7% at 0.0035 pence on Monday morning in London.

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