CAM.L

Camellia Plc
Camellia PLC - Disposal
5th December 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 Plc                                                   

01622 746655

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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