A consortium comprised of SPWOne V Limited, Castelnau Group Limited (LSE : CGL) and Phoenix Asset Management Partners Ltd. made an offer to acquire a 70.92% stake in Dignity plc (LSE : DTY) from Artemis Strategic Assets Fund, Artemis Alpha Trust plc (LSE : ATS), managed by Artemis Investment Management LLP, Ravenscroft Group Ltd., Kate Davidson MBE and others for approximately £170 million on October 13, 2022. A consortium comprised of SPWOne V Limited, Castelnau Group Limited and Phoenix Asset Management Partners Ltd. signed an agreement to acquire approximately 70% stake in Dignity plc from Artemis Strategic Assets Fund, Artemis Alpha Trust plc, managed by Artemis Investment Management LLP, Ravenscroft Group Ltd., Kate Davidson MBE and others for approximately £190 million on January 23, 2023. Under the terms of the acquisition, each Dignity shareholder will be entitled to receive 475 pence in cash for each share. On November 13, 2022, the offer price revised to 525 pence in cash per share. On January 20, 2023, the offer price increased to 550 pence cash per share. It is intended that the acquisition will be implemented by way of the offer. Prior to this transaction, Castelnau and PAMP owned or controlled in aggregate 14,876,159 Dignity Shares, representing approximately 29.08%. The cash consideration will be financed by equity capital invested by SPWOne and Castelnau in Valderrama and a series of loans. As of February 14, 2023, The Offer will remain open for acceptance until on April 15, 2023, as Bidco may determine, subject to the consent of the Panel. The offerors had received valid acceptances under the Mandatory Offer a total of 48,726,984 Dignity Shares, representing approximately 96.95% of Dignity's issued share capital on May 3. The offerors will exercise its rights to acquire compulsorily the remaining Dignity Shares in respect of which the Mandatory Offer has not been accepted.

The members of the Consortium own or control, or have received an irrevocable undertaking and letters of intent in respect of, a total of 20,015,199 Dignity Shares, representing approximately 39.12% of Dignity's fully diluted share capital. The acquisition has been recommended unanimously by the Board of Directors of Dignity. The acquisition will be subject to the conditions including valid acceptance in respect of 75% stake, will also be subject to the applicable requirements of the Takeover Code, the Panel, the LSE and FCA. If consortium receives acceptances under the offer in respect of, or otherwise acquires, 90% or more of the Dignity shares it will have a right of compulsory acquisition to acquire remaining stake. It is expected that the acquisition will become or be declared unconditional during the second quarter of 2023. The long stop date will be January 23, 2024. As of March 23, 2023, the FCA Change in Control Condition had not yet been satisfied. Setting out, among other matters, the number of Dignity Shares for which acceptances of the Offer have been received, has been suspended until such time as the FCA Change in Control Condition is satisfied and the Offer timetable has been resumed. As of April 5, 2023, FCA Change in Control Condition was satisfied. As of April 19, 2023, the minimum tender condition achieved and tender offer has now become unconditional. As of April 19, 2023, the offer will close on May 3, 2023.

Laurence Hopkins and Richard Brown of Morgan Stanley acted as financial adviser and Macfarlanes LLP acted as legal advisor to the Consortium. Majid Ishaq, John Byrne and Ali Kazmi of Rothschild & Co acted as financial adviser, Sally Wokes, John Papanichola, Phil Linnard, Sandeep Maudgil, Nick Bonsall, Charles Osborne, Kevin Howes and Isabel Taylor of Slaughter and May acted as legal advisor and Equiniti Limited as registrar to Dignity.

A consortium comprised of SPWOne V Limited, Castelnau Group Limited (LSE : CGL) and Phoenix Asset Management Partners Ltd. completed the acquisition of a 70.92% stake in Dignity plc (LSE : DTY) from Artemis Strategic Assets Fund, Artemis Alpha Trust plc (LSE : ATS), managed by Artemis Investment Management LLP, Ravenscroft Group Ltd., Kate Davidson MBE and others on May 3, 2023.