Castelnau Group Regulatory News (CGL)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY RESTRICTED JURISDICTION WHERE TO DO SO WOULD CONSTITUTE VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

FOR IMMEDIATE RELEASE.

27 December 2023

CASTELNAU GROUP LIMITED

(a closed-ended investment company incorporated in Guernsey with registration number 67529)

("Castelnau" or the "Company")

LEI Number: 213800PED8RFUBMK1T64

Portfolio Update

The Company notes the public statements released by Stanley Gibbons Ltd ("SG") and A.H. Baldwins & Sons Ltd ("AHB") that SG and AHB have, on Friday 22 December 2023, filed a notice of appointment of an administrator. The Company has an interest in SG and AHB through its ownership of Phoenix S.G. Ltd ("Phoenix SG") which at 30 November 2023 comprised 7.8% of its portfolio (9.8% of NAV). The administration will be conducted as a pre-pack and for the avoidance of doubt, Phoenix SG will be the resultant owner through a wholly owned subsidiary, PSG Holdco 1 Limited. The impact of the notice will be reflected in a reduction in the valuation of the Phoenix SG holding at 31 December 2023. Each of the Castelnau portfolio companies are subject to re-valuation at 31 December 2023 and, notwithstanding this reduction in value of Phoenix SG, the Company is not anticipating an overall reduction in net asset value per share. Phoenix SG will continue to support the SG and AHB businesses going forward, which we believe have an exciting growth strategy.

Enquiries

Castelnau Group

info@castelnaugroup.com

Liberum Capital Limited

+44 (0) 20 3100 2000

Darren Vickers

Owen Matthews

Will King

Citigate Dewe Rogerson

+44 (0) 20 7638 9571

Caroline Merrell

Toby Moore

Notes to Editors

Castelnau Group Limited ("CGL") is a Guernsey closed-ended company listed on the Specialist Fund Segment of the London Stock Exchange. Formed by Phoenix Asset Management Partners Limited in 2020, its listed structure provides the manager with a permanent capital vehicle with which to make long-term investments and acquisitions in public and private businesses of all structures and sizes. It's investment philosophy involves acquiring large stakes in, and capital to, businesses that have, or can create, strong competitive advantages. Castelnau Group's portfolio comprises investments in Valderrama (Dignity), Hornby Plc, Stanley Gibbons Group, Showpiece Technologies Limited, Silverwood Brands plc and The Cambium Group, as well as in two `enabling' businesses, Rawnet Limited and Ocula Technologies Limited. 

Phoenix Asset Management Partners Limited is the Investment Manager to Castelnau. PAMP has been investing in UK listed equities for 25 years using a long-term, business-focused approach. Its investment process aims to identify great businesses through intensive primary research for which it is well known and can often last many years before choosing to make an investment. Once an investment is made, the investment team maintains this intensive approach to research through in-depth monitoring of the businesses and the markets in which they operate.