REG-Castelnau Group Ltd: Net Asset Value(s)

CastelnauAnnouncement

04/07/2024 07:30

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  28 th 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been withdrawn from the funeral plan trusts.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.



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