REG - Camellia PLC - Disposal

CamelliaAnnouncement

05/12/2024 07:00

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RNS Number : 8817O  Camellia PLC  05 December 2024

 

Camellia Plc

Update on sale of BF&M shares

5 December 2024

Camellia Plc (the "Company") is pleased to announce that the regulatory and
tax approvals required in connection with the proposed sale of its shares in
BF&M Limited to Bermuda Life Insurance Company Limited, a subsidiary of
Argus Group Holdings Limited, have been received and the sale is anticipated
to complete imminently ("Completion"). At Completion, the Company expects to
receive the full gross consideration of $100 million in cash. Net proceeds are
expected to be c.$99.5 million (c.£78.7 million) and the transaction will
crystalise a net profit of c.£10.7 million including accumulated exchange
gains and losses. The Company will update shareholders on the use of funds
upon receipt of the net proceeds from the sale.

 

 ENQUIRIES
 Camellia                                                                            01622 746655
 Plc

 Byron Coombs Chief Executive Officer
 Oliver Capon, Chief Financial Officer

 Panmure Liberum                                                                     020 7886 2500

 Nominated Adviser and Broker
 Emma Earl
 Rupert Dearden

 H/Advisers Maitland                                                                 07785 292617
 PR
 William
 Clutterbuck

 

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