We are committed to delivering shareholder value, by aiming to grow capital value and income over the long term.
Our shareholder centre holds current and historic company and regulatory information for existing shareholders.
- Shareholder meetings
- Value Assessment
- Key Information Document
- Registrar
- Advisors
- Protecting your shareholding
- Scams and unsolicited contact
- Section 430 (2B) Notices
Shareholder meetings
Find out details of our shareholder meetings and download associated documents and presentations.
Shareholders are entitled to attend and/or vote at these meetings. If you hold shares through an investment platform, detailed information on how to attend and/or vote can be found on the AIC website.
16 July 2025
The ninety-sixth annual general meeting of Caledonia was held at 6 Park Place, St James’s, London SW1A 1LR at 11.30 am on Wednesday 16 July 2025.
As at 6 June 2025, being the latest practicable date prior to publishing the Notice of the 2025 annual general meeting, Caledonia’s issued share capital included 52,635,326 ordinary shares of 5p each with voting rights. No ordinary shares were held in treasury and therefore the total number of ordinary shares in Caledonia with voting rights that members were entitled to exercise at the 2025 annual general meeting was 52,635,326 shares.
Share sub-division
At the meeting, shareholders approved a 10:1 share sub-division which reduced the nominal value of ordinary shares from 5p to 0.5p. The share sub-division became effective at 8.00 am on 25 July 2025. Further details of the share sub-division can be found in the Q&A below.
18 December 2024
A general meeting of Caledonia was held at Cayzer House, 30 Buckingham Gate, London SW1E 6NN at 2:00 pm on Wednesday 18 December 2024.
As at 22 November 2024, being the latest practicable date prior to publishing the Notice of the general meeting, Caledonia’s issued share capital included 53,626,438 ordinary shares of 5p each with voting rights. No ordinary shares were held in treasury and therefore the total number of ordinary shares in Caledonia with voting rights that members were entitled to exercise at the general meeting is 53,626,438 shares.
17 July 2024
The ninety-fifth annual general meeting of Caledonia was held at 6 Park Place, St James’s, London SW1A 1LR on Wednesday 17 July 2024.
As at 7 June 2024, being the latest practicable date prior to publishing the Notice of the 2024 annual general meeting, Caledonia’s issued share capital included 54,373,443 ordinary shares of 5p each with voting rights. No ordinary shares were held in treasury. Caledonia subsequently purchased 153,648 ordinary shares for cancellation and therefore the total number of ordinary shares in Caledonia with voting rights that members were entitled to exercise at the 2024 annual general meeting was 54,219,795 ordinary shares.
19 July 2023
The ninety-fourth annual general meeting of Caledonia was held at Cayzer House, 30 Buckingham Gate, London SW1E 6NN at 11.30am on Wednesday 19 July 2023.
As at 9 June 2023, being the latest practicable date prior to publishing the Notice of the 2023 annual general meeting, Caledonia’s issued share capital included 54,663,662 ordinary shares of 5p each with voting rights. No ordinary shares were held in treasury and therefore the total number of ordinary shares in Caledonia with voting rights that members were entitled to exercise at the 2023 annual general meeting was 54,663,662 shares.
27 July 2022
The ninety-third annual general meeting of Caledonia was held at Cayzer House, 30 Buckingham Gate, London SW1E 6NN at 11.30am on 27 July 2022.
As at 17 June 2022, being the latest practicable date prior to publishing the Notice of the 2022 annual general meeting, Caledonia’s issued share capital included 54,663,662 ordinary shares of 5p each with voting rights. No ordinary shares were held in treasury and therefore the total number of ordinary shares in Caledonia with voting rights that members were entitled to exercise at the 2022 annual general meeting was 54,663,662 shares.
21 July 2021
The ninety-second annual general meeting of Caledonia was held at Cayzer House, 30 Buckingham Gate, London SW1E 6NN at 11.30am on 21 July 2021.
As at 11 June 2021, being the latest practicable date prior to publishing the Notice of the 2021 annual general meeting, Caledonia’s issued share capital included 55,373,734 ordinary shares of 5p each with voting rights. No ordinary shares were held in treasury. Caledonia subsequently purchased 184,091 ordinary shares for cancellation and therefore the total number of ordinary shares in Caledonia with voting rights that members were entitled to exercise at the 2021 annual general meeting was 55,189,643 ordinary shares.
