Takeover Panel ultimatum for Caledonia rebels
Thursday 02 October 2003
The takeover Panel told rebel shareholders in the £824m Caledonia Investments company to put up or shut up in its attempts to break up the trust.
The regulator stepped in ahead of an extraordinary general meeting (EGM) that is being held today of the Cayzer Trust, the family company that controls Caledonia. It has told the Cayzer family members that are demanding a shake-up of the Caledonia fund to turn their restructuring proposals into a formal offer by 17 October or withdraw for at least six months.
A bitter row between Sir John Craven, a veteran City banker and member of the Cayzer Trust, and Peter Buckley, the chairman of the Cayzer Trust and Caledonia, has been going on for months.
Sir John and his allies want to use two Guernsey companies to break up Caledonia in a two-year process. Investors that want to end their holding of the trust would take shares in a company called Caledonia Realisation. Those that wanted to reinvest their liquidation proceeds through the company would be able to take shares in Caledonia Continuation.
The move to disband Caledonia has implications for other City companies, as the company is an 18 per cent shareholder in Close Brothers and 12 per cent shareholder in Rathbone Brothers.
But despite the dissent, the Cayzer Trust shareholders are today expected to back Mr Buckley in retaining the status quo for the Caledonia Trust.
Tim Ingram, the chief executive of Caledonia, yesterday welcomed the move from the Takeover Panel, saying it would help draw a line under the "negative campaign" that had been waged against Caledonia. The dissenting shareholders last week challenged Caledonia over its performance record, saying it had delivered erratic returns and was invested in high-risk stocks.
They are backed by the fund managers Hermes and Schroders, and have said they are prepared to modify their proposals.
International Women's Day 2014: The shocking statistics that show why it is still so important
Oscar Pistorius trial: The week he went from a hero of his nation and the world, to a gun-loving hothead
International Women’s Day: 'When a man gives his opinion, he's a man. When a woman gives her opinion, she's a bitch' - feminist quotes from female icons to inspire you
Malaysia Airlines plane: Oil slick is first sign that missing flight crashed into sea killing up to 239 on board
International Women's Day 2014: Cherie Blair - ‘Today is a chance to see how far we still have to go’
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
Ukraine crisis: Russia dismisses '3am ultimatum' as 'total nonsense'
If you're horrified by a flame-roasted dog, you should be shocked at a hog roast
Poor 'live like animals' says Boris's privately educated sister after going on 'poverty safari'
White people become less racist just by moving to more diverse areas, study finds
Exclusive: Impact of immigrants on British workers ‘negligible’
- 1 To those who can’t see the point of International Women’s Day: you are the very reason it exists
- 2 International Women's Day 2014: The shocking statistics that show why it is still so important
- 3 Orgasm machine to deliver climax at the push of a button
- 4 Singapore sting: Sky-high prices are pushing locals to the edge of affordability
- 5 Liam Neeson turned down James Bond role because late wife Natasha Richardson said she wouldn't marry him if he took it
iJobs Money & Business
£12000 per annum: Inspiring Interns: The company works with Tier 1 FTSE 100 Ba...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...
£30000 - £35000 per annum + generous benefits: Pro-Recruitment Group: Mixed Ta...