Update from QuotedData
QuotedData analysis notes interim results and 37.9% share price discount to NAV; board seeks shareholder approval for buyback measures.
Select text to share a quote on X · sign in to keep highlights & notes in your CLDN notes
On 26 November, Caledonia Investments (CLDN) released interim results covering the six-month period ended 30 September 2024. We provide some analysis of these in this note. There was a welcome narrowing of the share price discount to net asset value (NAV) over the period. However, the market turmoil that accompanied the UK budget and the US election has since reversed this, leaving CLDN trading on an excessively wide discount of 37.9%.
The board believes that CLDN's share price undervalues the quality of its portfolio and long-term track record, and we wholeheartedly agree with this. Understandably, the board and management are keen to do what they can to tackle the discount (see page 3), and NAV-accretive share buybacks play an important part in this. The company is asking shareholders to approve measures to enable their continued use (see page 5). Large independent shareholders were consulted ahead of this and presumably are supportive of the idea. We would encourage shareholders to back the proposal.
Full Research:
QUOTEDDATA
| 50 Gresham Street | London EC2V 7AY | |
| www.quoteddata.com | research@quoteddata.com | www.martenandco.com |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.