Caledonia Investments plc
Share purchase by the Caledonia Investments plc Employee Share Trust
Caledonia Investments plc ("Caledonia" or the "Company") announces that, on 26 September 2019, the Caledonia Investments plc Employee Share Trust (the "Employee Share Trust") purchased 100,000 shares in Caledonia from The Cayzer Trust Company Limited ("Cayzer Trust") at a price of 3012.63p per share. The transaction was conducted on exchange at the volume-weighted average price for the Company's shares at midday on the day of execution.
Financed by an interest free loan from Caledonia, the Employee Share Trust acquires and holds shares in the Company for subsequent transfer to Caledonia employees who are beneficiaries of the Employee Share Trust and who participate in the Company's share-based incentive plans. The Employee Share Trust is deemed by the Panel on Takeovers and Mergers to be a member of the Cayzer family concert party ("Concert Party"), which in aggregate owns 48.44% of Caledonia's total voting rights. Consequently, due to the restrictions imposed by Rule 9 of the City Code on Takeovers and Mergers ("Code"), the Employee Share Trust has a very limited ability to acquire Caledonia shares, other than from other members of the Concert Party.
Prior to the above transaction, the Employee Share Trust held 438,707 Caledonia shares and there are currently awards over 1,108,774 shares outstanding under the Company's incentive plans. In view of the Code restrictions, and in order to assist the Employee Share Trust in maintaining sufficient Caledonia shares to satisfy such awards for the foreseeable future, Cayzer Trust, a fellow member of the Concert Party, offered to sell a small part of its shareholding to the Employee Share Trust.
Following the transaction, the Employee Share Trust owns 538,707 shares in Caledonia, representing 0.97% of the Company's total voting rights. Cayzer Trust's shareholding in Caledonia has reduced from 19,472,364 shares to 19,372,364 shares, being from 35.17% to 34.98% of the total voting rights. The Concert Party's overall holding in Caledonia remains unchanged.
26 September 2019
Contacts for enquiries:
Caledonia Investments plc
Graeme Denison (Company Secretary)
Tel: +44 20 7802 8080
Tulchan Communications
Tom Murray
Tel: +44 20 7353 4200
