Caledonia Investments, the investment trust company 38% owned by the Cayzer family trust, has received court approval for a special dividend payment, which should finally lay to rest a family battle that had threatened to destroy the investment company.
The special dividend, which comes on top of the final dividend announced in May, is worth £88m, or 1,047.07p per share for those shareholders who have elected to receive the payment. Roughly 8.4 million shares for which the special dividend has been elected are being cancelled as a result. A reduction in capital expressed through the reduction in number of shares will boost net asset value of the remaining shares. The NAV was pegged at 1,276.91p on Friday after the close of market, according to a formula outlined when the special dividend proposal was put to shareholders. Shares tr...
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