Caledonia renegades defy Panel

13 April 2012

REBEL Caledonia Investments shareholders are vowing to fight on despite a 'put up or shut up' ultimatum from the Takeover Panel on the eve of an extraordinary general meeting.

The Panel set a deadline of 17 October 17 for dissidents - including patriarch Sir James Cayzer - to turn their proposals to break up Caledonia and return cash to shareholders into a formal offer, otherwise they must withdraw their plans for six months.

The Cayzer Trust, owned by the wealthy shipping dynasty, controls 37% of Caledonia. Individual family members have another 12%. Fund manager Hermes has 9.97%.

Both sides say Thursday's meeting of the Cayzer Trust will endorse the status quo.

'We are not going away,' said one rebel.

Caledonia fell 5 1/2p to 907p. Chief executive Tim Ingram said: 'All institutions without exception are pleased with our performance.'

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