Camellia PLC Disposal

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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