Disposal
Regulatory approvals received for sale of BF&M shares to Argus Group subsidiary for $100m.
- Gross consideration $100 million
- Net proceeds c.£78.7 million
- Expected net profit c.£10.7 million
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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.
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