Disposal
Updated : 07:02
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 |
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Camellia Plc | 01622 746655 |
Byron Coombs Chief Executive Officer |
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Oliver Capon, Chief Financial Officer |
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Panmure Liberum | 020 7886 2500 |
Nominated Adviser and Broker |
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Emma Earl |
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Rupert Dearden |
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H/Advisers Maitland | 07785 292617 |
PR |
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William Clutterbuck |
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