NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN
WHOLE OR IN PART, TO US PERSONS OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW
ZEALAND OR THE REPUBLIC OF SOUTH
AFRICA OR INTO ANY OTHER JURISDICTION WHERE TO DO SO MIGHT
CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW.
04 July 2024
Castelnau
Group Limited
(the
"Company")
Publication
of Net Asset Value (“NAV”)
|
FUND
NAME
|
NAV
PER
ORDINARY SHARE
|
ISIN
|
NAV
DATE
|
|
Castelnau
Group Limited
|
0.99
GBP*
|
GG00BMWWJM28
|
28th
June
2024
|
*Cum-income NAV
As at 28th
June 2024, the Company’s net assets
were £317.5m.
The main
contributor to the performance was Dignity/Valderrama, which was up
45.7% (with a NAV impact of 43.0%). The primary driver of this
uplift is the reduction in net debt which has been facilitated
primarily by surplus that has been withdrawn from the funeral plan
trusts. This money (net of tax) alongside receipts from freehold
disposals will be used to repay noteholders c.
£80.0m. This
repayment is in addition to the £15.6m that was announced in May.
The repayment of the debt will significantly reduce the covenant
hurdles to a level where the business should be able to operate
within and reduce the annual debt service by c.£11m. In addition,
the assumptions driving the trust valuation have been aligned to
the latest actuarial valuation, creating a positive uplift. The
Dignity/Valderrama performance was partially offset by performance
of other assets in the portfolio.
Further
information on the Company can be found on its website at
www.castelnaugroup.com
This announcement contains inside information for the purposes
of the market abuse regulation (EU No. 596/2014) as it forms part
of the United Kingdom domestic law
by virtue of the European Union (Withdrawl) Act 2018, as
amended.
Enquiries:
Northern
Trust International Fund Administration Services (Guernsey)
Limited
Cara De La Mare
Tel: +44 (0) 1481 745498
Notes:
The
Company’s LEI is: 213800PED8RFUBMK1T64.
A copy of
this announcement will be available on the Company's
website at
www.castelnaugroup.com. Neither the content of the
Company's
website,
nor the content on any website accessible from hyperlinks on its
website for any other website, is incorporated into, or forms part
of, this announcement nor, unless previously published by means of
a recognised information service, should any such content be relied
upon in reaching a decision as to whether or not to acquire,
continue to hold, or dispose of, securities in the
Company.