Business
Result of Initial Issue
Result of Initial Issue.
About this update from Castelnau Group Limited
[{"type":"text","content":"\n \n THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA.\n 14 October 2021\n \n Castelnau Group Limited\n \n(the \"Company\")\n Result of Initial Issue\n Castelnau Group Limited, an investment company established to invest in public and private companies with the aim of outperforming the FTSE All Share Total Return Index over the long term, is pleased to announce that it has successfully raised gross proceeds of £53.1 million, pursuant to the Initial Issue. The Company’s market capitalisation at Admission will be £177.6m, exceeding the target issue size.\n Application has been made for the admission of 177,552,719 Ordinary Shares to the Specialist Fund Segment of the London Stock Exchange’s Main Market. It is expected that Admission will become effective and that unconditional dealings in the Ordinary Shares will commence at 8.00 a.m. on Monday, 18 October 2021. The Ordinary Shares will trade under the ticker: CGL (ISIN: GG00BMWWJM28).\n Following Admission and the acquisition of the Target Assets, the initial portfolio will comprise investments in Dignity Plc, Hornby Plc, Phoenix S.G. Limited (the principal asset of which is a 58.1 per cent holding in Stanley Gibbons Group plc) and WLS International Ltd (the principal asset of which is Cambium Group, a wedding gift list service), as well as in two ‘enabling’ businesses, Rawnet and Ocula Technologies.\n Phoenix Asset Management Partners Limited (“Phoenix” or the “InvestmentManager”) will be the Investment Manager to the Company, led by Gary Channon (CIO and CEO of Phoenix). Phoenix manages approximately £1.3 billion across three funds; the Phoenix UK Fund, Aurora Investment Trust Plc, and the Huginn Fund.\n Joanne Peacegood, Independent Chair of the Company, commented:\n “We are delighted to have exceeded our fund-raising target for Castelnau. We now look forward to delivering on our promise to generate superior investment returns by deploying modern business techniques to transform old economy businesses into new economy businesses.”\n Gary Channon, CEO and CIO of Phoenix, commented:\n “We are pleased that investors have recognised Phoenix’s ability to identify underv...