29 July 2020
The ninety-first annual general meeting of Caledonia was held at Cayzer House, 30 Buckingham Gate, London SW1E 6NN at 11.30am on 29 July 2020.
As at 19 June 2020, being the latest practicable date prior to publishing the Notice of the 2020 annual general meeting, Caledonia’s issued share capital included 55,373,734 ordinary shares of 5p each with voting rights. No ordinary shares were held in treasury and therefore the total number of ordinary shares in Caledonia with voting rights that members were entitled to exercise at the 2020 annual general meeting was 55,373,734 shares.
Value Assessment
Caledonia Investments undertook a value assessment in May 2025 for the purposes of the FCA’s Consumer Duty. This was reviewed and approved by the board.
The assessment focused on the returns earned by Caledonia, when compared with its costs, as expressed by its OCF calculated in accordance with guidance provided by the Association of Investment Companies. The value assessment considered a medium to long term timeframe, consistent with investors’ recommended holding periods. The assessment also considered the returns earned by Caledonia and its costs compared with a suitable comparator set.
Based on this review, Caledonia’s shares were considered to represent fair value to investors based on the attributes and costs of the shares themselves.
Key Information Document
Caledonia produces a Key Information Document (‘KID’) setting out certain information regarding our ordinary shares. Caledonia was previously required to produce a KID under the UK version of the Packaged Retail and Insurance-based Investment Products (‘PRIIPs’) Regulation. On 19 September 2024, the Financial Conduct Authority (‘FCA’) issued a statement on forbearance in relation to investment trust disclosure requirements, under which the FCA confirmed that it would not take supervisory or enforcement action if companies such as Caledonia choose not to follow the requirements of the PRIIPs Regulation, including the requirement to produce a KID.
Although a KID is no longer required for the company’s shares, we are continuing to make a KID available to aid consumer understanding. However, the cost disclosures in the KID have been amended to recognise that no additional cost to the investor is charged by the company. The fact that Caledonia has operating expenses is recognised in the KID by including our most recent Ongoing Charges Figure (‘OCF’). The OCF is calculated annually as a percentage of the average net assets and provides an indication of the underlying day‐to‐day running costs of the company, based on certain assumptions.
The performance disclosures contained in the KID and the methods by which they are calculated are derived from the PRIIPs Regulation and differ from the ways in which we present our own financial information. It may therefore be helpful to investors to understand these differences. The KID presents stress, unfavourable, moderate and favourable performance scenarios which are derived from historic share prices with dividends reinvested (known as ‘Total Shareholder Return’). Caledonia measures actual performance by our net asset value per share total return (‘NAVTR’). Further information on Caledonia’s NAVTR can be found in the monthly factsheets on this website.
The purpose of a KID is to provide retail investors with standardised illustrations of theoretical risk and returns to enable the comparison of different investment products available across a very wide range of financial sectors. In the case of investment trust companies, these illustrations are based on daily share price total returns over the previous five years, which are then projected forward over various time periods and adjusted for risk. Equity markets have, however, experienced a period of high returns and low volatility in recent years, which under the KID’s prescribed methodology could lead to projections which are potentially over-optimistic. We would therefore remind investors that past performance is not a reliable guide to future returns.
We believe that Caledonia’s NAVTR remains the most appropriate measure of our investment strategy and how we manage our portfolio focused on quoted and unquoted equities and funds, and we will therefore continue to report our actual performance on this basis, in addition to publishing a KID.
Please note: the EMT (European MiFID Template) may be downloaded from the link above. Note that this file is intended for use by fund houses and distributors to assist in disseminating fund information.
Registrar
MUFG Corporate Markets
Central Square
29 Wellington Street
Leeds LS1 4DL
Tel: +44 (0)371 664 0300*
Email: shareholderenquiries@cm.mpms.mufg.com
Web: www.eu.mpms.mufg.com
Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 9am and 5.30pm, Monday to Friday, excluding public holidays in England and Wales.
Dividend payment
If you would prefer to have your dividends paid directly into a bank account, rather than by cheque, you can complete a mandate form from MUFG Corporate Markets. If dividends are paid directly into shareholders’ bank accounts, dividend confirmation statements will be sent directly to their registered addresses.
Dividend reinvestment plan
The dividend reinvestment plan provides a convenient way for shareholders to build up their shareholdings by using cash dividends to buy more shares in the company. You can elect for the dividend reinvestment plan online at www.signalshares.com, where you can view the terms of service, or you can request an application form by calling 0371 664 0381.
(Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 9am and 5.30pm, Monday to Friday, excluding public holidays in England and Wales.)
Share dealing service
MUFG Corporate Markets also offers a share dealing service and dividend reinvestment plan for existing shareholders. You can access it at www.sharedeal.cm.mpms.mufg.com or by calling 0371 664 0445.
(Lines are open between 8am and 4.30pm, Monday to Friday, excluding public holidays in England and Wales.)
Online services
The MUFG Corporate Markets website allows you to manage your shareholdings securely online. You can view shareholding details, transaction and dividend histories, change your address and bank mandate, and use the online proxy voting service. To register, visit www.signalshares.com.
Communications
Communications with shareholders are mailed to the address held on the share register by default. If your details change, please notify MUFG Corporate Markets giving the signature of the registered holder or, if more than one registered holder, the signature of the first named holder.
Shareholders can receive communications electronically from Caledonia in one of the following ways:
- Via our website with notification by post when available
- Via our website with notification by email when available
Electronic communications allow more efficient shareholder communication, reduce our impact on the environment and achieve cost savings in print and postage.
Changing your communication preference
Shareholders currently receiving a printed copy of our Annual Report and other documents who wish to sign up to receive future shareholder communications electronically can do so by changing their preferred method of communication. This can be done at any time online at www.signalshares.com.
Alternatively, please write to our registrar at MUFG Corporate Markets Shareholder Services, Central Square, 29 Wellington Street, Leeds, LS1 4DL.
We reserve the right to send shareholder’s printed documents other than via our website where, for example, overseas securities laws do not permit electronic communication, or in other circumstances where we consider that delivery via the website may not be appropriate.
Half-year reports
To further reduce our impact on the environment and reduce costs, we have ceased production of printed hard copies of our half-year report. Our half-year results are only released to the London Stock Exchange and made available on our website.
Advisors
Auditor
BDO LLP
55 Baker Street
London W1U 7EU
www.bdo.co.uk
Banker
Rothschild & Co
New Court
St Swithin’s Lane
London EC4N 8AL
www.rothschildandco.com
Brokers
J.P.Morgan Cazenove
25 Bank Street
Canary Wharf
London E14 5JP
www.jpmorgan.com
Peel Hunt LLP
7th Floor
100 Liverpool Street
London EC2M 2AT
www.peelhunt.com
Registrar
MUFG Corporate Markets
Central Square
29 Wellington Street
Leeds LS1 4DL
Tel: 0871 664 0300
(or +44 20 8639 3399 if calling from overseas)
Email: shareholderenquiries@cm.mpms.mufg.com
Web: www.eu.mpms.mufg.com
Solicitor
Freshfields LLP
100 Bishopsgate
London EC2P 2SR
www.freshfields.com
For press enquiries, please contact:
Teneo
Tom Murray or Robert Yates
The Carter Building, 11 Pilgrim Street
London EC4V 6RN
Tel: +44 (0)20 7353 4200
Email: caledonia@teneo.com
www.teneo.com
Scams and unsolicited contact
If you are in any doubt about the validity of an apparent communication from the company or any of its directors or employees please do not hesitate to email us at enquiries@caledonia.com or telephone on +44 20 7802 8080.
Bogus offers of personal loan finance
We have become aware that some members of the public have been solicited by certain unconnected third parties using Caledonia Investments’ name, address, company registration number and logo to offer bogus personal loans and who ask for personal information, bank details and an arrangement fee. Caledonia Investments does not offer any personal loan finance and accordingly, although these communications include the company’s details, they are not authorised by us. We therefore strongly advise that any such solicitations should not be responded to in any way.
Solicitations to defraud the company
It has also come to the company’s attention that certain unconnected parties are using Caledonia Investments’ name and the names of current and former directors and employees of the company as a means of soliciting assistance purportedly to defraud the company.
These parties are in no way connected with the named current or former director or employee of Caledonia Investments and the basis stated for perpetrating the defrauding of the company is entirely bogus.
Bogus offers of cash
We have also become aware that some members of the public have been solicited by certain unconnected third parties via social media using Caledonia Investments’ name to make bogus offers of cash. Caledonia Investments never provides such incentives and accordingly, although these communications may reference the company’s name, branding or website, they are not authorised by us. We therefore strongly advise that any such solicitations should not be responded to in any way.
Section 430 (2B) Notices
Disclosures in accordance with section 430 (2B) of the Companies Act 2006.
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