REG - Camellia PLC - BF&M Strategic Review Conclusion

CamelliaAnnouncement

30/01/2023 07:00

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RNS Number : 1765O  Camellia PLC  30 January 2023

30  January 2023

Camellia Plc

 

(the "Company" or the "Group")

 

Associate Company Update

 

Camellia Plc (CAM.L) notes that its 36.9% owned associate company, BF&M
Limited ("BF&M"), a listed Bermudian insurance business, has issued a
statement that it has concluded its previously announced strategic review. The
BF&M Board has determined that continuing to execute its strategic plan on
a standalone basis is in the best interest of all BF&M shareholders, that
BF&M remains in a strong capital position, has the right strategic plan
already in place and a foundation for growth.  BF&M remains focussed on
taking decisive steps to create value for its shareholders. The full text of
BF&M's announcement can be found in Appendix 1 to this announcement.

 

 

Enquiries

 

Camellia Plc
 
01622 746655

Malcolm Perkins, Chairman

Susan Walker, Chief Financial Officer

 

Panmure Gordon
 
020 7886 2500

Nominated Adviser and Broker

Emma Earl

Rupert Dearden

 

Maitland/AMO

PR

William Clutterbuck
 
07785 292617

 

 

 

 

Appendix 1

BF&M Concludes Strategic Review

 

Hamilton, Bermuda, 7 December 2022 - BF&M Limited ("BF&M", "the
BF&M Group" or "the Company") today announced that its Board of Directors
(the "Board") concluded its previously announced review of strategic
alternatives (the "Strategic Review"). After a comprehensive process with the
assistance of Desjardins Capital Markets, the Board has determined that
continuing to execute its strategic plan on a standalone basis is in the best
interest of all shareholders.

 

Anthony Joaquin, Acting Chairman of the Board, said, "During our review, the
Board assessed a comprehensive range of potential outcomes. Ultimately, this
process reinforced our confidence that BF&M has the right strategic plan
already in place to maximize value for shareholders. With this evaluation
concluded, the Board is fully committed to supporting Abigail and the rest of
the Company's leadership team as they continue to execute this plan."

 

Abigail Clifford, Chief Executive Officer, said, "BF&M is entering 2023
with a strong capital position and foundation for growth, including the
highest AM Best financial strength rating of any domestic insurers operating
in Bermuda and the Caribbean. We remain focused on taking decisive steps to
create value for shareholders, while providing best-in-class support to our
clients as they navigate a challenging economic environment and positioning
BF&M as an employer of choice."

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