Castelnau Group Ltd

Capital/Financing Update • Nov 14, 2025

National Storage Mechanism | Additional information

14 November 2025

Castelnau Group Limited

(“Castelnau” or the “Company”)

Dignity redemption and valuation update

Castelnau, an investment company established to invest in public and private companies with the aim of outperforming the FTSE All Share Index over the long term, notes that Dignity Finance PLC has today announced the early redemption of its remaining £39 million Class A notes. This redemption will be funded by a funeral plan surplus release of £45 million (net of tax)  with the redemption expected on 31 December 2025.

Additionally Castelnau notes that it anticipates that the valuation of its investment in Valderrama (the holding company for the investment in Dignity plc) will increase by more than 10% at year-end compared to the valuation as of 30 September 2025, primarily driven by higher than anticipated cash generation (including the debt reduction above) and updating for operating trends in the business.

The impact of this value increase on Castelnau’s NAV should be of a similar magnitude, given  that the Company’s investment in Valderrama represented 106.6% of Castelnau’s net asset value as at 30 September 2025. This indicative valuation is subject to independent review and audit.

Enquiries:

Castelnau Group

Richard Brown

[email protected] 

Phoenix Asset Management Limited

+44 (0) 208 600 0100

Gary Channon

Steve Tatters

Gina Bocek

Panmure Liberum

+44 (0) 20 3100 2000

Darren Vickers

Will King

Citigate Dewe Rogerson

+44 (0) 20 7638 9571

Caroline Merrell

Thomas Dalton

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