REG - Camellia PLC - Update on BF&M disposal

CamelliaAnnouncement

28/03/2024 12:15

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RNS Number : 7457I  Camellia PLC  28 March 2024

28 March 2024

Camellia Plc

(the "Company" or the "Group")

 

Update on BF&M disposal

 

As announced in June 2023, we agreed the sale of our 37% holding in BF&M
to Bermuda Life Insurance Company Limited, a subsidiary of Argus Group
Holdings Limited ("Argus") for a cash consideration of $100m (the "Sale"),
conditional on receipt of a number of regulatory and tax approvals.

 

Following the announcement of this proposed disposal, BF&M's board
implemented a shareholder rights agreement, the objective of which was to act
as a 'poison pill' in the event of any new shareholder seeking to register a
more than 15% shareholding without BF&M's consent. This shareholder rights
agreement has since been removed. However, BF&M thereafter separately
announced a partnership with Equilibria Capital Management Limited (Argus'
major shareholder) under which Equilibria will grant BF&M an exclusive
option to acquire a 13.7% stake in Argus. As part of this partnership,
BF&M has also committed to a significant investment in a dedicated
Equilibria investment fund which will include as its initial investment a
16.3% stake in Argus.

 

As previously communicated, these developments have impacted the anticipated
timetable for regulatory approvals for the Sale. While a number of the
required regulatory and tax approvals have been forthcoming, some key
approvals remain outstanding which we now expect in Q2 2024.

 

 

 

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation.

 

Enquiries

 

Camellia Plc
 
01622 746655

Byron Coombs, CEO

Susan Walker, Chief Financial Officer

 

Panmure Gordon
 
020 7886 2500

Nominated Adviser and Broker

Emma Earl

Rupert Dearden

 

H/Advisors Maitland

PR

William Clutterbuck
 
07785 292617

 

 

 

 

 

 

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