Caledonia Investments

Biographical Information

History

According to a report in the Independent in 2003:

Caledonia Investments urged investors to reject fresh proposals from a group of rebel shareholders to restructure the investment trust yesterday. Caledonia Investments urged investors to reject fresh proposals from a group of rebel shareholders to restructure the investment trust yesterday.

The rebels, which include some members of the Cayzer family, claim the backing of about one-fifth of the company's shareholders, including Schroders and Hermes. Their latest proposal would see a new Guernsey-based fund - the Cayzer Continuation Company - take over the family's holding in Caledonia from the Cayzer Trust, while another fund, the Cayzer Realisation Trust, would sell off Caledonia's assets.

Caledonia Investments is about 40 per cent owned by the Cayzer Trust, a investment vehicle for the Cayzer family which made a fortune from shipping in the last century and set up the fund manager Gartmore. There are more than 300 beneficiaries of the family trust.

Some members of the family, including Sir Peter Buckley, Cayzer Trust's chairman, wants Caledonia to continue in its present form. But the rebels, who include Sir John Craven, Nigel Cayzer, Lord Rotherwick and Ian Molson, say their proposals would help to narrow the gap between Caledonia's share price and its net asset value, as well as providing a way for the trust to sell assets without incurring huge tax liabilities. The trust's largest single investment is a 17.7 per cent stake in the investment bank Close Brothers.

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A. G. Barr

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