Global growth fund to seek NZ listing

Tuesday 19th October 2004

Another UK-listed investment company, Caledonia Investments, says it has applied to have its shares listed on the New Zealand
Exchange.

If the listing is granted, investors in New Zealand will be able to buy and sell Caledonia ordinary shares through NZX at a price quoted in New Zealand dollars. Accordingly it will no longer be necessary for them to transact through the London Stock Exchange.

Caledonia's listing on the London Stock Exchange will be unaffected by the above.

Caledonia is a Global Growth investment trust whcih was established in 1928. It was for many years been closely associated with British & Commonwealth Holdings, a UK listed company whose origins dated back to the shipping industry in the 1880s but which then diversified into a portfolio of investments in the 1960s.

Caledonia is a self-managed investment company and has a longer term investment horizon than most other investment trusts. Its strategy is to invest in and actively manage significant stakes in both quoted and unquoted situations where it believes there to be good opportunities for building value.

Active management will usually be achieved by working closely and constructively with the investee management, usually through board representation, as a long term supportive shareholder.

Caledonia chief executive Tim Ingram says the company has a proven investment policy of capital growth over the medium to longer term, combined with a progressive dividend policy.

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