12th May 2025 11:27
(Alliance News) - Caledonian Holdings PLC on Thursday issued a shareholder update for the first quarter, highlighting a successful fundraising, increased total assets, and an ongoing review of its investment portfolio.
The Edinburgh-based property investment and development company said its total assets increased by GBP91,000 to GBP2.8 million in the quarter ended March 31, recovering from a GBP385,000 decline in the previous quarter, when assets had fallen to GBP2.7 million.
The improvement came largely from a GBP1.2 million capital raise completed in March, which compensated for a decline in the value of Caledonian's investment portfolio. The raise included a placing, subscription and broker option. The board contributed GBP230,000 to the raise.
As of the end of March, the company had GBP787,000 in cash, up sharply from GBP47,000 three months earlier. Cash on hand as of Thursday last week stood at just under GBP1 million.
The value of the investment portfolio, excluding cash, fell to GBP1.8 million from GBP2.6 million, reflecting unrealised losses of GBP277,000 and a GBP401,000 write-down of its stake in Aeristech Ltd, which entered insolvency proceedings.
Caledonian also invested GBP100,000 in a convertible loan note for Igraine PLC during the quarter, building on an earlier commitment, and continues to assess opportunities across its existing and prospective portfolio.
"This is the first update from the company's new board...and we will continue to work extensively to bring about a series of positive changes in the company's performance over the coming months," Caledonian said.
Shares in Caledonian Holdings were down 6.7% at 0.0035 pence on Monday morning in London.
By Eva Castanedo, Alliance News reporter
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