I blogged previously that Caledonia Investments has its AGM coming up later in July where it is seeking authority to fund the Tories in marginal seats. It struck me that actually UKFI might have an indirect interest in this. The Lloyds Banking Group, in which UKFI has about a 43% stake from memory has two asset managers under its umbrella - Insight Investment and Scottish Widows Investment Partnership. If either of them have money in Caledonia they will have a vote on whether the company donates to the Tories.
Wouldn't it be a bit odd if they voted in favour?