Castelnau Group Limited Q2 2022 Quarterly Investment Report
August 02 2022 - 2:49AM
RNS Non-Regulatory
TIDMCGL
Castelnau Group Limited
02 August 2022
2 August 2022
Castelnau Group Limited publishes its Q2 2022 Quarterly
Investment Report
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, has published its Quarterly Investment Report for the three
months ended 30 June 2022.
The Report is available here:
https://www.castelnaugroup.com/investor-relations/reports-factsheets
Castelnau Group's portfolio comprises investments in Dignity
Plc, Hornby Plc, Stanley Gibbons Group Plc, Showpiece Technologies
Limited and The Cambium Group, as well as in two 'enabling'
businesses, Rawnet Limited and Ocula Technologies Limited. The
Investment Manager to Castelnau Group is Phoenix Asset Management
Partners Limited. Net Assets declined by 8.2% in the quarter as our
holdings declined in price, particularly Dignity (-20%) and Hornby
(-7.7%).
Gary Channon, CEO and CIO of Phoenix, commented:
"All our businesses are making positive progress, with new
innovations and growth initiatives in the pipeline. On the people
front, we've appointed two CEOs (Dignity Plc. and Stanley Gibbons
Plc.) and have made some key leadership appointments across both
our business and our portfolio businesses.
"Dignity plc announced the appointment of Kate Davidson as Chief
Executive Officer and I was pleased to formally hand over the
business, confident that I leave it with a brighter future and that
it is better led than when I took over. Over the past 12 months, we
have completely changed Dignity's strategy and have begun to change
the culture, the organisational structure and the way in which the
Company works. There isn't an area of the business that hasn't been
changed in some way.
"At Stanley Gibbons, we announced the appointment of Tom
Pickford as Chief Executive Officer. He joins in September from The
Hut Group and before that, Proctor & Gamble.
"Elsewhere in the period we have undertaken work to delist
Stanley Gibbons and tidy up the post-COVID balance sheet of The
Cambium Group. Castelnau's cash position declined mainly as a
result of participating in The Cambium Group's capital raise, which
increased our holding in The Cambium Group to 60.0%.
"The NAV of the fund is a reflection of the price of things
rather than the value. In our estimation, the Group is more
valuable now than it was at the beginning of the year. If we are
right, then in time it will show. Rising values and falling prices
combine to make excellent future investment returns. We were
optimistic when we floated last autumn so you can imagine we are
even more optimistic now."
Enquiries:
Phoenix Asset Management Limited
+44 (0) 208 600 0100
Gary Channon
Steve Tatters
Gina Bocek
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
Jos Bieneman
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