Friday, 26 June 2009

Caledonia Investments plans to fund the Tories, again

Caledonia wants to give more shareholders' money to the Tories. See resolution 16 on its 2009 AGM circular here. Specifically they say:
The Board strongly believes that the hard decisions that need to be made to sustain economic recovery require the return of a Conservative Government at the forthcoming general election. It will be especially vital to curb the soaring level of public borrowing to achieve such a sustained recovery and the Board considers that only a Conservative Government will credibly address this critical issue. Otherwise, the long term prosperity of the UK as a whole, and the Company and its shareholders in particular, will be under severe threat. The Board also notes recent statistical evidence which shows that UK stock market returns have been significantly greater in periods of Conservative government than Labour government.
The Board is therefore of the firm view that it is in the interests of all Ordinary Shareholders again to seek approval for the Company to make donations of up to £75,000 in aggregate to the Conservative Party. As before, donations will be targeted towards building resources in marginal seats in the run up to the general election. This approval, if granted, will last until 1 January 2011 or, if earlier, the conclusion of the next annual general meeting of the Company.
Last year a number of fund managers voted for this proposal. If you are a trustee (pension or charity) check to see if you have any money in this investment trust, and if so you need to find out which way your manager plans to vote.

The AGM is on 23rd July.