Cayzer family battle over Caledonia hots up
Saturday 13 September 2003
The internecine battle within the wealthy Cayzer family over its investment vehicle Caledonia Investments, took another twist yesterday when one of the warring clans was accused of not behaving fairly to all shareholders.
Sir John Craven, chairman of the group that wants to break Caledonia up and sell its assets, accused the Cayzer family of wanting to tighten their control over the investment trust without paying an appropriate premium for the move. Some of the family want Caledonia to embark on a share buy-back programme to try to narrow the discount to its net assets that the trust trades at.
The move would push the Cayzer family's stake in Caledonia to more than 50 per cent. Other members of the family are backing moves by Sir John and other rebels - including institutional shareholders Hermes and Schroders to break up Caledonia. The Cayzer Trust currently owns 37.8 per cent of Caledonia. Other family members control 12 per cent.
Tim Ingram, chief executive of Caledonia, who speaks for the group wanting to keep the investment trust in one piece, spoke out earlier this week against Hermes, accusing it of trying to block his attempts to narrow the discount via share buy-backs.
Sir John, former chairman of the Lonrho conglomerate, responded last night, saying: "Any buyback would allow the Cayzer family concert party to tighten control over Caledonia and possibly even gain in excess of 50 per cent without paying any premium for control. It is difficult to see how this could be in the interests of shareholders as a whole."
- 1 Malaysia Airlines MH17 crash: Pro-Russian rebel 'admits to shooting down plane'
- 3 Israel-Gaza conflict: The myth of Hamas’s human shields
- 5 Dutch paedophile club to fight their ban at the European Court of Human Rights
Lana Del Rey: 'I have slept with a lot of guys in the industry'
Peaches Geldof cause of death: 'Heroin addict' socialite had taken fatal dose of drug, inquest concludes
Peaches Geldof inquest: Tragic final moments of socialite's life reveal she lied to husband about failed heroin tests
Israel-Gaza conflict: The myth of Hamas’s human shields
Malaysia Airlines MH17 crash: Was a Russian-made missile really parked in this quiet square?
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
iJobs Money & Business
£350 - £400 per day: Orgtel: PMO Analyst - Banking - London - £350 -£400 per d...
£300 - £350 per day + competitive: Orgtel: Cost Reporting Manager - MI Packs -...
£35000 - £40000 Per Annum plus 23 days holiday and pension scheme: Clearwater ...
£475 - £525 per day: Orgtel: Test Lead, London, Investment Banking, Technical ...