Castelnau Group Ltd - Net Asset Value(s)

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”)

*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driver of this uplift is the reduction in net debt which has been facilitated primarily by surplus that has been withdrawn from the funeral plan trusts.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.