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Castlenau launch goes to plan

Castlenau launch goes to plan – Castelnau Group Limited, a new investment company established to invest in public and private companies with the aim of outperforming the All Share on a total return basis over the long term, has successfully raised gross proceeds of £53.1m from its initial issue of shares. A substantial part of the fund will represent shares issued in exchange for a seed portfolio of assets. Together with the new money raised, the market capitalisation at admission will be £177.6m, exceeding the target issue size. You can read more about the fund here.

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 shares will trade under the ticker: CGL.

Following admission and the acquisition of the target assets, the initial portfolio will comprise investments in Dignity, Hornby, Phoenix S.G. (the principal asset of which is a 58.1% holding in Stanley Gibbons Group) and WLS International (the principal asset of which is Cambium Group, a wedding gift list service), as well as in two ‘enabling’ businesses, Rawnet and Ocula Technologies.

Phoenix Asset Management Partners will be the investment manager, led by Gary Channon (CIO and CEO of Phoenix). Phoenix manages approximately £1.3bn across three funds; the Phoenix UK Fund, Aurora Investment Trust, and the Huginn Fund.

CGL : Castlenau launch goes to plan

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