Disposal
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 |
|
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.