29 January 2024
Castelnau
Group Limited
(“Castelnau”
or the “Company”)
Castelnau has
agreed to convert its unsecured loan facility of £4.4 million to
Silverwood Brands PLC (“Silverwood”) into equity in Silverwood. The
conversion price is 54 pence per
ordinary share, resulting in the issue of 8,148,147 new Ordinary
Shares to Castelnau. The accrued interest of £855k will remain as
an outstanding loan accruing interest in line with the original
loan terms. At the same time as this conversion Andrew Gerrie, Chief Executive Officer of
Silverwood, has agreed to subscribe for 1,851,852 new Ordinary
Shares at a price of 54 pence raising
gross proceeds of £1.0 million for the Company. In addition, Silver
Americum Limited, a company in which Mr Gerrie and his wife each
hold separate 20% interests, has agreed to provide an unsecured
convertible loan of £0.5 million to the Company.
Following
conversion, Castelnau will own 12,718,499 Ordinary Shares or 4.7%
of the equity in Silverwood.
Additionally,
Mark Power, an Investment Analyst at
Phoenix Asset Management Partners (“PAMP”) has been appointed as a
Non- executive Director of the Silverwood to represent the
interests of Castelnau.
Mr Power
graduated with a degree in electronic engineering in 1996, and
subsequently spent five years with Analog Devices as a senior
engineer, working in both design and
manufacturing.
In 2001, Mr
Power pivoted to a career in investment research, first at Merrill
Lynch and later as a partner at Redburn.
From 2011, Mr
Power worked with Holland Advisors, where he helped shape the
investment process for its nascent value fund. Mr Power joined PAMP
in 2021.
Further
information on the Company can be found on its website
at www.castelnaugroup.com
Castelnau
Group
Richard Brown - CEO
info@castelnaugroup.com
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