The Gowling WLG Investment Funds team has advised Castelnau Group Limited ("Castelnau"), an investment fund listed on the London Stock Exchange's Specialist Fund Segment, on the publication of a prospectus and launch of a placing (the "Placing") to acquire Dignity plc, a business in the funeral services sector listed on the London Stock Exchange (the "Offer"). The Placing was well supported by both existing shareholders of Castelnau as well as new investors and closed in May 2023, raising £56.6 million. The prospectus is Castelnau's second since its IPO in 2021, a transaction Gowling also acted on as lead counsel.
The Offer was made by Castelnau and its joint venture partner Sir Peter Wood, in a transaction subject to the Takeover Code, which values Dignity plc at approximately £281 million and implies an enterprise value of approximately £789m. The Offer became unconditional in April 2023 and the acquisition is expected to complete later this year.
In advising Castelnau with the Placing, the investment funds team liaised closely with financial advisers Liberum Capital and Morgan Stanley, as well the client's legal counsel to the Offer, Macfarlanes, to help Castelnau navigate the intricacies of the UK's prospectus regulation regime as well as those of the Takeover Code.
The team that advised Castelnau was led by partner John Reed who was assisted by associate Chris Kay and trainee solicitor Abigail Lynch.
Read the original article on GowlingWLG.com
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.