Investor Presentaiton
Private Capital (cont'd)
Investment in 7IM generated an IRR of 15% and a 2.3x multiple of cost
Investment:
Hold period: 8+ years
• Sep 2023 valuation: c.£248.5m*
• Distributions received/accrued to date: c.£44m
Lifetime Returns (£m)
Invested cost
■Capital gain
Cumulative dividends
145
Exit:
Agreement signed with Ontario Teachers'
117
98
97
Pension Plan Board on 5 Sep 2023
86
74
.
Expected completion: by early 2024, subject to
FCA change in control
• Expected exit proceeds: c.£255m; IRR: c.15%;
2.3x multiple of cost
225
198
CALEDONIA
INVESTMENTS
291
Mar-16
Mar-17
Mar-18
Mar-19 Mar-20 Mar-21
Mar-22 Mar-23 Sep-23
Half-year results 2023 * Reflects expected cash proceeds less a 3% discount to equity value in recognition of the very limited degree of transaction execution risk
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