Camellia PLC BF&M Strategic Review Conclusion (1765O)
January 30 2023 - 2:00AM
UK Regulatory
TIDMCAM
RNS Number : 1765O
Camellia PLC
30 January 2023
30 January 2023
Camellia Plc
(the "Company" or the "Group")
Associate Company Update
Camellia Plc (CAM.L) notes that its 36.9% owned associate
company, BF&M Limited ("BF&M"), a listed Bermudian
insurance business, has issued a statement that it has concluded
its previously announced strategic review. T he BF&M Board has
determined that continuing to execute its strategic plan on a
standalone basis is in the best interest of all BF&M
shareholders, that BF&M remains in a strong capital position,
has the right strategic plan already in place and a foundation for
growth. BF&M remains focussed on taking decisive steps to
create value for its shareholders. The full text of BF&M's
announcement can be found in Appendix 1 to this announcement.
Enquiries
Camellia Plc 01622 746655
Malcolm Perkins, Chairman
Susan Walker, Chief Financial Officer
Panmure Gordon 020 7886 2500
Nominated Adviser and Broker
Emma Earl
Rupert Dearden
Maitland/AMO
PR
William Clutterbuck 07785 292617
Appendix 1
BF&M Concludes Strategic Review
Hamilton, Bermuda, 7 December 2022 - BF&M Limited
("BF&M", "the BF&M Group" or "the Company") today announced
that its Board of Directors (the "Board") concluded its previously
announced review of strategic alternatives (the "Strategic
Review"). After a comprehensive process with the assistance of
Desjardins Capital Markets, the Board has determined that
continuing to execute its strategic plan on a standalone basis is
in the best interest of all shareholders.
Anthony Joaquin, Acting Chairman of the Board, said, "During our
review, the Board assessed a comprehensive range of potential
outcomes. Ultimately, this process reinforced our confidence that
BF&M has the right strategic plan already in place to maximize
value for shareholders. With this evaluation concluded, the Board
is fully committed to supporting Abigail and the rest of the
Company's leadership team as they continue to execute this
plan."
Abigail Clifford, Chief Executive Officer, said, "BF&M is
entering 2023 with a strong capital position and foundation for
growth, including the highest AM Best financial strength rating of
any domestic insurers operating in Bermuda and the Caribbean. We
remain focused on taking decisive steps to create value for
shareholders, while providing best-in-class support to our clients
as they navigate a challenging economic environment and positioning
BF&M as an employer of choice."
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END
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